CONTENTS
<TABLE>
<S> <C>
MESSAGE FROM THE CHAIRMAN 1
MANAGER'S DISCUSSION 2
PERFORMANCE SUMMARY 6
ANNUAL MEETING
OF SHAREHOLDERS 8
STATEMENT OF INVESTMENTS 9
FINANCIAL STATEMENTS 60
NOTES TO FINANCIAL
STATEMENTS 62
REPORT OF
INDEPENDENT AUDITORS 65
</TABLE>
For a free brochure and prospectus on one or more Franklin Templeton funds,
please contact your investment representative, or call Franklin Templeton Fund
Information, toll free, at 1-800/DIAL BEN (1-800/342-5236). A prospectus
contains more complete information about a fund, including charges and expenses.
Please read it carefully before you invest or send money. To ensure the highest
quality of service, telephone calls to or from our service departments may be
monitored, recorded and accessed. These calls can be determined by the presence
of a regular beeping tone.
Charles B. Johnson
President
Mutual funds, annuities, and other investment products:
- - are not FDIC insured;
- - are not deposits or obligations of, or guaranteed by, any financial
institution;
- - are subject to investment risks, including possible loss of the principal
amount invested.
<PAGE>
May 15, 1995
Dear Shareholder:
We're pleased to bring you the annual report of the Franklin California Tax-Free
Income Fund for the fiscal year ended March 31, 1995.
Calendar year 1994 was the worst for bonds since the fund's inception in 1977.
In fact, the 20-year U.S. Treasury bond recorded its poorest performance since
1967.(1) Concerns about rising inflation, brought on by continued strong
economic growth, prompted the Federal Reserve Board to raise interest rates six
times during the fund's fiscal year. Bond prices declined across all maturities,
as did the share value of the Franklin California Tax-Free Income Fund.
By the end of February 1995, however, the Federal Reserve Board's dedication to
slowing economic growth by raising interest rates appeared to be having the
intended effect -- economic growth had stabilized at a sustainable level, while
inflation remained subdued.
Although the Fed's actions caused significant short-term volatility in the bond
market, its commitment to fighting inflation should benefit the fund and its
shareholders over the long run.
Periods of volatility also provide us with a glimpse of how mutual funds can
lower the risks of investing. Mutual funds offer a level of diversification that
would be almost impossible for individual investors to achieve on their own.
They also provide full-time, professional management -- and Franklin's Municipal
Bond Research Department is one of the largest in the industry.(2)
These advantages of mutual fund investing -- diversification and professional
management -- became even more apparent during the recent municipal bankruptcy
filing of Orange County, California.(3) This situation might have devastated
individual bondholders, but the direct impact on the Franklin California
Tax-Free Income Fund has been minimal to date because the fund is so widely
diversified. More complete information on the Orange County situation may be
found in the Manager's Discussion beginning on page 2.
As we've said in past reports, the Franklin California Tax-Free Income Fund
practices a conservative investment strategy, focusing on providing our
shareholders with a high level of current income exempt from federal and
California state personal income taxes.(4) The fund's manager maintains a
long-term investment approach, and we encourage shareholders to do the same.
Looking forward, the prospects of a slowing economy and a presidential election
in 1996 should stabilize or even lower interest rates, which bodes well for
tax-free investors in 1995.
As always, we welcome your questions, appreciate your trust and support, and
look forward to serving you in the years to come.
Sincerely,
Charles B. Johnson
Chairman
(1) Source: Ibbotson Associates. Based on one-year total returns of long-term
government bonds from January 1926 to December 1994.
(2) Source: Research & Ratings Review, Vol. II, issue 8, November 14, 1994.
Franklin's municipal research team ranks 2nd out of 1,000 investment advisory
firms, in terms of municipal bond analysts, in a survey by TMS Holdings, Inc.
(3) The Orange County and related bankruptcy proceedings are ongoing, and the
fund's managers continue to monitor proceedings.
(4) For investors subject to the federal alternative minimum tax, a small
portion of these dividends may be subject to such tax. Distributions of
capital gains and of ordinary income from accrued market discount, if any, are
generally taxable.
1
<PAGE>
MANAGER'S DISCUSSION
Fund Objective:
Seeks to provide high current income exempt from regular federal and
California state personal income taxes through a diversified portfolio
consisting primarily of California municipal bonds.
Nineteen ninety-four reminded all of us that volatility is a fundamental market
condition. Not only did we see an unprecedented six interest rate increases
during the year, we also witnessed the largest municipal bankruptcy filing in
history by Orange County, California. The fund's share price, as measured by net
asset value, began the period at $7.12, hit a low of $6.70 per share on November
20, 1994, but finished the period strongly, closing at $7.11 on March 31,
1994 -- only one penny below its price at the beginning of the fiscal year.
The Orange County situation, while having dramatic short-term effects, has not
had a lasting impact on the Franklin California Tax-Free Income Fund. As noted
above, the fund's share price ended the fiscal year only one cent below its
price at the start of the period.
Following the news of Orange County's filing, however, and as details of the
county's financial woes became known, the fund's net asset value per share fell
nine cents to $6.75 on December 7, 1994. This decline was due more to the
reaction of the entire municipal bond market to the events in Orange County than
to the decline of specific securities in the fund's portfolio. In fact, once the
initial panic passed, the fund's net asset value recovered, rising to $7.11 by
March 31, 1995.
We have studied the events in Orange County closely and believe that the fund
has not been adversely affected. Of course, the bankruptcy proceedings are
ongoing, and we continue to monitor the situation. On March 31, 1995, the
Franklin California Tax-Free Income Fund held only 0.09% of its total net assets
in direct, unenhanced obligations of Orange County.
Fortunately, the first three months of 1995 have brought more welcome news.
After raising interest rates 75 basis points (three-quarters of a percentage
point) in November 1994, the Federal Reserve Board raised rates once more at
their February meeting. While the rate hike itself could have caused further
declines in the investment markets, the economic reports following the increase
have, to date, been fairly positive -- economic growth has slowed, and inflation
has remained under control. Moreover, the securities markets have reacted
favorably, with the Dow Jones Industrial Average(R) breaking the 4,000
2
<PAGE>
mark for the first time in history. Of more interest to us is the municipal bond
market which, in recent weeks, has recovered strongly. During the first three
months of 1995, for example, municipal bond prices increased 7.21%.(1)
Unlike many other municipal bond funds that actively trade securities to capture
capital gains, we focus on a "buy and hold" strategy, buying current coupon
bonds and holding them for the income they provide. We believe that our
shareholders value high current income exempt from federal and California state
income taxes and stability of principal over capital gains -- which are taxable
to shareholders.
This conservative investment strategy helped to protect the fund from much of
the volatility during the reporting period. During the fiscal year, for example,
the fund's share value was 57% LESS VOLATILE than the overall municipal bond
market, as measured by the Bond Buyer 40 Index.(2)
The fund's conservative approach has served it well over the years. Morningstar,
Inc., a Chicago-based mutual fund research organization, gave the fund its
five-star rating, the highest possible, for the three-, five- and ten-year
periods ended March 31, 1995.(3) And, while our investment strategy focuses on
income rather than total return, the fund reported an impressive total return of
+6.40% during the fiscal year, which was better than the average total return of
other California municipal bond funds. According to Lipper Analytical Services,
Inc., the average total return of California municipal bond funds was +5.94% for
the year ended March 31, 1995. The fund's 30-day yield of 5.43% was also
impressive, placing the fund eighteenth among 93 California municipal bond
funds, as measured by Lipper.(4)
During the year, the fund reduced its holdings in advanced refunded bonds, and
short-term bonds with three- to seven-year maturities. The premiums obtained
through selling these bonds were offset by selling some of the portfolio's
discount coupon bonds. During the fiscal year, we purchased bonds with
maturities in the 25- to 30-year range to maximize the fund's income-earning
potential.
(1) Source: Bond Buyer 40 Index.
(2) Volatility is measured by standard deviation as a percentage of the mean of
the past year's month-end values.
(3) Morningstar proprietary ratings reflect historical risk-adjusted performance
as of March 31, 1995. The ratings are subject to change every month. Past
performance is no guarantee of future results. Morningstar ratings are
calculated from the fund's three-, five-, and ten-year average annual returns in
excess of 90-day Treasury bill returns with appropriate fee adjustments, and a
risk factor that reflects fund performance below 90-day T-bill returns. Ten
percent of the funds in an investment category receive five stars.
(4) Cumulative total return measures the change in value of an investment over
the specified periods, assuming reinvestment of dividends and capital gains at
net asset value. The fund was ranked #32 out of 83 California municipal bond
funds for total return for the one-year period, #25 out of 44 funds for the
five-year period and #9 out of 16 funds for the ten-year period ended March 31,
1995, as measured by Lipper Analytical Services, Inc., a nationally recognized
mutual fund rating organization. Lipper rankings do not include sales charges
and may have been different if such charges had been considered. Past
performance is not predictive of future results.
3
<PAGE>
Many of the bonds purchased during the period were those used for "essential
purpose" projects. These securities tend to have a more reliable income stream
as they are backed by dependable revenue generated from schools, utilities and
transportation projects, to name a few. As a result, these bonds tend to be less
affected by budgetary and political changes, and are believed to be very
attractive in a municipal cost-cutting environment. The credit quality ratings
on these bonds varied from BBB to AAA, with an average rating of AA.(5)
Furthermore, some of the bonds purchased were insured.(6) Like all mutual
funds, however, the principal value of the fund's holdings as well as the
price of its shares will fluctuate with market conditions.
The chart to the left illustrates that on March 31, 1995, over 35% of the fund's
securities were rated AAA, the highest rating possible, by Standard & Poor's, or
were judged to be of comparable quality by the fund's managers.
Graphic Material (1) Omitted - See Appendix
The fund's average maturity rose slightly to 19.5 years from 19.0 years at the
beginning of the period. The fund's average coupon declined slightly, ending the
fiscal year at 7.10%, down from 7.15% at the beginning of the period. This
decline was due primarily to the number of prerefunded bonds that were sold
during the year.
We also seek to reduce the fund's risk through diversification. The Franklin
California Tax-Free Income Fund is the largest California municipal bond fund
with over $12 billion in total net assets. On February 28, 1995, the fund held
over 2,000 issues, spanning a broad range of cities and counties throughout
California. Furthermore, we purchase securities from a variety of municipal
investment sectors, as the chart on the following page illustrates. Our outlook
4
<PAGE>
FRANKLIN CALIFORNIA
TAX-FREE INCOME FUND
Portfolio Breakdown on 3/31/95
As a percentage of fund net assets
<TABLE>
<CAPTION>
% of total
Sector net assets
- ------ ----------
<S> <C>
Pre-Refunded 21.2%
Certificates of Participation 10.3%
Utilities 11.0%
Marks-Roos Bonds 9.3%
Tax-Location Bonds 7.2%
Hospitals 0.3%
Mello-Roos Bonds 0.0%
Housing 5.0%
Transportation 4.7%
General Obligations 2.3%
Special Assessment Bonds 2.0%
(1915 Act)
Healthcare 1.0%
Other Revenue 1.1%
Industrial 0.5%
Education 0.4%
Sales Tax Revenue 0.1%
</TABLE>
For a complete list of portfolio holdings, please see
page 3 of this report.
for the fund is positive. In spite of negative reactions to the Orange County
crisis, California's economy improved during the fund's fiscal year. Tax
collections were higher than expected, and expenses remained under control.
Other signs of a strengthening economy were also evident, including stronger job
growth (biotech, entertainment, and tourism), population migration back into the
state, strong exports to Canada, Mexico and the Pacific Rim countries, and a
stronger housing market. We also foresee the potential for a more favorable bond
market through the rest of 1995. The municipal bond market should remain
attractive for a number of reasons, including high after-tax yields for
long-term bonds relative to the Treasury market.
Furthermore, demand should increase as a record number of bonds mature or are
called, and the resulting cash proceeds are reinvested in the municipal market.
At the same time, municipal supply should remain low, which could help to
support the prices of existing bonds.
(5) The ratings, while not guaranteeing the fund's market value or signifying
approval of the shares by national ratings agencies, reflect the quality of the
bonds as described in the fund's prospectus and are subject to change. These
ratings reflect the opinions of national ratings agencies such as Standard &
Poor's and Moody's. Those bonds not rated by these agencies were judged to be of
comparable credit quality by the fund's managers.
(6) Fund shares are neither insured nor guaranteed by any U.S. government
agency. Insurance relates only to the payment of principal and interest on the
portfolio's securities. It does not eliminate market risks to the fund's share
price or insure the value of the shares.
5
<PAGE>
PERFORMANCE SUMMARY
The Franklin California Tax-Free Income Fund's share price, as measured by net
asset value, declined slightly to $7.11 on March 31, 1995, from $7.12 on March
31, 1994.
The Franklin California Tax-Free Income Fund continued to meet its investment
objective of providing high current income to its shareholders. For the 12-month
period ended March 31, 1995, your fund paid income distributions totaling 44.4
cents ($0.444) per share.(7) Dividends will vary based on the earnings of the
fund's portfolio, and past distributions are not necessarily predictive of
future results.
At the end of the reporting period, your fund's distribution rate was 5.98%,
based on an annualization of the current monthly dividend of 3.7 cents ($0.037)
per share and the maximum offering price of $7.43 on March 31, 1995. This
tax-free rate is generally higher than the after-tax return on a comparable
taxable investment. As the chart to the right illustrates, if you are in the
maximum combined federal and California state personal income tax bracket of
46.2%, you would have to earn 11.12% from a taxable investment to match your
fund's tax-free distribution rate.
Graphic Material (2) omitted - See Appendix
Based on this dividend income and change in share price, the fund posted a
one-year cumulative total return of +6.40% for the period ended March 31, 1995.
Total return measures the change in value of an investment during the periods
indicated, assuming reinvestment of dividends and capital gains, if any. This
calculation does not include the maximum initial sales charge. Past performance
is not predictive of future results.
The chart on page 7 illustrates that for the 10 years ended March 31, 1995, the
Franklin California Tax-Free Income Fund has far outperformed the Consumer Price
Index (CPI) -- keeping your purchasing power well ahead of inflation. The fund
generally followed the performance of the Lehman Brothers Municipal Bond Index.
The Lehman Brothers Index has some inherent performance differentials over any
fund, as it holds no cash in its portfolio and
(7) For investors subject to federal alternative minimum tax, a small portion
of these dividends may be subject to such tax. Distributions of capital gains
and of ordinary income from accrued market discount, if any, are generally
taxable.
6
<PAGE>
involves no sales charges or management expenses. Additionally, the index
consists of over 25,000 municipal bonds from around the country, while the fund
invests primarily in California municipal bonds. Please remember that an index
is simply a measure of performance, and cannot be invested in directly.
Management maintains a long-term perspective and encourages shareholders to do
the same. While the fund may experience volatility from time to time, we believe
that its performance will be rewarding over the long term. For example, as the
table to the right demonstrates, the fund provided an average annual return of
+8.33% over the last 10 years.
Graphic Material (3) omitted - See Appendix
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND
Periods ended March 31, 1995
<TABLE>
<CAPTION>
SINCE
1-YEAR 5-YEAR 10-YEAR INCEPTION
(2/1/77)
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Cumulative
Total Return(8) 6.40% 44.63% 132.23% 188.16%
Average Annual
Total Return(9) 1.82% 6.72% 8.33% 5.75%
Distribution Rate(10) 5.98%
Equivalent Taxable
Distribution Rate(11) 11.12%
30-Day Standardized Yield(12) 5.43%
Equivalent Taxable Yield(11) 10.09%
- ------------------------------------------------------------------------------
</TABLE>
(8) Cumulative total return measures the change in value of an investment over
the periods indicated and does not include the current, maximum 4.25% initial
sales charge. See note below.
(9) Average annual total return represents the average annual change in value of
an investment over the stated periods. The figures assume reinvestment of
dividends and capital gains at net asset value and have been restated to reflect
the current, maximum 4.25% initial sales charge. See note below.
(10) Distribution rate is based on an annualization of the fund's 3.7 cents per
share monthly dividend and the maximum offering price of $7.43 on March 31,
1995.
(11) Taxable equivalent distribution rate and yield assume the 1995 maximum
combined 46.2% federal and California state income tax bracket, based on the
39.6% federal income tax rate.
(12) Yield, calculated as required by the SEC, is based on the earnings of the
fundOs portfolio during the 30 days ended March 31, 1995.
Note: Prior to July 1, 1994, fund shares were offered at a lower initial sales
charge, with dividends reinvested at the offering price. Thus, actual total
return for purchasers of shares during that period would have been different
than noted above. Effective May 1, 1994, the fund eliminated the sales charge on
reinvested dividends and implemented a plan of distribution under Rule 12b-1,
which will affect future performance. Investment return and principal value will
fluctuate with market conditions, and you may have a gain or loss when you sell
your shares. Past performance cannot guarantee future results. Past expense
reductions by the fund's manager increased the fund's total returns.
The historical performance data shown above pertain only to Class I shares of
the fund. Class II shares, which the fund began offering on May 1, 1995, are
subject to different fees and expenses, which will affect their performance.
Performance data for Class II shares are not yet available. Please see the
prospectus for more details regarding Class I and Class II shares.
*This performance graph assumes an initial $10,000 investment and includes the
maximum 4.25% initial sales charge, all fund expenses and account fees. It also
assumes that your dividends and capital gains were reinvested at net asset
value. The Lehman Brothers Municipal Bond Index includes price appreciation or
depreciation and distributions as a percentage of the original investment. Past
performance is not predictive of future results.
7
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
ANNUAL MEETING OF SHAREHOLDERS
At an annual meeting of shareholders of the Fund held on March 20, 1995,
shareholders of the Fund voted as follows:
Regarding the election of the nominees for directors, shareholders of the Fund
voted as follows:
<TABLE>
<CAPTION>
BROKER
DIRECTOR FOR WITHHOLD NON-VOTE
----------------------------------------------------------------------------------------
<S> <C> <C> <C>
Harris J. Ashton ........................... 1,074,995,857 26,073,622 N/A
S. Joseph Fortunato ........................ 1,075,852,286 25,011,095
Charles B. Johnson ......................... 1,080,993,684 19,869,697
Rupert H. Johnson .......................... 1,080,458,700 20,404,681
Gordon S. Macklin .......................... 1,075,122,777 25,740,968
</TABLE>
Regarding the selection of Coopers & Lybrand L.L.P., Certified Public
Accountants, as the independent auditors for the Fund for the fiscal year ending
May 31, 1996, the shareholders of the Fund voted as follows:
<TABLE>
<CAPTION>
BROKER
FOR AGAINST ABSTAIN NON-VOTE
--------------------------------------------------------------
<S> <C> <C> <C>
1,068,731,877 4,872,437 27,464,968 N/A
</TABLE>
Regarding an amendment to the Fund's Articles of Incorporation to permit the
issuance of additional classes of shares and to make other conforming changes.
The proposal was approved by shareholders and the vote was as follows:
<TABLE>
<CAPTION>
BROKER
FOR AGAINST ABSTAIN NON-VOTE
--------------------------------------------------------------
<S> <C> <C> <C>
947,079,108 45,426,777 46,217,406 N/A
</TABLE>
8
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS 97.9%
BONDS 93.9%
ABAG Finance Authority of Nonprofit Corporations, COP,
$ 5,730,000 Buttle Valley-Tulelake Rural Health, 6.65%, 10/01/22 ............................. $ 5,575,061
3,785,000 Insured, COP Financing No. 4, 5.95%, 01/01/24 .................................... 3,402,526
3,090,000 Insured, Easter Seal Society for the Redwood Coast, 6.00%, 06/01/23 .............. 2,799,324
1,250,000 Insured, Miramonte Mental Health Services, 6.60%, 07/01/22 ....................... 1,251,537
2,000,000 Insured, Rehabilitation Mental Health Services, Inc. Project, 6.50%, 06/01/12 .... 2,002,500
2,370,000 Insured, Rehabilitation Mental Health Services, Inc. Project, 6.55%, 06/01/22 .... 2,360,781
2,325,000 Peninsula Family YMCA, Series A, 6.80%, 10/01/11 ................................. 2,348,785
3,000,000 United Way of Santa Clara County Project, 7.20%, 07/01/11 ........................ 3,216,300
4,500,000 ABAG Finance Corp., COP, ABAG XXV, 6.80%, 08/01/12 ................................... 4,512,195
105,000 Adelanto Improvement Agency, SFRMR, Series 1983-A, 10.25%, 04/01/17................... 105,303
Adelanto Improvement Agency, Tax Allocation,
1,195,000 Adelanto Improvement Project, 8.25%, 08/01/96 .................................... 1,239,418
12,710,000 Adelanto Improvement Project, Series 1990, Pre-Refunded, 8.00%, 08/01/20 ......... 14,677,889
1,870,000 Adelanto Improvement Project, Series 1991, Pre-Refunded, 8.25%, 08/01/20 ......... 2,149,079
8,085,000 Refunding, Series 1985, Pre-Refunded, 8.125%, 06/01/15 ........................... 9,187,471
16,365,000 Agua Mansa Industrial Growth Association, Special Tax, CFD No. 89-1, 8.25%, 09/01/17.. 16,858,077
Alameda 1915 Act, Improvement Board,
24,755,000 Harbor Bay Park, AD No. 92-1, 7.50%, 09/02/12 .................................... 25,592,462
170,000 Marina Village AD No. 84-3, Series 1986-1, 8.00%, 09/02/98 ....................... 176,140
185,000 Marina Village AD No. 84-3, Series 1986-1, 8.00%, 09/02/99 ....................... 191,682
200,000 Marina Village AD No. 84-3, Series 1986-1, 8.10%, 09/02/00 ....................... 207,224
215,000 Marina Village AD No. 84-3, Series 1986-1, 8.10%, 09/02/01 ....................... 222,766
230,000 Marina Village AD No. 84-3, Series 1986-1, 8.125%, 09/02/02 ...................... 238,308
250,000 Marina Village AD No. 84-3, Series 1986-1, 8.20%, 09/02/03 ....................... 259,030
270,000 Marina Village AD No. 84-3, Series 1986-1, 8.20%, 09/02/04 ....................... 279,752
290,000 Marina Village AD No. 84-3, Series 1986-1, 8.20%, 09/02/05 ....................... 300,475
315,000 Marina Village AD No. 84-3, Series 1986-1, 8.20%, 09/02/06 ....................... 326,378
23,675,000 Alameda-Contra Costa Transit District, Refunding, COP, 7.60%, 08/01/18 ............... 24,697,523
Alameda COP,
295,000 Series 1994, 4.50%, 04/01/96 ..................................................... 293,625
305,000 Series 1994, 4.75%, 04/01/97 ..................................................... 302,496
320,000 Series 1994, 5.00%, 04/01/98 ..................................................... 317,638
340,000 Series 1994, 5.25%, 04/01/99 ..................................................... 337,348
355,000 Series 1994, 5.40%, 04/01/00 ..................................................... 351,642
375,000 Series 1994, 5.55%, 04/01/01 ..................................................... 371,801
Alameda County COP, Capital Projects,
4,250,000 Series 1992, 6.25%, 06/01/06 ..................................................... 4,323,567
10,500,000 Series 1992, 6.75%, 06/01/16 ..................................................... 10,713,885
775,000 Alameda County, MFMR, Series B, Mandatory Put 12/01/95, 9.00%, 12/01/00 .............. 776,473
255,000 Alameda County, SFMR, Series A, 9.50%, 04/01/14 ...................................... 269,614
2,560,000 Alhambra RDA, Refunding, Tax Allocation, Industrial Redevelopment Project, 6.375%,
05/01/23 ......................................................................... 2,394,061
5,730,000 Anaheim COP, California Lutheran Homes, Pre-Refunded, 8.20%, 01/01/18 ................ 6,354,685
5,215,000 (c)Anaheim Public Financing Authority Revenue, Local Agency, CFD, Series A, MBIA Insured,
5.75%, 09/01/14 .................................................................. 5,020,115
Antelope Valley East Kern Water Agency, Special Tax, CFD No. 90-1,
7,395,000 Series A, Issue 01/01/91, 8.60%, 09/01/21 ....................................... 7,466,288
4,820,000 Series A, Issue 04/01/91, 8.60%, 09/01/21 ....................................... 4,866,465
Antelope Valley Insured Hospital District, COP,
5,515,000 Series 1989, 7.30%, 01/01/06 .................................................... 5,765,050
21,600,000 Series 1989, 7.35%, 01/01/20 .................................................... 22,414,536
</TABLE>
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
Antioch 1915 Act,
$ 1,295,000 AD No. 26, Hillcrest, Series 1987, 8.00%, 09/02/04 ................................ $ 1,338,214
1,560,000 AD No. 26, Hillcrest, Series 1987, 8.10%, 09/02/05 ................................ 1,612,042
1,595,000 AD No. 26, Hillcrest, Series 1987, 8.10%, 09/02/06 ................................ 1,648,209
375,000 AD No. 26, Hillcrest, Series 1987, 8.10%, 09/02/07 ................................ 387,510
890,000 AD No. 27, Lone Tree, Series 1988, 8.20%, 09/02/09 ................................ 920,536
890,000 AD No. 27, Lone Tree, Series 1988, 8.25%, 09/02/10 ................................ 920,527
890,000 AD No. 27, Lone Tree, Series 1988, 8.25%, 09/02/11 ................................ 920,527
890,000 AD No. 27, Lone Tree, Series 1988, 8.25%, 09/02/12 ................................ 920,527
890,000 AD No. 27, Lone Tree, Series 1988, 8.25%, 09/02/13 ................................ 920,527
4,895,000 Antioch Development Agency, Refunding, Tax Allocation, Project 1, FGIC Insured, 6.40%,
09/01/17............................................................................. 5,012,529
3,500,000 Apple Valley Insured Health Facilities Revenue, COP, 7.30%, 06/01/20 .................. 3,651,585
Apple Valley USD, COP, Refunding,
2,600,000 Series 1993, 5.90%, 09/01/11 ...................................................... 2,468,960
1,000,000 Series 1993, 6.00%, 09/01/15 ...................................................... 943,860
Arcadia Hospital Revenue,
9,000,000 Methodist Hospital of Southern California, 7.875%, 08/01/10 ....................... 9,503,640
1,295,000 Methodist Hospital of Southern California, 6.50%, 11/15/12 ........................ 1,264,425
3,000,000 Methodist Hospital of Southern California, 6.625%, 11/15/22 ....................... 2,863,050
Arcata CDA, Tax Allocation,
1,250,000 Community Development Project, Pre-Refunded, 7.90%, 11/01/12 ...................... 1,394,500
1,620,000 Community Development Project, Pre-Refunded, 7.90%, 11/01/13 ...................... 1,678,612
2,230,000 Auburn COP, Refunding, Civic Center Project, 6.125%, 09/01/20 ......................... 2,004,458
3,170,000 Azusa COP, Municipal Facilities Corp., 9.75%, 08/01/10 ................................ 3,277,114
10,225,000 Azusa Public Financing Authority Revenue, Local Agency, Series A, Pre-Refunded, 7.75%,
08/01/20............................................................................. 11,705,580
210,000 Azusa RDA, SFRMR, Series A, GNMA Secured, 9.875%, 12/01/18 ............................ 219,887
Azusa RDA, Tax Allocation, West End Redevelopment Project,
940,000 Series A, Pre-Refunded, 8.00%, 08/01/15 ........................................... 1,001,363
2,565,000 Series A, Pre-Refunded, 8.00%, 08/01/16 ........................................... 2,683,118
5,750,000 Bakersfield COP, Waste Water Treatment Plant No. 3 Project, 8.00%, 01/01/10 ........... 6,196,947
Bakersfield Hospital Revenue,
2,205,000 Bakersfield Memorial Hospital, Series A, 6.375%, 01/01/12 ......................... 2,154,902
2,750,000 Bakersfield Memorial Hospital, Series A, 6.50%, 01/01/22 .......................... 2,698,383
Bakersfield Public Financing Authority Revenue,
2,795,000 Series A, 5.80%, 09/15/05 ......................................................... 2,737,143
1,695,000 Series A, 5.80%, 09/15/06 ......................................................... 1,643,997
11,070,000 Series A, 6.10%, 09/15/10 ......................................................... 10,799,560
Baldwin Park Public Financing Authority Revenue, Tax Allocation,
2,000,000 Refunding, Series A, 7.10%, 09/01/24 .............................................. 2,031,020
12,630,000 Series A, 7.75%, 08/01/19 ......................................................... 13,501,217
5,795,000 Series B, 7.75%, 08/01/21 ......................................................... 6,194,739
Bay Area Government Association Revenue, Municipal Financing Pool,
6,770,000 Series A, 8.05%, 09/01/10 ......................................................... 7,236,521
18,775,000 Series B, 8.05%, 09/01/15 ......................................................... 20,068,785
1,455,000 Bell COP, Series 1990, Pre-Refunded, 8.75%, 11/01/20 .................................. 1,661,712
5,705,000 Bell CRDA, Refunding, Tax Allocation, Bell Redevelopment Project Area, Pre-Refunded,
8.10%, 08/01/17...................................................................... 6,230,545
6,325,000 Bell Gardens RDA, Tax Allocation, Central City Project, Pre-Refunded, 8.00%, 07/01/19.. 6,712,280
</TABLE>
The accompanying notes are an integral part of these financial statements.
10
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
Belmont RDA, Tax Allocation, Los Costanos Community Development,
$ 1,235,000 Series A, 6.70%, 08/01/14 .......................................................... $ 1,264,356
2,080,000 Series A, 6.25%, 08/01/17 .......................................................... 2,030,891
2,310,000 Series A, 6.80%, 08/01/23 .......................................................... 2,364,608
3,500,000 Berkeley COP, AMBAC Insured, 7.50%, 06/01/19 ........................................... 3,726,100
Berkeley Hospital Revenue, Alta Bates Hospital,
7,395,000 Series 1985-B, Pre-Refunded, 7.65%, 12/01/15 ....................................... 8,412,996
2,850,000 Series 1985-C, Pre-Refunded, 7.60%, 12/01/15 ....................................... 3,242,929
Beverly Hills COP, Refunding, Civic Center Improvement Project,
2,580,000 Series 1989, 7.00%, 06/01/15 ....................................................... 2,666,636
4,745,000 Series 1989, Pre-Refunded, 7.00%, 06/01/15 ......................................... 5,182,916
2,345,000 Blythe, MFHR, Series 1989, 8.125%, 05/01/20 ............................................ 2,355,154
11,000,000 Brea and Olinda USD, COP, Brea H.O.P.E., Inc., Brea High School Project, Pre-Refunded,
7.70%, 08/01/18....................................................................... 11,666,050
Brea and Olinda USD, COP,
2,025,000 Series 1989, Pre-Refunded, 7.85%, 08/01/09 ......................................... 2,283,309
11,835,000 Series 1989, Pre-Refunded, 7.90%, 08/01/18 ......................................... 13,367,396
Brea and Olinda USD, COP, Refunding, High School Refining Program,
12,645,000 Series A, CGIC Insured, 6.25%, 08/01/18 ............................................ 12,678,889
9,120,000 Series B, 7.00%, 08/01/18 .......................................................... 7,984,469
Brea Public Finance Authority Revenue, Tax Allocation, Redevelopment Project,
1,720,000 Series A, MBIA Insured, 7.00%, 08/01/15 ............................................ 1,841,243
4,395,000 Series A, MBIA Insured, 6.75%, 08/01/22 ............................................ 4,590,314
6,410,000 Series A, MBIA Insured, 7.00%, 08/01/23 ............................................ 6,841,393
5,915,000 Brea Public Financing Authority Water Revenue, Series B, FGIC Insured, 6.25%, 07/01/21.. 5,944,989
12,845,000 Brea RDA, Refunding, Tax Allocation, Redevelopment Project, MBIA Insured, 6.125%,
08/01/13.............................................................................. 12,858,102
20,255,700 Brentwood 1915 Act, Improvement Board, AD No. 92-1, 8.40%, 09/02/17 .................... 20,960,598
2,000,000 Brentwood RDA, Tax Allocation, Brentwood Redevelopment Project, Series A, 7.70%,
11/01/08.............................................................................. 2,104,420
3,390,000 Brisbane COP, Civic Center Financing Project, 8.25%, 04/01/18 .......................... 3,587,467
5,700,000 Brisbane Public Finance Authority Revenue, 8.00%, 09/02/15 ............................. 5,794,449
4,500,000 Buena Park CRDA, Refunding, Tax Allocation, Central Business District Project, Series A,
7.10%, 09/01/14....................................................................... 4,457,520
1,795,000 Burbank Parking Authority, Special Tax, CFD No. 1, 8.375%, 10/01/06 .................... 1,862,348
6,500,000 Burbank RDA, Refunding, Tax Allocation, Series A, 6.00%, 12/01/23 ...................... 5,862,220
6,025,000 Burbank RDA, Tax Allocation, 2nd Lien, Golden State Redevelopment Project, Series A,
Pre-Refunded, 9.25%, 12/01/05 ........................................................ 6,337,577
2,750,000 Burbank Waste Disposal Revenue, Series A, AMBAC Insured, 6.00%, 05/01/22 ............... 2,657,160
1,320,000 Butte Valley USD, COP, 7.75%, 03/01/15 ................................................. 1,382,806
5,455,000 Calexico COP, CRDA, Water and Waste Improvement Project, 7.80%, 11/01/13 ............... 5,588,757
5,500,000 Calexico CRDA, Tax Allocation, Sub-Notes, 6.25%, 10/01/98 .............................. 5,570,785
Calexico USD, COP, Financing Project,
745,000 Series 1992, 7.25%, 09/01/08 ....................................................... 768,594
3,185,000 Series 1992, 7.375%, 09/01/17 ...................................................... 3,276,282
3,250,000 (f)California Alternative Energy Source Financing Authority Revenue, Cogeneration, SRI
International Project, 9.75%, 12/01/05 ............................................... 1,625,000
California Counties Lease Financing Authority, COP, CSAC Financing Corp.,
2,565,000 Amador County Project, 7.70%, 10/01/09 ............................................. 3,052,093
4,585,000 Contra Costa County Project II, Pre-Refunded, 7.85%, 10/01/09 ...................... 4,960,603
4,165,000 Contra Costa County Project II, Pre-Refunded, 7.90%, 10/01/19 ...................... 4,511,028
1,810,000 Glenn County Project, 8.125%, 10/01/08 ............................................. 1,854,906
</TABLE>
The accompanying notes are an integral part of these financial statements.
11
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
California Counties Lease Financing Authority, COP, CSAC Financing Corp. (cont.)
$ 5,295,000 Merced County Project, Pre-Refunded, 8.10%, 10/01/09 ............................ $ 5,443,789
8,000,000 Nevada County Project, Pre-Refunded, 7.60%, 10/01/19 ............................ 8,685,040
5,160,000 San Luis Obispo County Project, Pre-Refunded, 8.20%, 04/01/09 ................... 5,394,522
1,700,000 San Luis Obispo County Project II, Pre-Refunded, 7.85%, 04/01/09 ................ 1,817,419
1,295,000 Trinity County Project, 7.70%, 10/01/09 ......................................... 1,347,914
California Educational Facilities Authority Revenue,
1,685,000 Chapman College Project, 7.30%, 01/01/02 ........................................ 1,831,831
3,000,000 Chapman College Project, 7.50%, 01/01/18 ........................................ 3,175,920
1,100,000 Loyola Marymount University, Series B, 6.60%, 10/01/22 .......................... 1,129,590
3,460,000 Refunding, Los Angeles Chiropractic College, 7.125%, 11/01/07 ................... 3,610,579
2,100,000 St. Mary's College of California Project, Pre-Refunded, 7.50%, 10/01/20 ......... 2,386,503
18,560,000 California Health Facilities Authority Revenue, Pacific Presbyterian Medical Center,
Series C, 7.60%, 06/01/15.......................................................... 19,361,421
California Health Facilities Financing Authority Revenue,
7,300,000 Adventist Health System, Series A, 8.375%, 03/01/08 ............................. 7,755,739
2,930,000 Adventist Health System, Series B, MBIA Insured, 6.25%, 03/01/21 ................ 2,937,003
54,275,000 Children's Hospital of Los Angeles, Series A, Pre-Refunded, 7.125%, 06/01/21 .... 60,805,911
2,965,000 Community Provider, Pooled Loan Program, Series A, 7.35%, 06/01/20 .............. 3,127,719
2,625,000 County Program, Series B, 7.20%, 01/01/12 ....................................... 2,704,747
935,000 Insured, AIDS Hospice Foundation, Pre-Refunded, 7.15%, 01/01/15 ................. 1,031,417
6,550,000 Insured, American Baptist Homes, Series A, 7.65%, 04/01/14 ...................... 6,890,338
3,535,000 Insured, Asian Community Center, Series A, Pre-Refunded, 9.25%, 09/01/15 ........ 3,675,233
3,650,000 Insured, Association for Retarded Citizens of San Diego, 7.00%, 05/01/21 ........ 3,755,996
1,575,000 Insured, Cedarknoll Health Facilities, Series B, 7.50%, 08/01/20 ................ 1,662,523
2,700,000 Insured, Episcopal Homes Foundation Project, Series A, 7.75%, 07/01/06 .......... 2,874,663
9,860,000 Insured, Episcopal Homes Foundation Project, Series A, 7.80%, 07/01/15 .......... 10,407,920
3,425,000 Insured, Episcopal Homes Foundation Project, Series A, 7.70%, 07/01/18 .......... 3,605,463
7,750,000 Insured, Episcopal Homes Foundation Project, Series B, 7.80%, 07/01/06 .......... 7,955,452
18,900,000 Insured, Episcopal Homes Foundation Project, Series B, 7.85%, 07/01/15 .......... 19,328,085
2,240,000 Insured, Feedback Foundation, Inc., Series A, 6.50%, 12/01/22 ................... 2,217,062
1,170,000 Insured, Innovation Health, Series A, 6.10%, 06/01/13. .......................... 1,116,835
4,000,000 Insured, Lodi Memorial Hospital Association, Series A, 7.70%, 09/01/10 .......... 4,313,640
3,900,000 Insured, Marshall Hospital, Series A, 6.625%, 11/01/22 .......................... 3,912,051
2,000,000 Insured, On Lok Senior Health Services, Series A, 6.40%, 12/01/12 ............... 1,983,100
7,525,000 Insured, On Lok Senior Health Services, Series A, 6.50%, 12/01/22 ............... 7,447,944
2,595,000 Insured, St. Paul's Episcopal Home, 6.50%, 09/01/14 ............................. 2,490,006
3,000,000 Insured, San Diego Children's Hospital, MBIA Insured, 7.00%, 07/01/13 ........... 3,180,780
1,000,000 Insured, San Diego Christian, Series A, 6.25%, 07/01/12. ........................ 976,200
4,300,000 Insured, Small Facilities Loan, Health Facilities, Series A, 6.75%, 03/01/20 .... 4,333,884
3,000,000 Insured, South Coast Medical Center, 7.25%, 07/01/15 ............................ 3,122,520
5,000,000 Kaiser Permanente, Series A, 7.00%, 10/01/18 .................................... 5,175,800
8,870,000 Kaiser Permanente, Series A, 6.75%, 10/01/19 .................................... 9,056,004
11,000,000 Kaiser Permanente, Series A, 6.50%, 12/01/20 .................................... 11,084,260
11,880,000 Marin General Hospital, Series A, Pre-Refunded, 8.20%, 08/01/14 ................. 13,027,727
5,000,000 Mills-Peninsula Hospital, Series A, 7.75%, 01/15/05 ............................. 5,249,050
5,000,000 Mills-Peninsula Hospital, Series A, 7.875%, 01/15/12 ............................ 5,189,050
3,500,000 Pomona Valley Community Hospital, Series A, 7.00%, 01/01/17 ..................... 3,511,480
14,000,000 Pomona Valley Hospital Medical Center, 7.375%, 01/01/14 ......................... 14,488,040
2,000,000 Refunding, Cedars Sinai Medical Center, Pre-Refunded, 7.00%, 11/01/15 ........... 2,217,400
13,920,000 Refunding, Hospital of the Good Samaritan, 6.90%, 09/01/07 ...................... 14,811,576
71,050,000 Refunding, Hospital of the Good Samaritan, 7.00%, 09/01/21 ...................... 72,578,285
</TABLE>
The accompanying notes are an integral part of these financial statements.
12
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
California Health Facilities Financing Authority Revenue, (cont.)
$ 1,750,000 Refunding, Insured, AIDS Health Care Foundation, Series C, 6.25%, 09/01/17 ....... $ 1,692,600
5,000,000 Refunding, Insured, Small Facilities Loan, Health Facilities, Series B, 7.50%,
04/01/22........................................................................ 5,398,700
3,500,000 Refunding, San Diego Hospital Association, Series A, MBIA Insured, 6.20%, 08/01/20 3,495,170
21,145,000 San Diego Hospital Association, Series A, 6.95%, 10/01/21 ........................ 21,533,011
18,755,000 San Diego Hospital Association, Series B, Pre-Refunded, 8.25%, 08/01/18 .......... 20,587,363
4,730,000 S.C. Presbyterian Health Facilities, Series A, 7.40%, 12/01/18 ................... 4,959,831
9,725,000 Scripps Memorial Hospital, Series A, MBIA Insured, 6.375%, 10/01/22 .............. 9,838,491
3,500,000 Sisters of Providence Project, Pre-Refunded, 8.375%, 10/01/07 .................... 3,866,590
1,375,000 St. Elizabeth Hospital Project, Health Facilities, 6.30%, 11/15/15 ............... 1,357,716
2,000,000 St. Joseph Health System, Pre-Refunded, 6.90%, 07/01/06 .......................... 2,179,620
7,500,000 Sutter Health, Series A, 6.70%, 01/01/13 ......................................... 7,630,725
1,275,000 Unihealth America, Series A, AMBAC Insured, 7.625%, 10/01/15 ..................... 1,372,078
34,665,000 Unihealth America, Series A, AMBAC Insured, Pre-Refunded, 7.625%, 10/01/15 ....... 38,418,180
3,225,000 Walden House, State Guaranteed, 6.85%, 03/01/22 .................................. 3,282,663
California HFAR,
6,675,000 Home Mortgage, Series 1986-B, 6.90%, 08/01/16 .................................... 6,764,512
475,000 Home Mortgage, Series 1988-A, 8.125%, 08/01/19 ................................... 501,899
14,680,000 Home Mortgage, Series 1988-B, 8.60%, 08/01/19 .................................... 15,472,280
5,175,000 Home Mortgage, Series 1988-C, 8.30%, 08/01/19 .................................... 5,446,636
21,585,000 Home Mortgage, Series 1988-E, 8.35%, 08/01/19 .................................... 22,651,299
2,415,000 Home Mortgage, Series 1988-F, 7.875%, 08/01/19 ................................... 2,506,021
13,735,000 Home Mortgage, Series 1988-G, 8.15%, 08/01/19 .................................... 14,407,603
2,720,000 Home Mortgage, Series 1989-A, 7.75%, 08/01/17 .................................... 2,856,598
7,610,000 Home Mortgage, Series 1989-B, 7.90%, 08/01/09 .................................... 8,001,078
44,505,000 Home Mortgage, Series 1989-B, 8.00%, 08/01/29 .................................... 46,697,316
6,945,000 Home Mortgage, Series 1989-D, 7.50%, 08/01/20 .................................... 7,263,012
30,795,000 Home Mortgage, Series 1989-D, 7.50%, 08/01/29 .................................... 32,203,563
18,760,000 Home Mortgage, Series 1989-E, 7.65%, 08/01/23 .................................... 19,653,164
7,650,000 Home Mortgage, Series 1989-E, 7.65%, 08/01/29 .................................... 8,014,217
7,895,000 Home Mortgage, Series 1989-G, 7.55%, 08/01/23 .................................... 8,251,933
22,830,000 Home Mortgage, Series 1990-A, 7.70%, 08/01/30 .................................... 24,046,839
60,145,000 Home Mortgage, Series 1990-C, 7.60%, 08/01/30 .................................... 63,120,373
3,880,000 Home Mortgage, Series 1990-D, 7.75%, 08/01/10 .................................... 4,114,546
1,330,000 Home Mortgage, Series 1990-D, 7.875%, 08/01/31 ................................... 1,414,402
3,100,000 Home Mortgage, Series 1991-D, 7.25%, 08/01/17 .................................... 3,259,309
895,000 Home Mortgage, Series 1991-F, 6.75%, 08/01/11 .................................... 918,324
4,400,000 Home Mortgage, Series 1991-G, 7.05%, 08/01/27 .................................... 4,521,748
6,885,000 Home Mortgage, Series 1994-A, 6.55%, 08/01/26 .................................... 6,916,878
9,150,000 Home Mortgage, Series 1994-E, 6.70%, 08/01/25 .................................... 9,305,733
3,380,000 Home Mortgage, Series F-1, 6.875%, 08/01/15 ...................................... 3,455,002
20,950,000 Home Mortgage, Series F-1, 7.00%, 08/01/26 ....................................... 21,198,886
465,000 Home Mortgage, SF, Series A, 10.25%, 02/01/14 .................................... 472,914
170,000 Home Mortgage, SF, Series B, 10.625%, 02/01/14 ................................... 171,557
2,800,000 Housing Revenue, Series 1985-B, MBIA Insured, 8.625%, 08/01/15 ................... 2,878,400
9,070,000 Housing Revenue, Series 1989-A, MBIA Insured, 7.65%, 08/01/24 .................... 9,516,063
4,365,000 Housing Revenue, Series 1994-E, MBIA Insured, 6.625%, 08/01/14 ................... 4,470,458
11,855,000 Housing Revenue, Series 1994-E, MBIA Insured, 6.75%, 08/01/26 .................... 12,164,178
11,345,000 Housing Revenue, Series 1994-F, MBIA Insured, 6.90%, 08/01/26 .................... 11,704,296
1,625,000 Multi-Unit Rental Housing, Series A, 5.80%, 02/01/14 ............................. 1,499,030
2,465,000 Multi-Unit Rental Housing, Series A, 6.875%, 02/01/22 ............................ 2,467,071
5,105,000 Multi-Unit Rental Housing, Series A, 5.90%, 02/01/25 ............................. 4,671,943
</TABLE>
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
<S> <C> <C>
California PCFA, PCR,
$ 2,100,000 Gilton Project, 7.60%, 09/15/04 .................................................. $ 2,167,494
1,750,000 Pacific Gas & Electric Co., Series A, 6.625%, 06/01/09 ........................... 1,817,235
6,500,000 Pacific Gas & Electric Co., Series A, 7.50%, 05/01/16 ............................ 6,800,820
134,770,000 Pacific Gas & Electric Co., Series B, 8.875%, 01/01/10 ........................... 149,113,571
32,675,000 Pacific Gas & Electric Co., Series B, 5.85%, 12/01/23 ............................ 30,325,668
3,500,000 San Diego Gas & Electric Co., Series A, MBIA Insured, 5.85%, 06/01/21 ............ 3,316,145
2,500,000 Small Business, Desert Valley, Series A, 7.625%, 10/01/00 ........................ 2,568,050
2,510,000 Southern California Edison Co., 6.90%, 12/01/17 .................................. 2,629,401
11,125,000 Southern California Edison Co., Series B, MBIA Insured, 6.40%, 12/01/24 .......... 11,235,360
29,000,000 Southern California Edison Co., Series B, MBIA Insured, 6.40%, 12/01/24 .......... 29,204,160
17,205,000 California PCFA Revenue, Solid Waste Disposal, Keller Canyon Landfill Co. Project,
6.875%, 11/01/27 ................................................................... 17,498,861
California Public Capital Improvements Financing Authority Revenue,
29,270,000 Pooled Projects, Joint Powers Agency, Series E, 8.375%, 03/01/03 ................. 31,822,051
65,910,000 Pooled Projects, Series A, 8.40%, 03/01/08 ....................................... 69,882,396
121,300,000 Pooled Projects, Series A, 8.50%, 03/01/18 ....................................... 130,353,832
California Special Districts Association Finance Corp., COP,
970,000 Series F, 8.10%, 09/01/10 ........................................................ 1,011,720
1,630,000 Series H, 7.75%, 02/01/15 ........................................................ 1,700,954
1,500,000 Series H, 7.80%, 02/01/21 ........................................................ 1,565,235
1,440,000 Series N, 8.30%, 03/01/12 ........................................................ 1,524,787
1,000,000 Series O, 7.40%, 03/01/17 ........................................................ 1,025,070
California Special Districts Finance Authority, COP,
21,035,000 Series A, 8.40%, 07/01/05 ........................................................ 23,073,081
70,000,000 Series A, 8.50%, 07/01/18 ........................................................ 75,682,600
California Special Districts Lease Financing Program, COP,
3,000,000 Series C, 7.90%, 04/01/14 ........................................................ 3,095,850
1,100,000 Series E, 7.70%, 12/01/09 ........................................................ 1,141,646
3,100,000 Series E, 7.75%, 12/01/19 ........................................................ 3,198,239
2,000,000 California State Department of Transportation, COP, East Bay State Building, Series A,
6.50%, 03/01/16 .................................................................... 2,062,020
California State Department of Water Resources, Central Valley Project, Water System
Revenue,
4,500,000 Series A, Pre-Refunded, 7.50%, 12/01/16 .......................................... 4,662,495
14,990,000 Series A, Pre-Refunded, 7.50%, 12/01/22 .......................................... 15,531,289
26,410,000 Series J-1, 6.00%, 12/01/20 ...................................................... 25,634,338
13,140,000 Series J-1, 6.00%, 12/01/20 ...................................................... 12,754,078
21,655,000 Series J-2, 6.00%, 12/01/20 ...................................................... 21,018,993
7,855,000 Series K, 6.00%, 12/01/21 ........................................................ 7,620,764
4,000,000 Series K, 6.40%, 12/01/26 ........................................................ 4,042,520
California State GO,
2,750,000 Series 1991, 6.30%, 02/01/04 ..................................................... 2,899,820
2,500,000 Series 1991, 6.40%, 02/01/05 ..................................................... 2,653,075
500,000 Series 1991, 6.40%, 02/01/06 ..................................................... 528,745
13,625,000 Series 1991, 6.60%, 02/01/10 ..................................................... 14,683,118
1,000,000 Series 1992, 6.25%, 09/01/12 ..................................................... 1,031,070
5,000,000 Series 1992, FGIC Insured, 5.75%, 11/01/17 ....................................... 4,822,350
5,000,000 Series 1992, FGIC Insured, 6.00%, 08/01/19 ....................................... 4,974,150
7,000,000 Series 1994, 6.00%, 03/01/24 ..................................................... 6,757,660
30,290,000 Series 1994, 6.00%, 05/01/24 ..................................................... 29,239,846
5,430,000 Various Purpose, MBIA Insured, 6.00%, 10/01/21 ................................... 5,366,035
</TABLE>
The accompanying notes are an integral part of these financial statements.
14
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
<S> <C> <C>
California State GO, (cont.)
$ 3,780,000 Various Purpose, Series 1991, 6.50%, 09/01/10 ................................... $ 4,042,786
25,075,000 Various Purpose, Series 1993, 5.90%, 04/01/23 ................................... 23,889,454
California State GO, Veterans Bonds,
2,000,000 Series AX, 7.00%, 04/01/16 ...................................................... 2,054,860
455,000 Series BA, 7.375%, 02/01/19 ..................................................... 458,544
50,000,000 Series BD, BE, BF, 6.55%, 02/01/25 .............................................. 49,928,500
32,500,000 Series BD, BE, BF, AMBAC Insured, 6.375%, 02/01/27 .............................. 32,515,925
1,830,000 California State Military Department, National Guard Home Purchase Revenue,
Series 1983-A, 10.375%, 08/01/16 .................................................. 1,871,413
California State Public Works, Board Lease Revenue,
9,835,000 California Community Colleges, Series A, 6.75%, 09/01/11 ........................ 10,177,750
5,000,000 California State University, Library Projects, Series A, 6.25%, 09/01/16 ........ 4,964,650
5,250,000 California State University, Various Projects, Series A, 6.30%, 10/01/04 ........ 5,489,978
6,815,000 California State University, Various Projects, Series A, 6.375%, 10/01/05 ....... 7,112,816
10,695,000 California State University, Various Projects, Series A, 6.50%, 10/01/06 ........ 11,179,484
8,610,000 California State University, Various Projects, Series A, 6.625%, 10/01/10 ....... 8,894,130
5,600,000 California State University, Various Projects, Series A, 6.375%, 10/01/14 ....... 5,652,080
23,130,000 California State University, Various Projects, Series A, 6.375%, 11/01/14 ....... 23,156,600
51,770,000 California State University, Various Projects, Series A, 6.70%, 10/01/17 ........ 53,193,157
2,150,000 California State University, Various Projects, Series A, 6.375%, 10/01/19 ....... 2,161,245
5,000,000 Community College, Various Projects, Series A, AMBAC Insured, 6.00%, 12/01/17 ... 4,932,500
11,470,000 Department of Corrections, Calipatria State Prison, Imperial County, Series A,
6.50%, 09/01/11 ............................................................... 11,684,260
2,500,000 Department of Corrections, State Prison, Del Norte, Pre-Refunded, 6.625%,
09/01/09 ...................................................................... 2,655,525
17,700,000 Department of Corrections, State Prison, Series A, AMBAC Insured, 5.75%,
09/01/21 ...................................................................... 16,868,631
7,725,000 (c)Franchise Tax Board, Phases II, Series A, 6.25%, 09/01/11 ....................... 7,669,612
18,560,000 Secretary of State, Series A, 6.75%, 12/01/12 ................................... 19,127,936
3,000,000 Southern California Veterans Home, Series A, 6.375%, 10/01/08 ................... 3,087,330
3,750,000 Southern California Veterans Home, Series A, 6.50%, 10/01/14 .................... 3,822,863
4,700,000 University of California Projects, Series A, AMBAC Insured, 6.40%, 12/01/16 ..... 4,797,760
7,415,000 University of California, Various Projects, Series B, 6.625%, 12/01/14 .......... 7,635,670
51,775,000 California State RAN Warrants, Series C, 5.75%, 04/25/96 ............................ 52,348,149
2,185,000 California State University Foundation Revenue, Hayward Auxiliary Organization,
MBIA Insured, 6.25%, 08/01/20 ..................................................... 2,209,472
California Statewide CDA Revenue, COP,
23,530,000 Cedars Sinai Medical Center, 6.75%, 08/01/22 .................................... 24,059,660
7,860,000 Good Samaritan Health System, 6.50%, 05/01/24 ................................... 7,914,941
5,120,000 Insured, 7.25%, 12/01/22 ........................................................ 5,416,858
2,590,000 Insured Health Facilities, AIDS Project, Series A, 6.25%, 08/01/22 .............. 2,481,945
2,765,000 Insured Health Facilities, Children's Campus, 6.375%, 09/01/12 .................. 2,734,723
3,000,000 Insured Health Facilities, Children's Campus, 6.50%, 09/01/22 ................... 2,969,460
9,600,000 Insured Health Facilities, Eskaton Properties, 6.75%, 05/01/21 .................. 9,709,440
38,800,000 Insured Health Facilities, Unihealth America, Series A, AMBAC Insured, 5.75%,
10/01/25 ...................................................................... 36,622,932
250,000 Refunding, Health Facilities, Barton Memorial Hospital, Series B, 6.40%,
12/01/05 ...................................................................... 257,960
9,000,000 Refunding, Health Facilities, Eskaton, Inc., 5.875%, 05/01/20 ................... 8,174,340
2,000,000 Refunding, Insured Hospital, Triad Health Care, 6.25%, 08/01/06 ................. 1,969,560
74,730,000 Refunding, Insured Hospital, Triad Health Care, 6.50%, 08/01/22 ................. 70,716,999
7,000,000 Refunding, Insured, Retirement Housing Foundation, 6.625%, 04/15/12 ............. 7,068,320
16,000,000 Refunding, Insured, Retirement Housing Foundation, 6.75%, 04/15/22 .............. 16,182,400
5,560,000 Refunding, Keiro Nursing Home, 5.875%, 03/01/19 ................................. 4,908,590
</TABLE>
The accompanying notes are an integral part of these financial statements.
15
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
<S> <C> <C>
California Statewide CDA Revenue, COP, (cont.)
$ 6,465,000 Refunding, Sutter Health Obligated Group, AMBAC Insured, 6.00%, 08/15/09 ........ $ 6,528,874
8,160,000 Refunding, Sutter Health Obligated Group, AMBAC Insured, 6.125%, 08/15/22 ....... 8,068,445
7,065,000 Salk Institute, Connie Lee Insured, 6.20%, 07/01/24 ............................. 6,851,142
8,395,000 St. Joseph Health System Group, 6.50%, 07/01/15 ................................. 8,547,957
12,500,000 St. Joseph Health System Group, 6.625%, 07/01/21 ................................ 12,801,750
5,000,000 Sutter Health Obligated Group, 5.80%, 05/01/13 .................................. 4,591,000
4,000,000 California Statewide Communities Development Authority, Lease Revenue, Refunding,
Oakland Convention Center Project, AMBAC Insured, 5.50%, 10/01/14 ................. 3,767,560
California Statewide Community Development Corp., COP,
1,675,000 Insured, United Western Medical Centers, 6.80%, 12/01/09 ........................ 1,721,029
23,100,000 Insured, United Western Medical Centers, 6.75%, 12/01/21 ........................ 23,353,176
5,000,000 Insured, Villaview Community Hospital, 7.00%, 09/01/09 .......................... 5,215,200
6,270,000 Pacific Homes, Series A, 6.00%, 04/01/17 ........................................ 5,816,115
2,575,000 California Urban Waterfront Area Restoration, 7.40%, 10/01/20 ....................... 2,610,252
5,125,000 Camarillo COP, Capital Improvement Corp., Pre-Refunded, 7.625%, 04/01/08 ............ 5,699,410
1,570,000 Cambria Community Services Sewer and Water District Revenue, Refunding, BIG Insured,
7.40%, 05/01/15 ................................................................... 1,686,996
940,000 Cambria Community Services, Sewer District Revenue, Refunding, BIG Insured, 7.40%,
05/01/15 .......................................................................... 1,010,049
1,410,000 Campbell COP, Refunding, Civic Center Project, Series 1991, 6.75%, 10/01/17 ......... 1,437,284
5,615,000 Campbell Housing Facility Revenue, San Tomas Gardens Project, Series A, 6.625%,
10/20/34 .......................................................................... 5,656,270
3,250,000 Campbell USD, Series A, MBIA Insured, 6.25%, 08/01/19 ............................... 3,304,990
2,365,000 Camrosa Water District, COP, Water System Improvement Project, 7.15%, 07/15/11 ...... 2,410,148
2,800,000 Capistrano Bay Park and Recreation District, COP, Special Lease Finance, Series Q,
6.35%, 08/01/12 ................................................................... 2,728,040
5,000,000 Capitola COP, Capitola Public Facilities Corp., 7.80%, 08/01/03 ..................... 5,025,500
3,000,000 Carlsbad COP, Carlsbad Public Improvement Corp., 8.00%, 08/01/08 .................... 3,259,050
Carson RDA, Refunding, Project Area No. 1,
3,965,000 Series 1992, 6.375%, 10/01/12 ................................................... 3,821,507
1,565,000 Series 1992, 6.375%, 10/01/16 ................................................... 1,485,342
Castaic Lake Water Agency, COP, Water System Improvement Project,
11,540,000 Refunding, Series A, MBIA Insured, 6.125%, 08/01/15 ............................. 11,599,546
2,345,000 Refunding, Series A, MBIA Insured, 6.00%, 08/01/18 .............................. 2,327,295
35,000,000 Series 1990, Pre-Refunded, 7.35%, 08/01/20 ...................................... 39,245,850
1,000,000 Cathedral City RDA, Tax Allocation, Project No. 1, Series A, 7.40%, 08/01/19 ........ 1,014,450
Central Coast Water Authority Revenue, Water State Project, Regional Facilities,
10,000,000 Series 1992, AMBAC Insured, 6.50%, 10/01/14 ..................................... 10,350,100
26,635,000 Series 1992, AMBAC Insured, 6.60%, 10/01/22 ..................................... 27,855,948
5,800,000 Central San Joaquin Water Conservation District, COP, Series 1990, 7.65%, 12/01/18 .. 5,724,252
2,000,000 Central School District, San Bernardino County, Series A, 7.05%, 05/01/16 ........... 2,168,780
5,000,000 Chaffey Community College District, COP, 7.40%, 11/01/14 ............................ 5,322,750
1,955,000 Chico Public Financing Authority Revenue, Southeast Chico Redevelopment Project,
Series A, FGIC Insured, 6.625%, 04/01/21 .......................................... 2,035,194
Chico RDAR, COP, Insured Health Facilities,
4,110,000 Sierra Sunrise Lodge, 6.80%, 02/01/11 ........................................... 4,201,776
2,800,000 Sierra Sunrise Lodge, 6.75%, 02/01/21 ........................................... 2,828,364
9,980,000 Chino RDA, Tax Allocation, Central City Redevelopment Project, 7.00%, 09/01/22 ...... 10,077,804
</TABLE>
The accompanying notes are an integral part of these financial statements.
16
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
<S> <C> <C>
Chino USD, COP,
$ 2,710,000 Land Acquisition, Series C, BIG Insured, 7.45%, 09/01/24 ........................ $ 3,029,861
2,595,000 Land Acquisition, Series G, BIG Insured, Pre-Refunded, 7.35%, 09/01/24 .......... 2,891,141
9,000,000 Refunding, Capital Construction Project, Series A, 8.00%, 09/01/04 .............. 9,524,340
5,000,000 Chula Vista RDA, COP, Capital Improvements Project, Series A, Pre-Refunded, 8.75%,
09/01/12 .......................................................................... 5,546,000
16,435,000 Chula Vista RDA, Tax Allocation, Bayfront/Town Center, Pre-Refunded, 7.875%,
05/01/11 .......................................................................... 17,354,538
Clayton 1915 Act, Limited Obligation, Oakhurst Country Club,
475,000 Contra Costa County, 8.10%, 09/02/01 ............................................ 492,176
730,000 Contra Costa County, 8.20%, 09/02/02 ............................................ 756,390
750,000 Contra Costa County, 8.25%, 09/02/03 ............................................ 777,113
955,000 Contra Costa County, 8.30%, 09/02/04 ............................................ 989,523
1,105,000 Contra Costa County, 8.30%, 09/02/05 ............................................ 1,144,946
1,095,000 Contra Costa County, 8.35%, 09/02/06 ............................................ 1,134,584
1,290,000 Contra Costa County, 8.35%, 09/02/07 ............................................ 1,336,634
1,360,000 Contra Costa County, 8.375%, 09/02/08 ........................................... 1,409,164
1,445,000 Contra Costa County, 8.375%, 09/02/09 ........................................... 1,497,237
150,000 Contra Costa County, 8.40%, 09/02/10 ............................................ 155,422
1,470,000 Contra Costa County, 8.40%, 09/02/11 ............................................ 1,523,141
1,840,000 Contra Costa County, 8.40%, 09/02/12 ............................................ 1,906,516
2,025,000 Contra Costa County, 8.40%, 09/02/13 ............................................ 2,098,204
6,435,000 Clayton Special Tax, CFD No. 90-1, 8.60%, 09/02/22 .................................. 6,515,566
3,000,000 Clovis CDA, Tax Allocation, 7.625%, 08/01/15 ........................................ 3,068,280
2,670,000 Clovis COP, 7.20%, 08/01/11 ......................................................... 2,757,122
1,750,000 Coachella RDA, Refunding, Tax Allocation, Project Area No. 4, 8.45%, 09/01/20 ...... 2,052,033
3,000,000 Coachella Valley COP, ID No. 71, Storm Water District, Flood Central Project, 6.75%,
10/01/12 .......................................................................... 3,073,710
6,375,000 Coachella Valley USD, COP, 8.25%, 09/01/12 .......................................... 6,813,409
8,120,000 Coalinga Public Financing Authority Revenue, Series B, 6.625%, 09/15/21 ............. 7,802,102
Coast Community College District, Refunding, COP, Coastline Community College,
1,360,000 Second Project, 7.90%, 02/01/99 ................................................. 1,444,755
1,450,000 Second Project, 8.00%, 02/01/00 ................................................. 1,540,683
1,595,000 Second Project, 8.05%, 02/01/01 ................................................. 1,694,767
1,665,000 Second Project, 8.10%, 02/01/02 ................................................. 1,768,863
1,860,000 Second Project, 8.10%, 02/01/03 ................................................. 1,976,027
2,010,000 Second Project, 8.10%, 02/01/04 ................................................. 2,135,384
Coastside County Water District, 1915 Act, Improvement Board,
955,000 Crystal Springs, AD No. 1, 7.00%, 09/02/02 ...................................... 986,792
960,000 Crystal Springs, AD No. 1, 7.10%, 09/02/03 ...................................... 991,958
950,000 Crystal Springs, AD No. 1, 7.15%, 09/02/04 ...................................... 981,626
665,000 Crystal Springs, AD No. 1, 7.20%, 09/02/05 ...................................... 687,138
670,000 Crystal Springs, AD No. 1, 7.25%, 09/02/06 ...................................... 692,298
Colton Joint USD, Special Tax,
170,000 CFD No. 1, Southridge Village, 7.75%, 09/01/00 .................................. 171,090
185,000 CFD No. 1, Southridge Village, 7.75%, 09/01/01 .................................. 186,114
195,000 CFD No. 1, Southridge Village, 7.75%, 09/01/02 .................................. 196,096
215,000 CFD No. 1, Southridge Village, 7.75%, 09/01/03 .................................. 216,122
230,000 CFD No. 1, Southridge Village, 7.75%, 09/01/04 .................................. 231,111
250,000 CFD No. 1, Southridge Village, 7.75%, 09/01/05 .................................. 251,110
265,000 CFD No. 1, Southridge Village, 7.75%, 09/01/06 .................................. 266,071
285,000 CFD No. 1, Southridge Village, 7.75%, 09/01/07 .................................. 286,040
310,000 CFD No. 1, Southridge Village, 7.75%, 09/01/08 .................................. 311,008
</TABLE>
The accompanying notes are an integral part of these financial statements.
17
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
<S> <C> <C>
Colton Joint USD, Special Tax, (cont.)
$ 335,000 CFD No. 1, Southridge Village, 7.75%, 09/01/09 .................................. $ 336,025
360,000 CFD No. 1, Southridge Village, 7.75%, 09/01/10 .................................. 361,030
390,000 CFD No. 1, Southridge Village, 7.75%, 09/01/11 .................................. 391,037
420,000 CFD No. 1, Southridge Village, 7.75%, 09/01/12 .................................. 421,037
450,000 CFD No. 1, Southridge Village, 7.75%, 09/01/13 .................................. 451,022
Colton Public Financing Authority Revenue, Tax Allocation,
5,855,000 Series A, 7.60%, 05/15/19 ....................................................... 6,076,143
20,830,000 Series B, 7.60%, 05/15/19 ....................................................... 21,616,749
4,100,000 Colton RDA, MFR, Seniors Housing Project, Series A, 7.75%, 07/01/22 ................. 4,257,194
1,555,000 Colusa County COP, ABAG Finance Corp., Series B, 7.00%, 02/01/18 .................... 1,565,916
31,825,000 Commerce of California Energy Authority Revenue, Refunding, Collateralized, 8.75%,
07/01/10 .......................................................................... 34,418,101
Commerce RDA, Tax Allocation, Project Area No. 1,
1,000,000 Series 1988-A, 7.60%, 08/01/98 .................................................. 1,083,210
1,655,000 Series 1988-A, 7.70%, 08/01/99 .................................................. 1,815,270
1,420,000 Series 1988-A, 7.75%, 08/01/00 .................................................. 1,555,085
16,000,000 Series 1988-A, 8.00%, 08/01/10 .................................................. 17,310,880
18,575,000 Compton COP, Refunding, Tax Allocation, Convention Center Project, 8.00%, 08/01/16 .. 19,573,592
13,000,000 Compton CRDA, Tax Allocation, Walnut Industrial Park, Series 1985, AMBAC Insured,
Pre-Refunded, 10.20%, 08/01/09 .................................................... 15,966,210
Compton Public Finance Authority Revenue,
1,075,000 Rosecrans Redevelopment Project Area No. 1, Series B, 9.25%, 02/01/01 ........... 1,173,728
25,165,000 Walnut Industrial Park Project, Series A, Pre-Refunded, 9.30%, 08/01/13 ......... 28,251,236
Compton Sewer Revenue,
1,405,000 Series 1993, 6.60%, 07/01/12 .................................................... 1,388,871
4,535,000 Series 1993, 6.75%, 07/01/23 .................................................... 4,527,517
5,895,000 Concord RDA, Refunding, Tax Allocation, Central Concord Redevelopment Project,
Sub-Series A, 6.00%, 07/01/19 ..................................................... 5,318,587
Contra Costa County, COP,
11,740,000 Merrithew Memorial Hospital, 6.60%, 11/01/12 .................................... 11,947,328
49,500,000 Merrithew Memorial Hospital, 6.625%, 11/01/22 ................................... 49,862,340
4,500,000 Series 1994, 6.50%, 08/01/24 .................................................... 4,499,415
5,930,000 Contra Costa County MFHR, Refunding, Byron Park Project, Series C, GNMA Secured,
6.40%, 01/20/31 ................................................................... 5,863,465
Contra Costa Transportation Authority Revenue, Sales Tax,
13,900,000 Series A, ETM 03/01/05, 6.875%, 03/01/07 ........................................ 15,296,255
1,000,000 Series A, FGIC Insured, ETM 03/01/09, 6.50%, 03/01/09 ........................... 1,080,020
1,510,000 Corcoran Hospital District Revenue, Series A, 6.55%, 07/01/12 ....................... 1,480,797
Corcoran Joint Powers Finance Authority Revenue, Tax Allocation,
1,250,000 Corcoran Industrial Sector Redevelopment Project, 8.75%, 12/01/11 ............... 1,303,675
840,000 Corcoran Industrial Sector Redevelopment Project, 8.75%, 12/01/12 ............... 876,070
Corona 1915 Act,
760,000 AD No. 79-2, Northeast Area, Series B, 7.625%, 09/02/98 ......................... 785,802
815,000 AD No. 79-2, Northeast Area, Series B, 7.75%, 09/02/99 .......................... 842,229
875,000 AD No. 79-2, Northeast Area, Series B, 7.80%, 09/02/00 .......................... 903,516
945,000 AD No. 79-2, Northeast Area, Series B, 7.80%, 09/02/01 .......................... 975,410
1,015,000 AD No. 79-2, Northeast Area, Series B, 7.85%, 09/02/02 .......................... 1,047,450
1,090,000 AD No. 79-2, Northeast Area, Series B, 7.85%, 09/02/03 .......................... 1,124,400
1,180,000 AD No. 79-2, Northeast Area, Series B, 7.85%, 09/02/04 .......................... 1,216,757
1,475,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/99 .................................. 1,526,301
1,590,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/00 .................................. 1,643,678
</TABLE>
The accompanying notes are an integral part of these financial statements.
18
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
Corona 1915 Act, (cont.)
$ 1,715,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/01 ......................................... $ 1,772,195
1,850,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/02 ......................................... 1,910,939
1,995,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/03 ......................................... 2,059,498
2,160,000 Refunding, AD No. 79-2 & 80-1, 8.10%, 09/02/04 ......................................... 2,228,947
23,500,000 Corona CFD No. 90-1, Special Tax, Series A, 8.40%, 09/01/20 ................................ 23,152,670
Corona COP,
15,000,000 Corona Community Hospital Project, Pre-Refunded, 9.425%, 09/01/20 ...................... 19,933,500
5,765,000 Public Improvement Corp., Waste Water Treatment Facility, 7.625%, 08/01/16 ............. 5,930,110
22,325,000 Refunding, Vista Hospital System, Series C, 9.50%, 07/01/20 ............................ 23,307,523
3,000,000 Corona RDA, Tax Allocation, Refunding, Redevelopment Project Area A, Series A,
FGIC Insured, 6.25%, 09/01/16 ............................................................. 3,046,200
460,000 Corona RDAR, SFRMR, 10.20%, 02/01/17 ....................................................... 470,230
24,125,000 Corona-Norco USD, Lease Revenue, Land Acquisition, Series A, FSA Insured, 6.00%,
04/15/29.................................................................................... 22,889,076
Corona-Norco USD, Special Tax,
4,600,000 CFD No. 6, 8.00%, 10/01/12 ............................................................. 4,896,746
4,195,000 CFD No. 7, 9.30%, 11/01/07 ............................................................. 4,599,985
5,195,000 CFD No. 88-1, 7.55%, 10/01/14 .......................................................... 5,386,644
5,000,000 Coronado CDA, Tax Allocation, Coronado Community Development Project, MBIA Insured,
6.30%, 09/01/22............................................................................. 5,061,300
6,000,000 Costa Mesa RDA, Refunding, Tax Allocation, Pre-Refunded, 8.00%, 02/01/17 ................... 6,290,100
17,345,000 Covina CDA, Tax Allocation, Covina Revitalization No. 1, 9.75%, 11/01/09 ................... 19,167,786
2,100,000 CSAC Finance Corp., COP, Sutter County, Health Facilities Program, 7.80%, 01/01/21 ......... 2,105,418
1,750,000 Cucamonga School District, COP, 7.60%, 12/01/15 ............................................ 1,854,860
Culver City Redevelopment Finance Authority Revenue, Subordinated Lien Project Loans,
1,630,000 Series B, AMBAC Insured, 7.50%, 12/01/08 ............................................... 1,800,759
7,955,000 Series B, AMBAC Insured, 7.60%, 12/01/15 ............................................... 8,734,351
3,370,000 Series B, Pre-Refunded, 7.50%, 12/01/08 ................................................ 3,791,419
16,445,000 Series B, Pre-Refunded, 7.60%, 12/01/15 ................................................ 18,569,201
Cupertino COP,
4,110,000 Memorial Park Expansion Project, Bank Qualified, Pre-Refunded, 7.25%, 07/01/10 ......... 4,584,130
19,750,000 Refunding, Series A, 5.75%, 01/01/16 ................................................... 18,285,143
3,535,000 Refunding, Series B, 6.25%, 07/01/10 ................................................... 3,534,576
3,440,000 Cypress COP, Civic Center, Refunding & Improvement Project, 6.80%, 08/01/17 ................ 3,098,408
Davis RDA, Tax Allocation,
2,490,000 Davis Redevelopment Project, Pre-Refunded, 7.35%, 09/01/11 ............................. 2,729,214
3,600,000 Davis Redevelopment Project, Pre-Refunded, 7.40%, 09/01/12 ............................. 3,951,432
2,900,000 Delano CRDA, Tax Allocation, Delano Redevelopment Project Area No. 1, Notes, 7.25%,
03/01/98 2,964,989
Desert Hot Springs RDA, Refunding, Tax Allocation, Redevelopment Project No. 1,
2,190,000 Series A, Pre-Refunded, 7.90%, 07/15/07 ................................................ 2,381,012
1,625,000 Series B, Pre-Refunded, 8.00%, 07/15/12 ................................................ 1,769,089
2,120,000 Desert Hot Springs RDA, Tax Allocation, Redevelopment Project No. 2, Series A, 6.625%,
09/01/20 ................................................................................... 2,050,400
20,000,000 Desert Sands USD, COP, Measure 'O' Project, Series B, Pre-Refunded, 7.30%, 03/01/04......... 20,907,800
5,370,000 Duarte COP, City Civic Center, Refunding, 7.00%, 06/15/22 .................................. 5,460,055
Duarte RDA, Refunding, Tax Allocation,
13,085,000 Davis Addition Project, 8.375%, 06/01/17 ............................................... 14,166,606
2,145,000 Las Lomas Redevelopment Project, 8.00%, 08/01/07 ....................................... 2,243,498
9,515,000 Dublin, COP, Refunding, Civic Center Project, Pre-Refunded, 7.875%, 02/01/10 ............... 10,372,682
</TABLE>
The accompanying notes are an integral part of these financial statements.
19
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
East Bay MUD Revenue, Water System,
$20,800,000 AMBAC Insured, 6.50%, 06/01/24 ......................................................... $21,446,672
15,100,000 Refunding, Series 1992, 6.00%, 06/01/20 ................................................ 14,604,418
13,905,000 Series 1986-D, Pre-Refunded, 7.50%, 03/01/12 ........................................... 14,627,365
15,000,000 Series 1990, MBIA Insured, Pre-Refunded, 7.50%, 06/01/18 ............................... 16,951,950
1,000,000 East Bay MUD, Special District, Series D, Pre-Refunded, 7.00%, 04/01/16 .................... 1,048,690
1,600,000 East Bay MUD, Waste Water Treatment System Revenue, AMBAC Insured, 6.375%,
06/01/21................................................................................... 1,628,000
1,220,000 East Bay Regional Park District, Series 1989, 6.25%, 09/01/13 .............................. 1,233,981
Eastern Municipal Water District Revenue, Water and Sewer, COP,
16,055,000 Refunding, Series A, 6.90%, 07/01/23 ................................................... 16,312,201
3,500,000 Series 1991, 6.00%, 07/01/23 ........................................................... 3,357,375
3,750,000 Series 1991, MBIA Insured, 6.00%, 07/01/23 ............................................. 3,694,388
10,975,000 Eden Township Hospital District Revenue, COP, Insured Health Facility, Eden Hospital
Health Services Corp., Pre-Refunded, 7.80%, 07/01/18 ..................................... 12,137,253
1,500,000 El Camino Hospital District Revenue, Crossover Refunding, COP, Series A, 8.50%, 09/01/17.... 1,645,665
8,945,000 El Camino Hospital District Revenue, Refunding, Series A, 7.25%, 08/15/09 .................. 9,720,710
5,500,000 El Dorado County Board Authority Lease Revenue, Capital Facilities Project, 7.40%, 11/01/09. 5,884,670
3,390,000 El Dorado Union High School District, COP, Capital Projects, 6.30%, 08/01/12 ............... 3,326,641
2,595,000 El Monte Public Financing Authority Revenue, Tax Allocation, Downtown El Monte
Redevelopment Project, Series A, 6.35%, 12/01/23 ........................................ 2,417,476
Elsinore Valley Municipal Water District, COP,
2,590,000 Refunding, Series A, FGIC Insured, 5.75%, 07/01/19 ..................................... 2,472,595
635,000 Series A, 8.20%, 08/01/06 .............................................................. 641,426
10,000,000 Series A, BIG Insured, Pre-Refunded, 7.30%, 08/01/19 ................................... 10,960,300
Emeryville Public Financing Authority Revenue, Subordinated Lien, Emeryville Redevelopment,
1,730,000 Series A, Pre-Refunded, 8.00%, 02/01/08 ................................................ 1,858,712
6,000,000 Series A, Pre-Refunded, 8.10%, 02/01/17 ................................................ 6,468,540
3,620,000 Series A, Pre-Refunded, 8.10%, 02/01/18 ......................................... 3,902,686
1,165,000 Empire Union School District, COP, Garst School Supplies Financing Project, 6.75%, 12/01/17. 1,167,120
2,700,000 Empire Union School District, Refunding, Special Tax, CFD No. 1989-1, Series A,
MBIA Insured, 6.50%, 10/01/17 ............................................................ 2,784,699
5,000,000 Encina Financing Authority Revenue, Joint Powers Waste Water, Phase IV, Expansion
Project, Series A, AMBAC Insured, 6.50%, 08/01/14 ........................................ 5,126,650
Escondido COP,
105,000 Escondido Mobile Home Park, 5.85%, 03/01/97 ............................................ 105,179
110,000 Escondido Mobile Home Park, 6.05%, 03/01/98 ............................................ 110,716
1,000,000 Escondido Mobile Home Park, 7.25%, 03/01/07 ............................................ 1,027,060
4,910,000 Escondido Mobile Home Park, 7.40%, 03/01/21 ............................................ 5,027,104
2,375,000 Eureka Public Financing Authority Revenue, Tax Allocation, Eureka Redevelopment Projects,
CGIC Insured, Pre-Refunded, 7.40%, 11/01/13 .............................................. 2,636,701
1,235,000 Fairfield 1915 Act, Green Valley Road/Mangels Boulevard, 8.00%, 09/02/11 ................... 1,272,742
480,000 Fairfield 1915 Act, North Cordelia, ID, 8.00%, 09/02/11 .................................... 494,669
Fairfield Public Financing Authority Revenue, Fairfield Redevelopment Project,
2,145,000 Series A, 7.80%, 08/01/19 .............................................................. 2,227,604
19,115,000 Series A, Pre-Refunded, 7.80%, 08/01/19 ................................................ 20,764,625
Fairfield RDA, Tax Allocation,
4,045,000 Highway 12 Redevelopment Project, Pre-Refunded, 8.00%, 10/01/10 ........................ 4,319,817
4,045,000 Highway 12 Redevelopment Project, Pre-Refunded, 8.50%, 10/01/16 ........................ 4,348,496
2,120,000 Highway 12 Redevelopment Project, Pre-Refunded, 9.00%, 10/01/18 ........................ 2,294,116
1,960,000 Fairoaks Fire Protection District, COP, 8.00%, 12/01/15 .................................... 2,095,416
</TABLE>
The accompanying notes are an integral part of these financial statements.
20
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
$ 6,000,000 Fallbrook Union High School District, San Diego County, Series A, MBIA Insured, 6.25%,
09/01/19................................................................................... $ 6,102,300
2,590,000 Fillmore COP, Water System Improvement Project, AMBAC Insured, 7.70%, 05/01/19 ............. 2,971,818
Folsom Public Financing Authority Revenue,
3,000,000 Local Agency, 7.25%, 10/01/10 .......................................................... 3,078,090
7,590,000 Local Agency, 8.00%, 10/01/18 .......................................................... 7,872,272
11,520,000 Local Agency, Pre-Refunded, 8.00%, 10/01/18 ............................................ 12,063,974
Folsom Special Tax,
2,000,000 CFD No. 1, Willow Creek, 8.25%, 12/01/06 .............................................. 2,120,220
3,910,000 CFD No. 2, 7.60%, 12/01/09 ............................................................. 4,116,135
3,950,000 CFD No. 2, 7.70%, 12/01/19 ............................................................. 4,012,845
4,000,000 Fontana COP, 1915 Act, Police Facilities Project, Pre-Refunded, 7.75%, 04/01/16 ............ 4,204,160
Fontana Public Financing Authority Revenue, Tax Allocation, North Fontana Redevelopment,
3,005,000 Series B, 6.25%, 01/15/18 .............................................................. 2,769,017
1,905,000 Series B, 6.30%, 01/15/24 .............................................................. 1,753,724
2,000,000 Subordinated Lien, Series A, Pre-Refunded, 7.65%, 12/01/09 ............................. 2,313,000
11,005,000 Subordinated Lien, Series A, Pre-Refunded, 7.75%, 12/01/20 ............................. 12,788,690
Fontana RDA, Tax Allocation,
16,830,000 Refunding, Jurupa Hills Redevelopment Project, Pre-Refunded, Series A, 7.90%,
10/01/18............................................................................... 18,378,192
10,000,000 Refunding, Jurupa Hills Redevelopment Project, Series A, 7.10%, 10/01/23 ............... 10,109,600
16,610,000 Subordinated, North Fontana, Redevelopment Project, Pre-Refunded, 8.00%, 09/01/18....... 18,579,614
31,750,000 Fontana Special Tax, CFD No. 2, Series B, 8.50%, 09/01/17 .................................. 33,699,450
Foothill-De Anza Community College District, COP,
1,690,000 Parking Structure Project, Pre-Refunded, 8.20%, 07/01/08 ............................... 1,901,858
3,110,000 Parking Structure Project, Pre-Refunded, 8.25%, 07/01/18 ............................... 3,504,472
2,120,000 Fort Bragg COP, Capital Improvement Authority, Pre-Refunded, 7.85%, 08/01/14 ............... 2,352,076
2,015,000 Fort Bragg RDAR, Tax Allocation, Fort Bragg Redevelopment Project, Series A, 6.875%,
05/01/18.................................................................................. 1,997,611
2,000,000 Fortuna and Susanville Cities, COP, Series B, 7.375%, 09/01/17 ............................. 2,062,300
4,640,000 Franklin McKinley School District, COP, Refunding, Series 1993, 6.625%, 05/01/16 ........... 4,626,637
Fremont COP,
8,320,000 Series A, MBIA Insured, 5.90%, 08/01/25 ................................................ 8,079,302
1,800,000 Series B, 6.10%, 08/01/18 .............................................................. 1,713,942
3,585,000 Series B, 6.10%, 08/01/25 .............................................................. 3,373,198
6,035,000 Fremont COP, Park Facilities Corp., 6.75%, 08/01/11 ........................................ 6,141,759
1,980,000 Fremont RDA, Tax Allocation, Irvington Redevelopment Project, 7.75%, 08/01/06 .............. 2,053,220
Fresno County COP,
240,000 American Avenue Landfill Project, 7.40%, 11/01/96 ...................................... 246,053
255,000 American Avenue Landfill Project, 7.50%, 11/01/97 ...................................... 264,631
275,000 American Avenue Landfill Project, 7.60%, 11/01/98 ...................................... 285,445
295,000 American Avenue Landfill Project, 7.75%, 11/01/99 ...................................... 308,284
320,000 American Avenue Landfill Project, 7.90%, 11/01/00 ...................................... 336,214
345,000 American Avenue Landfill Project, 8.00%, 11/01/01 ...................................... 364,555
7,185,000 American Avenue Landfill Project, 8.25%, 11/01/13 ...................................... 7,748,448
170,000 Fresno County HFR, Mortgage Loans, Series A, 12.50%, 09/15/12 .............................. 172,842
2,470,000 Fresno County Office of Education, COP, Capital Outlay Financing Program, Series C,
7.50%, 12/01/10............................................................................ 2,573,221
3,000,000 Fresno IDR, Refunding, Civic Center Square Project, 8.60%, 04/01/08 ........................ 3,024,900
1,505,000 Fresno RDAR, Tax Allocation, Mariposa Redevelopment Project, Series A, 6.625%,
02/01/23................................................................................... 1,444,935
7,065,000 Fresno USD, COP, Project Phase VI, Series A, 7.20%, 05/01/11 ............................... 7,277,445
</TABLE>
The accompanying notes are an integral part of these financial statements.
21
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
$ 3,355,000 Fullerton Joint Union High School District, COP, Financing Project, Series 1992, 6.50%,
09/01/07.................................................................................. $ 3,217,143
6,065,000 Galt 1915 Act, Improvement Board, AD No. 92-1, 7.75%, 09/02/24 ............................. 6,253,803
3,340,000 Galt COP, Waste Water Improvement, 7.80%, 09/01/10 ......................................... 3,487,294
3,520,000 Galt High and Elementary School, Joint Powers Facilities Authority Revenue, Series A,
7.00%, 11/01/17........................................................................... 3,540,205
3,980,000 Galt Middle School, Joint Powers Authority, Special Tax, CFD No. 1, 8.00%, 09/01/15 ........ 4,065,769
Garden Grove CDA, Refunding, Tax Allocation,
3,275,000 Garden Grove Community Project, 5.70%, 10/01/08 ........................................ 3,081,186
6,730,000 Garden Grove Community Project, 5.875%, 10/01/23 ....................................... 5,950,666
2,020,000 Gardena COP, Refunding, Civic Center Improvement Projects, 6.30%, 08/01/23 ................. 1,922,717
25,515,000 Glendale Memorial Hospital and Health Revenue, Refunding, Series A, 9.00%, 11/01/17 ........ 26,825,706
7,250,000 Glendale USD, COP, Series A, AMBAC Insured, 6.00%, 03/01/19 ................................ 7,149,878
10,090,000 Golden Hills School District, COP, Capital Financing Project, Pre-Refunded, 7.75%, 03/01/18. 10,587,639
Goleta Sanitation and Water Districts, COP,
600,000 Series 1991, Pre-Refunded, 7.25%, 12/01/01 ............................................. 657,660
1,000,000 Series 1991, Pre-Refunded, 7.30%, 12/01/02 ............................................. 1,097,760
1,000,000 Series 1991, Pre-Refunded, 7.35%, 12/01/03 ............................................. 1,099,410
1,280,000 Series 1991, Pre-Refunded, 7.35%, 12/01/04 ............................................. 1,407,245
1,315,000 Series 1991, Pre-Refunded, 7.40%, 12/01/05 ............................................. 1,447,894
1,475,000 Series 1991, Pre-Refunded, 7.40%, 12/01/06 ............................................. 1,624,064
11,380,000 Series 1991, Pre-Refunded, 7.50%, 12/01/12 ............................................. 12,567,731
2,945,000 Grand Terrace Public Financing Authority, Series A, 7.85%, 06/01/21 ........................ 3,136,955
Grass Valley 1915 Act,
40,000 Limited Obligation, AD No. 1, Morgan Ranch, 8.00%, 09/02/97 ............................ 41,448
50,000 Limited Obligation, AD No. 1, Morgan Ranch, 8.10%, 09/02/98 ............................ 51,810
50,000 Limited Obligation, AD No. 1, Morgan Ranch, 8.20%, 09/02/99 ............................ 51,810
60,000 Limited Obligation, AD No. 1, Morgan Ranch, 8.30%, 09/02/00 ............................ 62,171
60,000 Limited Obligation, AD No. 1, Morgan Ranch, 8.30%, 09/02/01 ............................ 62,171
65,000 Limited Obligation, AD No. 1, Morgan Ranch, 8.40%, 09/02/02 ............................ 67,352
75,000 Limited Obligation, AD No. 1, Morgan Ranch, 8.40%, 09/02/03 ............................ 77,714
75,000 Limited Obligation, AD No. 1, Morgan Ranch, 8.50%, 09/02/04 ............................ 77,714
85,000 Limited Obligation, AD No. 1, Morgan Ranch, 8.50%, 09/02/05 ............................ 88,075
80,000 Limited Obligation, AD No. 1, Morgan Ranch, 8.60%, 09/02/06 ............................ 82,894
105,000 Limited Obligation, AD No. 1, Morgan Ranch, 8.60%, 09/02/07 ............................ 108,799
105,000 Limited Obligation, AD No. 1, Morgan Ranch, 8.60%, 09/02/08 ............................ 108,799
105,000 Refunding, Whispering Pines ID, 7.70%, 09/02/03 ........................................ 108,476
130,000 Refunding, Whispering Pines ID, 7.75%, 09/02/04 ........................................ 134,460
135,000 Refunding, Whispering Pines ID, 7.75%, 09/02/05 ........................................ 139,577
150,000 Refunding, Whispering Pines ID, 7.80%, 09/02/06 ........................................ 155,054
170,000 Refunding, Whispering Pines ID, 7.85%, 09/02/07 ........................................ 175,692
185,000 Refunding, Whispering Pines ID, 7.90%, 09/02/08 ........................................ 191,153
205,000 Refunding, Whispering Pines ID, 7.90%, 09/02/09 ........................................ 211,777
220,000 Refunding, Whispering Pines ID, 7.90%, 09/02/10 ........................................ 227,227
235,000 Refunding, Whispering Pines ID, 7.90%, 09/02/11 ........................................ 242,673
255,000 Refunding, Whispering Pines ID, 7.95%, 09/02/12 ........................................ 263,323
275,000 Refunding, Whispering Pines ID, 7.95%, 09/02/13 ........................................ 283,921
300,000 Refunding, Whispering Pines ID, 7.95%, 09/02/14 ........................................ 309,732
325,000 Refunding, Whispering Pines ID, 7.95%, 09/02/15 ........................................ 335,475
350,000 Refunding, Whispering Pines ID, 8.00%, 09/02/16 ........................................ 361,350
380,000 Refunding, Whispering Pines ID, 8.00%, 09/02/17 ........................................ 392,323
410,000 Refunding, Whispering Pines ID, 8.00%, 09/02/18 ........................................ 423,296
</TABLE>
The accompanying notes are an integral part of these financial statements.
22
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
Grass Valley 1915 Act, (cont.)
$ 440,000 Refunding, Whispering Pines ID, 8.00%, 09/02/19 ........................................ $ 454,269
350,000 Refunding, Whispering Pines ID, 8.00%, 09/02/20 ........................................ 361,351
3,000,000 Grass Valley Insured, Hospital Revenue, Sierra Nevada Memorial Hospital, 7.25%, 04/01/19.... 3,105,510
Hawaiian Gardens Public Finance Authority, Tax Allocation,
3,105,000 Redevelopment Project No. 1, Series A, Pre-Refunded, 7.15%, 12/01/17 ................... 3,192,871
9,375,000 Series 1988, Pre-Refunded, 7.90%, 12/01/13 ............................................. 10,477,500
Hawaiian Gardens RDA, Refunding, Tax Allocation,
8,095,000 Project No. 1, 8.00%, 12/01/10 ......................................................... 8,901,019
9,575,000 Project No. 1, 6.20%, 12/01/23 ......................................................... 8,853,428
18,645,000 Project No. 1, 6.35%, 12/01/33 ......................................................... 17,264,524
5,000,000 Hawthorne CRDA, Special Tax, CFD No. 91-1, 8.25%, 10/01/14 ................................. 4,012,500
2,250,000 Hawthorne CRDA, Tax Allocation, Hawthorne Redevelopment Project No. 2, Pre-Refunded,
7.875%, 07/01/15 ......................................................................... 2,493,270
1,985,000 Hayward RDA, Tax Allocation, Downtown Hayward Redevelopment Project, 7.75%, 03/01/14........ 2,065,452
4,000,000 Hemet USD, COP, Series 1991, Pre-Refunded, 8.00%, 12/01/13 ................................. 4,696,640
2,745,000 Hemet Valley Hospital District Revenue, COP, Hemacinto Community Corp. Project,
Series A, 7.75%, 05/01/19 ................................................................ 2,752,631
Hemet Valley Hospital District Revenue, Moreno Valley Regional Medical Center,
3,855,000 Series A, 8.25%, 07/01/05 .............................................................. 4,012,939
22,490,000 Series A, 8.50%, 07/01/18 .............................................................. 23,209,680
Hercules, COP, Capital Improvements Project,
2,145,000 Series 1986, Pre-Refunded, 8.125%, 12/01/05 ............................................ 2,273,507
5,190,000 Series 1986, Pre-Refunded, 8.25%, 06/01/15 ............................................. 5,508,095
8,455,000 Hesperia Public Financing Authority Revenue, Highway and Street Improvement, Series A,
6 .10%, 10/01/10 ......................................................................... 7,870,590
5,000,000 Hesperia Water District, COP, Refunding, Water Facilities Improvement Project,
FGIC Insured, 7 .15%, 06/01/26 ........................................................... 5,420,100
Highland Special Tax, CFD No. 90-1,
2,000,000 Series A, 8.50%, 09/01/10 .............................................................. 2,044,460
3,000,000 Series A, 8.60%, 09/01/15 .............................................................. 3,066,900
3,815,000 Hollister Joint Powers Financing Authority Revenue, Refunding, Sewer System Improvement
Project, 5.75%, 12/01/11 .................................................................. 3,500,034
Hollister RDA, Tax Allocation, Community Development Project,
2,000,000 Series 1989, 7.55%, 10/01/13 ........................................................... 2,086,720
1,905,000 Series 1992-B, CGIC Insured, 6.625%, 10/01/07 .......................................... 2,030,101
1,495,000 Series 1992-B, CGIC Insured, 6.75%, 10/01/13 ........................................... 1,574,026
3,655,000 (c)Huntington Beach, COP, Refunding, Emerald Cove Senior Citizens Housing Project, 7.00%,
09/01/21................................................................................... 3,655,000
14,500,000 Huntington Beach, MFHR, Refunding, Huntington Breakers Project, 7.20%, 07/01/14 ............ 15,006,485
Huntington Beach, Public Financing Authority Revenue, Huntington Beach Redevelopment
Projects,
2,630,000 Refunding, Series 1992, 7.00%, 08/01/24 ................................................ 2,465,678
14,855,000 Series A, Pre-Refunded, 8.375%, 05/01/18 ............................................... 16,595,115
5,500,000 Huntington Park IDA, IDR, Staff Development Co. Project, 10.00%, 12/01/97 .................. 5,549,720
5,000,000 Huntington Park Public Financing Authority, Lease Revenue, Series A, 7.875%, 09/01/19....... 5,215,350
10,000,000 Huntington Park Public Financing Authority, Local Agency Revenue, Refunding, Series A,
MBIA Insured, 6.45%, 09/01/22 ............................................................. 10,275,400
11,665,000 Huntington Park RDA, Sales and Use Tax Revenue, Junior Lien, Tax Allocation, Merged
Project, Pre-Refunded, 8.00%, 01/01/22 .................................................... 13,264,738
</TABLE>
The accompanying notes are an integral part of these financial statements.
23
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
$ 5,880,000 Huntington Park RDAR, Refunding, Tax Allocation, Huntington Park Industrial Project,
Pre-Refunded, 8.25%, 04/01/12 ............................................................. $ 6,206,340
21,010,000 Imperial Irrigation District, COP, Electric System Project, Series 1994, 6.00%, 11/01/08.... 20,390,625
Indian Wells RDAR, Tax Allocation,
4,460,000 Whitewater Redevelopment Project No. 1, Pre-Refunded, 7.875%, 09/01/16 ................. 4,613,424
6,690,000 Whitewater Redevelopment Project No. 2, Pre-Refunded, 7.875%, 09/01/16 ................. 6,920,136
Indio Public Financing Authority Revenue, Refunding, Tax Allocation,
255,000 Series 1992, 6.85%, 08/15/01 ........................................................... 262,357
275,000 Series 1992, 6.95%, 08/15/02 ........................................................... 283,894
300,000 Series 1992, 7.10%, 08/15/03 ........................................................... 311,625
12,120,000 Series 1992, 7.30%, 08/15/22 ........................................................... 12,364,945
11,380,000 Industry, COP, Refunding, 6.625%, 06/01/06 ................................................. 11,681,001
2,095,000 Industry, IDA, Camco Chemical Project, Series A, 7.00%, 12/01/00 ........................... 2,108,198
5,860,000 Industry, Urban Development Agency, Refunding, Tax Allocation, Transportation
District No. 3 Project, 6.90%, 11/01/07 ................................................. 6,077,289
12,000,000 Inglewood Hospital Revenue, Daniel Freeman Hospital, Inc., 6.75%, 05/01/13 ................. 12,162,720
7,410,000 Inglewood Public Financing Authority Revenue, La Cinega Redevelopment Project, Series A,
AMBAC Insured, 6.00%, 05/01/16 ........................................................... 7,357,093
3,330,000 Inglewood RDA, Tax Allocation, Century Redevelopment Project, Series B, Pre-Refunded,
7.875%, 09/01/18 ........................................................................ 3,547,882
2,990,000 Inglewood USD, COP, 7.375%, 10/01/05 ....................................................... 3,096,265
37,885,000 Intercommunity Hospital Financing Authority, COP, Solano County, 7.75%, 11/01/19 ........... 38,323,329
Intermodal Container Transfer Facility, Joint Powers Authority Revenue, Refunding,
9,640,000 Series A, 7.65%, 11/01/04 .............................................................. 10,091,827
27,465,000 Series A, 7.70%, 11/01/14 .............................................................. 28,795,405
1,470,000 Inyo County COP, Series 1990, 7.30%, 12/01/10 .............................................. 1,505,721
Irvine Ranch Water District Revenue, Joint Powers Agency,
13,000,000 Local Pool, 7.80%, 02/15/08 ............................................................ 13,514,540
228,390,000 Local Pool, 7.875%, 02/15/23 ........................................................... 237,870,469
15,000,000 Local Pool, Issue II, 8.20%, 08/15/08 .................................................. 15,866,550
253,995,000 Local Pool, Issue II, 8.25%, 08/15/23 .................................................. 269,046,744
Irwindale CDA, Sales and Use Tax Revenue,
2,000,000 City Industrial Development Project, Pre-Refunded, 7.875%, 05/01/01 .................... 2,109,720
7,255,000 City Industrial Development Project, Pre-Refunded, 8.00%, 05/01/11 ..................... 7,660,047
2,000,000 Irwindale COP, Refunding, Municipal Facilities Project, 7.75%, 04/01/05 .................... 2,056,300
10,000,000 Irwindale Public Finance Authority, Special Tax, CFD No. 1, 8.50%, 11/01/20 ................ 10,641,500
1,760,000 John C. Fremont Hospital District, Health Facility Revenue, 6.75%, 06/01/23 ................ 1,783,162
Jurupa Community Service District, COP, Waste Water Facility Project,
800,000 Series 1990, Pre-Refunded, 7.55%, 10/01/05 ............................................. 881,992
510,000 Series 1990, Pre-Refunded, 7.55%, 10/01/06 ............................................. 562,270
980,000 Series 1990, Pre-Refunded, 7.55%, 10/01/07 ............................................. 1,080,440
2,000,000 Keppel Union School District, Special Tax, CFD No. 1-91, Series A, 7.40%, 09/01/16 ......... 2,073,720
5,210,000 Kern County Housing Authority, RRMR, Series 1985-A, 9.875%, 09/01/08 ....................... 5,235,581
Kern County Housing Authority, SFMR,
465,000 Series A, GNMA Secured, 7.45%, 12/01/02 ................................................ 476,616
1,040,000 Series A, GNMA Secured, 7.55%, 12/01/07 ................................................ 1,088,235
1,505,000 Series A, GNMA Secured, 7.65%, 12/01/12 ................................................ 1,534,062
6,890,000 Series A, GNMA Secured, 7.70%, 12/01/23 ................................................ 7,050,399
820,000 cSeries A, GNMA Secured, 7.50%, 10/01/24 ................................................ 829,758
3,000,000 La Habra COP, Park La Habra and Viewpark Projects, FSA Insured, 6.625%, 11/01/22 ........... 3,088,620
4,810,000 La Mesa Parking Authority Lease Revenue, Refunding, Municipal Forwards, AMBAC Insured,
6.00%, 10/01/07........................................................................... 4,957,090
</TABLE>
The accompanying notes are an integral part of these financial statements.
24
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
$ 2,960,000 La Mirada Public Financing Authority Revenue, Tax Allocation, Beach Boulevard
Redevelopment Project, 7.75%, 08/15/19 ................................................... $ 3,066,382
La Mirada RDA, Special Tax, Civic Theater Project,
295,000 CFD No. 89-1, 7.90%, 10/01/01 .......................................................... 315,119
315,000 CFD No. 89-1, 8.00%, 10/01/02 .......................................................... 338,067
340,000 CFD No. 89-1, 8.00%, 10/01/03 .......................................................... 363,283
12,725,000 CFD No. 89-1, 8.25%, 10/01/20 .......................................................... 13,600,734
La Mirada RDA, Tax Allocation, Industrial and Commercial Redevelopment Project,
630,000 Series 1985, Pre-Refunded, 8.90%, 11/15/10 ............................................. 663,106
3,300,000 Series A, 7.40%, 11/01/21 .............................................................. 3,415,368
1,915,000 Series B, 6.75%, 08/15/11 .............................................................. 1,959,256
2,880,000 La Mirada SFMR, 7.65%, 04/01/24 ............................................................ 3,042,230
La Palma Community Development Commission, Tax Allocation,
4,945,000 La Palma Community Development Project No. 1, 7.10%, 06/01/21 .......................... 4,591,531
2,355,000 Refunding, La Palma Community Development Project No. 1, 6.10%, 06/01/22 ............... 1,907,950
1,500,000 La Quinta RDA, Tax Allocation, La Quinta Redevelopment Project, Pre-Refunded, 8.00%,
09/01/12................................................................................... 1,672,845
La Verne COP,
3,500,000 RDA, Capital Improvement, Series 1987, Pre-Refunded, 8.375%, 06/01/17 .................. 3,824,625
4,000,000 Series 1989, 7.70%, 03/01/09 ........................................................... 4,270,600
2,000,000 Series 1989, Pre-Refunded, 7.60%, 03/01/04 ............................................. 2,057,520
10,000,000 Lake Arrowhead Community Services District, COP, Refunding, FGIC Insured, 6.50%,
06/01/15.................................................................................. 10,351,800
5,150,000 Lake Elsinore USD, COP, Refunding, 6.90%, 02/01/20 ......................................... 5,149,279
Lake Elsinore USD, Special Tax,
4,825,000 CFD No. 88-1, 7.50%, 09/01/14 .......................................................... 4,925,456
4,200,000 CFD No. 88-1, 8.25%, 09/01/16 .......................................................... 4,454,898
6,705,000 Lakewood RDA, Refunding, Tax Allocation, Redevelopment Project No. 1, Series A,
CGIC Insured, 6.50%, 09/01/17 ........................................................... 6,841,313
4,155,000 Lancaster CFD No. 89-1,7.60%, 09/01/20 ..................................................... 4,227,255
Lancaster COP, Refunding, School District Project,
2,640,000 CGIC Insured, 6.95%, 03/01/12 .......................................................... 2,848,586
3,555,000 CGIC Insured, 7.00%, 03/01/22 .......................................................... 3,835,134
5,000 Lancaster RDA, RMR, Los Angeles County, Series 1983-A, 10.125%, 09/01/16 ................... 5,108
Lancaster RDA, Tax Allocation,
3,250,000 Lancaster Residential, Sub-Notes, 6.625%, 10/01/97 ..................................... 3,281,232
6,055,000 Refunding, Amargosa Redevelopment Project, MBIA Insured, 6.85%, 02/01/19 ............... 6,371,374
1,070,000 Refunding, Fox Field Redevelopment Project Area, 6.125%, 08/01/22 ...................... 968,521
4,250,000 School District Notes, Redevelopment Project No. 5, 6.90%, 10/01/97 .................... 4,282,512
1,260,000 Series A, 7.50%, 11/01/04 .............................................................. 1,332,954
1,840,000 Series A, 7.60%, 11/01/09 .............................................................. 1,931,319
1,045,000 Series B, 7.50%, 11/01/04 .............................................................. 1,105,505
1,050,000 Series B, 7.60%, 11/01/09 .............................................................. 1,102,111
18,370,000 Lassen MUD, COP, Lassen District Electric System, 8.75%, 05/01/08 .......................... 19,191,506
1,000,000 Lemon Grove CDA Revenue, Tax Allocation, Lemon Redevelopment Project, 6.90%,
08/01/20.................................................................................. 1,000,540
4,400,000 Lemoore Financing Authority Lease Revenue, Water and Waste Water System
Improvement Project, AMBAC Insured, 6.20%, 12/01/20 ...................................... 4,432,208
2,745,000 Liberty Union High School District, Series A, CGIC Insured, 6.20%, 08/01/19 ................ 2,757,984
</TABLE>
The accompanying notes are an integral part of these financial statements.
25
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
<S> <C> <C>
Lincoln USD, Special Tax
$ 3,000,000 CFD No. 1-A, AMBAC Insured, 6.90%, 09/01/21 ....................................... $ 3,173,850
1,210,000 CFD No. 1-B, 7.20%, 09/01/21 ...................................................... 1,286,569
Little Lake City School District, COP, Refunding,
250,000 Series A, 6.00%, 06/01/04 ......................................................... 243,972
265,000 Series A, 6.10%, 06/01/05 ......................................................... 258,142
280,000 Series A, 6.15%, 06/01/06 ......................................................... 271,205
300,000 Series A, 6.20%, 06/01/07 ......................................................... 290,046
315,000 Series A, 6.25%, 06/01/08 ......................................................... 304,032
335,000 Series A, 6.25%, 06/01/09 ......................................................... 321,319
355,000 Series A, 6.25%, 06/01/10 ......................................................... 338,283
5,810,000 Livermore COP, 6.00%, 05/01/20 ........................................................ 5,318,997
3,700,000 Local Government Finance Authority Revenue, Refunding, Santa Maria, Series A, 7.50%,
08/01/19 ............................................................................ 4,122,207
15,000,000 Local Government Finance, Joint Powers Authority Revenue, Anaheim RDA, Series A,
Pre-Refunded, 8.20%, 09/01/15 ....................................................... 16,821,450
9,850,000 Local Medical Facilities Financing Authority, COP, 7.55%, 03/01/20 .................... 10,400,024
Local Medical Facilities Financing Authority II, COP,
4,310,000 California Health Clinic Project, 7.55%, 11/01/20 ................................. 4,568,902
3,075,000 California Health Clinic Project, Series B, 6.85%, 10/01/21 ....................... 3,118,296
3,750,000 Local Medical Facilities Financing Authority III, COP, Insured Health Clinic Projects,
6.90%, 07/02/22 ..................................................................... 3,855,000
11,525,000 Loma Linda Hospital Revenue, Refunding, Loma Linda University Medical Center, Series A,
AMBAC Insured, 6.55%, 12/01/18 ...................................................... 11,889,421
3,000,000 Long Beach COP, Airport Improvement Project, MBIA Insured, Pre-Refunded, 6.95%,
06/01/16 ............................................................................ 3,283,170
Long Beach COP, Fleet Services Project,
7,715,000 Series A, 6.60%, 05/01/14 ......................................................... 7,822,933
3,680,000 Series A, 6.00%, 05/01/17 ......................................................... 3,507,077
2,500,000 Long Beach Health Care System Revenue, Sisters Charity Incarnate Word, 6.50%,
01/01/15 ............................................................................ 2,551,825
4,570,000 Long Beach HMR, Series 1983-A, 9.60%, 11/01/14 ........................................ 4,778,621
Long Beach RDA, Downtown Redevelopment Project,
3,080,000 Series B, Pre-Refunded, 8.20%, 11/01/05 ........................................... 3,425,607
3,410,000 Series B, Pre-Refunded, 8.30%, 11/01/10 ........................................... 3,802,252
3,735,000 Long Beach USD, COP, Los Angeles County Schools, Series A, 6.30%, 12/01/12 ............ 3,737,278
5,400,000 Long Beach Water Revenue, Refunding, 6.25%, 05/01/24 .................................. 5,455,512
Los Angeles Community College District, COP,
7,175,000 Capital Improvement Project, Series A, Pre-Refunded, 7.50%, 08/15/09 .............. 8,029,256
4,330,000 Refunding, Series A, CGIC Insured, 6.00%, 08/15/20 ................................ 4,214,216
4,000,000 Series 1990, Pre-Refunded, 7.00%, 08/15/10 ........................................ 4,442,840
Los Angeles COP,
3,455,000 Ararat Mission Hills Project, Series A, 7.25%, 06/01/21 ........................... 3,598,797
5,335,000 Bay Harbor Hospital, Inc., 7.30%, 04/01/20 ........................................ 5,547,173
3,500,000 Woodbury University, Series A, 8.00%, 06/01/18 .................................... 3,583,545
6,000,000 Los Angeles County, Capital Asset Leasing Corp., Leasehold Revenue, Refunding,
AMBAC Insured, 6.00%, 12/01/16 ...................................................... 5,920,740
Los Angeles County COP,
3,250,000 Civic Center Heating and Refrigeration Plant, Pre-Refunded, 8.00%, 06/01/10 ....... 3,603,308
34,995,000 Correctional Facilities Projects, MBIA Insured, 6.50%, 09/01/13 ................... 36,004,606
5,950,000 Correctional Facilities Projects, MBIA Insured, 6.00%, 09/01/15 ................... 5,908,053
11,560,000 Disney Parking Project, 5.50%, 09/01/21 ........................................... 10,018,127
13,060,000 Disney Parking Project, 6.50%, 03/01/23 ........................................... 13,025,522
</TABLE>
The accompanying notes are an integral part of these financial statements.
26
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
<S> <C> <C>
Los Angeles County COP, (cont.)
$ 1,000,000 Hospital Information System, Medical Center, 5.90%, 12/01/97 .................... $ 1,013,580
15,545,000 Insured Health Clinic Program, Series A, 7.30%, 01/01/21 ........................ 16,260,536
7,175,000 Insured Health Clinic Program, Series B, 7.05%, 08/01/21 ........................ 7,318,428
1,295,000 Insured Health Clinic Program, Series C, 6.90%, 01/01/22 ........................ 1,322,014
5,365,000 Marina del Rey, Series A, 6.50%, 07/01/08 ....................................... 5,252,657
6,000,000 Multiple Capital Facilities Project III, 6.25%, 11/01/07 ........................ 6,015,420
3,400,000 Refunding, Retirement Housing Foundation, 6.625%, 04/15/12 ...................... 3,433,184
7,665,000 Refunding, Retirement Housing Foundation, 6.75%, 04/15/22 ....................... 7,752,381
1,605,000 Refunding, Sheriffs Training Academy, Pre-Refunded, 7.75%, 07/01/06 ............. 1,699,117
1,500,000 Refunding, Sheriffs Training Academy, Pre-Refunded, 7.75%, 07/01/16 ............. 1,587,960
6,540,000 Series 1989, 7.00%, 06/01/09 .................................................... 6,786,493
1,000,000 Series 1992, 6.625%, 07/01/22 ................................................... 999,230
Los Angeles County, SFMR,
2,540,000 Issue 1986-A, GNMA Secured, 7.875%, 08/01/16 .................................... 2,670,505
3,885,000 Issue 1987-A, GNMA Secured, 8.00%, 03/01/17 ..................................... 4,166,235
Los Angeles County, Special Tax, CFD No. 1,
230,000 Palmdale/Lancaster Waterworks, Series A, 8.00%, 09/01/06 ........................ 238,190
4,350,000 Palmdale/Lancaster Waterworks, Series A, 8.125%, 09/01/18 ....................... 4,528,872
Los Angeles County, Special Tax, CFD No. 2,
1,070,000 Rowland Heights Area, 7.90%, 09/01/08 ........................................... 1,125,084
6,255,000 Rowland Heights Area, 8.00%, 09/01/18 ........................................... 6,590,643
5,785,000 Los Angeles County, Special Tax, CFD No. 3, Series A, 7.60%, 09/01/14 ............... 6,018,309
18,346,000 Los Angeles County Transportation Commission, Lease Revenue, FSA Insured, 7.375%,
12/15/06 .......................................................................... 20,312,141
Los Angeles County Transportation Commission, Sales Tax Revenue,
26,410,000 Refunding, Series A, 7.40%, 07/01/09 ............................................ 28,274,018
1,830,000 Refunding, Series A, 7.40%, 07/01/15 ............................................ 1,944,997
8,240,000 Refunding, Series A, Pre-Refunded, 8.00%, 07/01/18 .............................. 9,179,854
4,300,000 Refunding, Series B, 6.50%, 07/01/13 ........................................... 4,384,452
5,000,000 Refunding, Series B, FGIC Insured, 6.50%, 07/01/13 .............................. 5,140,350
23,345,000 Refunding, Series B, FGIC Insured, 5.75%, 07/01/18 .............................. 22,446,451
1,200,000 Series A, FGIC Insured, 6.25%, 07/01/16 ......................................... 1,201,824
1,355,000 Series A, Pre-Refunded, 7.60%, 07/01/06 ......................................... 1,433,726
5,625,000 Series A, Pre-Refunded, 7.60%, 07/01/12 ......................................... 5,951,813
15,000,000 Series A, Proposition C, Second Senior, MBIA Insured, 6.25%, 07/01/13 ........... 15,250,500
29,590,000 Series A, Proposition C, Second Senior, MBIA Insured, 6.625%, 07/01/09 .......... 31,399,724
50,955,000 Series A, Proposition C, Second Senior, MBIA Insured, 6.00%, 07/01/23 ........... 50,199,337
Los Angeles CRDA, Financing Authority Revenue,
1,165,000 Grand Center Redevelopment, Series A, 5.90%, 12/01/13 ........................... 1,072,278
1,300,000 Grand Center Redevelopment, Series A, 5.90%, 12/01/26 ........................... 1,156,181
800,000 Hoover Redevelopment Project, Series C, 5.375%, 09/01/98 ........................ 792,744
5,000,000 Pooled Financing, Bunker Harbor, Series A, 6.375%, 09/01/14 ..................... 4,824,550
100,000 Los Angeles CRDA, Housing Revenue, Angelus Plaza Project, FHA Mortgage Insured,
11.00%, 04/01/23 .................................................................. 101,527
25,000 Los Angeles CRDA, RMR, Series 1983-A, 10.375%, 12/01/05 ............................. 26,013
Los Angeles CRDA, Tax Allocation,
2,500,000 Normandie/Five Redevelopment Project, Series B, Pre-Refunded, 9.20%, 08/15/10 ... 2,606,450
17,245,000 Refunding, Central Business District, Series G, 6.75%, 07/01/10 ................. 17,355,540
Los Angeles Department of Airport Revenue, Refunding,
28,750,000 Series B, 7.375%, 05/01/06 ...................................................... 30,668,775
6,065,000 Series B, 7.40%, 05/01/10 ....................................................... 6,383,109
</TABLE>
The accompanying notes are an integral part of these financial statements.
27
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
<S> <C> <C>
Los Angeles Department of Water and Power Electric Plant Revenue,
$37,080,000 Crossover Refunding, Series 1989, Pre-Refunded, 7.40%, 09/01/20 ................. $41,072,404
7,775,000 Crossover Refunding, Series 1989, Pre-Refunded, 7.40%, 09/01/25 ................. 8,612,134
4,750,000 Crossover Refunding, Series 1993, MBIA Insured, 5.375%, 09/01/23 ................ 4,281,698
8,245,000 Refunding, Series 1992, 6.375%, 02/01/20 ........................................ 8,366,614
7,790,000 Refunding, Series 1992, 6.00%, 02/01/28 ......................................... 7,539,941
10,000,000 Refunding, Series 1992, MBIA Insured, 6.00%, 02/01/28 ........................... 9,706,200
3,470,000 Second Issue, 6.75%, 12/15/29 ................................................... 3,768,142
34,805,000 Second Issue, 6.00%, 08/15/32 ................................................... 33,597,615
14,535,000 Series 1987, 7.60%, 07/15/27 .................................................... 15,774,545
22,800,000 Series 1988, 7.90%, 05/01/28 .................................................... 25,186,248
9,305,000 Series 1989, 7.375%, 02/01/29 ................................................... 10,217,355
4,875,000 Series 1990, 7.125%, 05/15/30 ................................................... 5,388,874
25,890,000 Series 1990, 7.25%, 09/15/30 .................................................... 28,897,382
26,450,000 Series 1990, 7.10%, 01/15/31 .................................................... 29,388,860
80,000,000 Series 1992, 6.75%, 04/01/32 .................................................... 88,300,800
86,170,000 Series 1993, 6.125%, 01/15/33 ................................................... 84,727,514
5,000,000 Series 1993, FGIC Insured, 6.125%, 01/15/33 ..................................... 4,937,750
Los Angeles Department of Water and Power Waterworks Revenue,
10,520,000 Crossover Refunding, Series 1993, 5.80%, 04/15/24 ............................... 9,983,480
21,900,000 Refunding, 7.00%, 04/01/31 ...................................................... 24,286,224
2,000,000 Refunding, Second Issue, 7.375%, 11/15/22 ....................................... 2,138,960
21,590,000 Refunding, Series 1992, 6.40%, 05/15/28 ......................................... 21,909,100
1,000,000 Second Issue, 6.50%, 11/01/14 ................................................... 1,033,150
14,815,000 Second Issue, 6.40%, 11/01/31 ................................................... 15,086,559
15,590,000 Second Issue, 6.00%, 07/15/32 ................................................... 15,049,183
3,200,000 Second Issue, FGIC Insured, 6.00%, 07/15/32 ..................................... 3,102,496
4,330,000 Second Issue, MBIA Insured, 6.00%, 07/15/32 ..................................... 4,198,065
3,850,000 Series 1989, 7.20%, 02/15/19 .................................................... 4,221,217
3,500,000 Series 1992, 6.50%, 04/15/32 .................................................... 3,561,985
3,000,000 Series 1994, MBIA Insured, 6.375%, 07/01/34 ..................................... 3,039,240
Los Angeles Health Facilities Revenue, COP, Insured, Keiro Nursing Home,
2,935,000 Series A, Pre-Refunded, 7.25%, 01/01/09 ......................................... 3,081,897
5,935,000 Series A, Pre-Refunded, 7.35%, 01/01/19 ......................................... 6,236,261
Los Angeles HMR,
255,000 Series 1982, 13.00%, 08/01/14 ................................................... 261,798
690,000 Series 1985, 9.00%, 06/15/18 .................................................... 700,495
Los Angeles MFHR,
4,875,000 Refunding, Series G, FSA Insured, 5.65%, 01/01/14 ............................... 4,549,106
16,000,000 Refunding, Series G, FSA Insured, 5.75%, 01/01/24 ............................... 14,816,480
375,000 Series A, 8.00%, 05/01/05 ....................................................... 375,443
3,000,000 Los Angeles Municipal Improvement Corp., Lease Revenue, Refunding, Central Library
Project, Series A, 6.30%, 06/01/18 ................................................ 2,981,610
5,000,000 Los Angeles, Series A, MBIA Insured, 6.00%, 09/01/12 ................................ 5,024,200
Los Angeles USD, COP, Refunding,
3,040,000 Dr. Francisco Bravo Medical, 6.50%, 06/01/04 .................................... 3,156,341
1,145,000 Dr. Francisco Bravo Medical, 6.60%, 06/01/05 .................................... 1,192,128
3,610,000 Dr. Francisco Bravo Medical, 6.60%, 06/01/06 .................................... 3,739,310
8,505,000 Dr. Francisco Bravo Medical, 6.625%, 06/01/08 ................................... 8,771,207
Los Angeles Waste Water System Revenue,
15,495,000 Refunding, Series C, 7.10%, 06/01/18 ............................................ 16,400,683
4,000,000 Refunding, Series D, FGIC Insured, 6.00%, 11/01/14 .............................. 3,972,480
</TABLE>
The accompanying notes are an integral part of these financial statements.
28
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
<S> <C> <C>
Los Angeles Waste Water System Revenue, (cont.)
$15,165,000 Series A, FGIC Insured, 6.00%, 12/01/18 ......................................... $15,049,898
10,650,000 Series B, AMBAC Insured, 6.00%, 06/01/22 ........................................ 10,494,617
7,655,000 Lynwood RDA, Tax Allocation, Project Area, Series A, 6.50%, 07/01/13 ................ 7,300,880
Lynwood USD, COP,
675,000 Series 1986, Financing Project, 8.25%, 06/01/07 ................................. 685,267
490,000 Series A, 7.70%, 11/01/07 ....................................................... 507,380
300,000 Series A, 7.70%, 11/01/08 ....................................................... 310,413
1,140,000 Series A, 7.70%, 11/01/09 ....................................................... 1,178,372
M-S-R Public Power Agency Revenue, San Juan Project,
16,550,000 Series C, 6.875%, 07/01/19 ...................................................... 16,810,663
5,000,000 Series C, AMBAC Insured, 6.875%, 07/01/19 ....................................... 5,142,050
4,500,000 Series C, AMBAC Insured, 5.50%, 07/01/21 ........................................ 4,115,520
3,500,000 Series F, AMBAC Insured, 6.00%, 07/01/20 ........................................ 3,450,370
2,470,000 Madera-Chowchilla Power Authority, Hydroelectric Revenue, Refunding, 8.00%, 01/01/14. 2,590,363
1,250,000 Madera USD, COP, 6.50%, 12/01/07 .................................................... 1,263,238
4,165,000 Madera USD, COP, Educational Facilities Project, 5.75%, 09/01/13 .................... 3,770,116
2,330,000 Marin County COP, Capital Improvement Project, 6.625%, 08/01/06 ..................... 2,455,144
3,400,000 Martinez MFMR, Refunding, Muirwood Garden Apartments, Series A, 5.90%, 10/01/28 ..... 3,252,100
Martinez USD, Refunding,
1,260,000 Series 1992, 6.00%, 08/01/06 .................................................... 1,269,500
1,580,000 Series 1992, 6.00%, 08/01/09 .................................................... 1,563,394
1,265,000 Series 1992, 6.00%, 08/01/10 .................................................... 1,244,975
2,065,000 Series 1992, 6.00%, 08/01/13 .................................................... 2,017,712
1,110,000 Marysville COP, Capital Improvement Financing Project, 7.125%, 02/01/13 ............. 1,127,594
7,345,000 Mayer's Memorial Hospital District, Health Facility Revenue, Fall River Mills, IDBI
Insured, Pre-Refunded, 7.70%, 02/01/19 ............................................ 8,242,706
6,310,000 Mendocino County COP, Refunding, BIG Insured, 7.40%, 08/15/06 ....................... 6,866,542
Mendota and Parlier USD, COP,
1,025,000 Capital Outlay Financing Program, 7.50%, 01/01/11 ............................... 1,043,122
795,000 Capital Outlay Financing Program, 7.55%, 01/01/17 ............................... 807,450
3,475,000 Menlo Park CDA, MFHR, Gateway Project, Series A, FHA Insured, 8.25%, 12/01/28 ....... 3,629,499
3,580,000 Merced Irrigation District, COP, Water Facilities Project, 6.40%, 11/01/10 .......... 3,450,189
Metropolitan Water District Revenue,
24,970,000 Refunding, Southern California Waterworks, 6.00%, 07/01/21 ...................... 24,610,182
10,125,000 Refunding, Southern California Waterworks, 6.75%, 06/01/22 ...................... 10,330,234
8,250,000 Southern California Waterworks, 6.625%, 07/01/12 ................................ 8,623,725
4,750,000 Southern California Waterworks, Pre-Refunded, 6.75%, 07/01/18 ................... 5,232,933
Mid Peninsula Regional Open Space District,
1,215,000 Series 1990, 7.50%, 09/01/07 .................................................... 1,301,727
1,305,000 Series 1990, 7.50%, 09/01/08 .................................................... 1,395,541
1,400,000 Series 1990, 7.50%, 09/01/09 .................................................... 1,496,012
1,500,000 Series 1990, 7.50%, 09/01/10 .................................................... 1,599,870
Mid Peninsula Regional Open Space District, COP,
1,150,000 Series 1990, Pre-Refunded, 7.55%, 09/01/10 ...................................... 1,285,390
5,000,000 Series 1990, Pre-Refunded, 7.60%, 09/01/20 ...................................... 5,598,400
5,200,000 Special Districts Association Finance Corp., 5.75%, 09/01/20 .................... 4,688,060
2,750,000 Mill Valley Revenue, COP, 7.10%, 12/01/20 ........................................... 2,842,868
1,625,000 Millbrae Elementary School District, COP, Green Hills School Project, 7.10%,
09/01/11 .......................................................................... 1,629,144
9,000,000 Modesto COP, Water System Improvement Project, AMBAC Insured, 6.25%, 10/01/22 ....... 9,082,260
2,225,000 Modesto EDR, Evergreen Convalescent Home, FHA Mortgage Insured, 10.50%, 08/01/19 .... 2,317,605
</TABLE>
The accompanying notes are an integral part of these financial statements.
29
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
<S> <C> <C>
Modesto Health Facility Revenue, Memorial Hospital Association,
$ 3,800,000 Series A, MBIA Insured, 6.85%, 06/01/16 ......................................... $ 3,990,418
6,800,000 Series A, Pre-Refunded, 7.875%, 08/01/18 ........................................ 7,549,564
Modesto Irrigation District, COP,
12,120,000 Geysers Geothermal Power Project, Series 1986-A, 7.25%, 10/01/15 ................ 12,501,416
10,000,000 Refunding and Capital Improvement Project, Series A, MBIA Insured, 6.00%,
10/01/21 ...................................................................... 9,856,300
3,000,000 Modesto Irrigation District, Financing Authority Revenue, Domestic Water Project,
Series A, AMBAC Insured, 6.125%, 09/01/19 ......................................... 3,002,940
Mohave Water Agency ID,
5,500,000 MBIA Insured, 6.95%, 09/01/21 ................................................... 5,831,100
670,000 Morongo Basin, 6.20%, 09/01/01 .................................................. 679,822
545,000 Morongo Basin, 6.375%, 09/01/03 ................................................. 560,456
5,295,000 Morongo Basin, 6.70%, 09/01/08 .................................................. 5,460,628
1,200,000 Morongo Basin, 6.60%, 09/01/13 .................................................. 1,205,616
3,100,000 Morongo Basin, 6.60%, 09/01/22 .................................................. 3,084,159
820,000 Monrovia Residential Rehabilitation Mortgage Revenue, 10.125%, 10/01/14 ............. 853,891
445,000 Montclair-Pomona HFA, RMR, Series A, 9.60%, 04/01/16 ................................ 450,709
Montclair RDA, Tax Allocation,
1,645,000 Redevelopment Project No. IV, 6.90%, 10/01/22 ................................... 1,677,620
4,245,000 Redevelopment Project No. V, 6.90%, 10/01/22 .................................... 4,329,178
9,725,000 Montebello COP, Police Facilities Expansion Project, Pre-Refunded, 7.20%, 11/01/24 .. 10,875,468
1,505,000 Monterey Bay, Unified Air Pollution Control District, COP, 7.375%, 12/01/15 ......... 1,570,046
Monterey County COP, Natividad Medical Center, Improvement Project,
1,095,000 Series A, 6.10%, 08/01/23 ....................................................... 1,009,382
1,330,000 Series A, 6.10%, 08/01/27 ....................................................... 1,213,519
5,170,000 Series B, MBIA Insured, 6.10%, 08/01/27 ......................................... 5,126,158
3,500,000 Series C, MBIA Insured, 6.50%, 08/01/15 ......................................... 3,616,550
13,250,000 Series C, MBIA Insured, 6.60%, 08/01/23 ......................................... 13,804,645
13,385,000 Series C, MBIA Insured, 6.25%, 08/01/28 ......................................... 13,429,037
7,265,000 Monterey County COP, Refunding, Sheriff's Facility Project, Series 1985, USF & G
Insured, Pre-Refunded, 7.875%, 12/01/17 ........................................... 7,980,385
Monterey Hospital Revenue,
1,765,000 Monterey Peninsula Hospital Project, Series A, 7.375%, 07/01/14 ................. 1,821,815
1,180,000 Refunding, Monterey Peninsula Hospital, Series B, 7.375%, 07/01/14 .............. 1,217,984
13,680,000 Monterey Park RDA, Refunding, Tax Allocation, Atlantic Garvey Redevelopment No. 1,
6.85%, 09/01/14 ................................................................... 13,744,433
5,000,000 Moreno Valley Special Tax, Towngate, CFD No. 87-1, Pre-Refunded, 8.40%, 10/01/09 .... 5,241,850
Moreno Valley USD, COP,
10,000 Palm Middle School, ETM 09/01/01, 7.00%, 09/01/01 ............................... 11,026
10,000 Palm Middle School, Pre-Refunded, 7.10%, 09/01/02 ............................... 11,225
10,000 Palm Middle School, Pre-Refunded, 7.20%, 09/01/03 ............................... 11,279
10,000 Palm Middle School, Pre-Refunded, 7.25%, 09/01/04 ............................... 11,306
5,000 Palm Middle School, Pre-Refunded, 7.30%, 09/01/05 ............................... 5,666
10,000 Palm Middle School, Pre-Refunded, 7.35%, 09/01/06 ............................... 11,360
35,000 Palm Middle School, Pre-Refunded, 7.375%, 09/01/11 .............................. 39,806
50,000 Palm Middle School, Pre-Refunded, 7.40%, 09/01/16 ............................... 56,934
1,000,000 Refunding, Series 1992, ETM 02/01/99, 6.70%, 02/01/99 ........................... 1,061,870
Moulton-Niguel Water District, Orange Water and Sewer Facilities,
10,000,000 ID No. 6, Series I, Pre-Refunded, 7.875%, 02/01/10 .............................. 10,747,600
3,350,000 ID No. 6, Series I, Pre-Refunded, 8.00%, 05/01/13 ............................... 3,627,380
5,000,000 Mount Diablo, USD, Special Tax, CFD No. 1, AMBAC Insured, 6.30%, 08/01/22 ........... 5,066,150
</TABLE>
The accompanying notes are an integral part of these financial statements.
30
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
Face Value
Amount (Note 1)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
$ 4,335,000 Mount Shasta Hospital Revenue, COP, Mercy Medical Center, Series A, Pre-Refunded,
7.25%, 07/01/19 $ 4,710,411
Mountain View Capital Improvements, Financing Authority Revenue,
3,110,000 City Hall, MBIA Insured, 6.25%, 08/01/12 ............................................. 3,168,126
2,000,000 City Hall, MBIA Insured, 6.50%, 08/01/16 ............................................. 2,056,600
10,000,000 Mountain View COP, Revitalization Authority, Pre-Refunded, 8.00%, 12/01/15 ............... 10,981,200
2,175,000 Mountain View-Los Altos UHSD, COP, Financing Project, 7.40%, 08/01/16 .................... 2,221,958
Mountain View School District, COP, Santa Clara County,
1,010,000 Financing Project, 6.75%, 04/01/07 ................................................... 1,016,777
1,430,000 Financing Project, 6.90%, 04/01/12 ................................................... 1,430,829
1,510,000 Murieta County Water District, Special Tax, CFD No. 88-1, 8.10%, 10/01/18 ................ 1,617,346
2,000,000 Napa Mortgage Revenue, Refunding, Creekside II Apartments Project, Series A,
MBIA Insured, 6.625%, 07/01/25 .......................................................... 2,028,640
1,580,000 Needles Public Financing Authority Revenue, Tax Allocation, Redevelopment Project,
Series A, 7.50%, 08/15/22 ............................................................... 1,633,357
Nevada County COP, Jail and Government Center Project, Refunding,
4,185,000 FSA Insured, 5.80%, 10/01/14 ......................................................... 4,038,316
6,275,000 FSA Insured, 5.875%, 10/01/19 ........................................................ 6,012,077
3,195,000 Nevada Irrigation District COP, Water System Improvement Project, Pre-Refunded, 7.40%,
01/01/13................................................................................. 3,517,471
8,210,000 Nevada Power Authority Revenue, Refunding, Hydroelectric, Bowman Project,7.50%,
05/01/13................................................................................. 8,201,215
Norco RDA, Tax Allocation,
8,820,000 Redevelopment Project Area No. 1, Pre-Refunded, 8.10%, 03/01/18 ...................... 9,757,390
5,305,000 Redevelopment Project Area No. 1, Pre-Refunded, 8.10%, 03/01/19 ...................... 5,868,815
14,325,000 North West City, West School Facilities Financing Authority, Special Tax, CFD No. 1,
Series A, 7.85%, 09/01/19 ............................................................... 14,959,454
Northern California Public Power Agency Revenue,
19,000,000 Crossover Refunding, Geothermal Project No. 3, Series A, 5.65%, 07/01/07 ............. 18,507,520
6,395,000 Crossover Refunding, Geothermal Project No. 3, Series A, 5.80%, 07/01/09 ............. 6,125,579
8,120,000 Crossover Refunding, Geothermal Project No. 3, Series A, 5.85%, 07/01/10 ............. 7,764,506
115,665,000 Hydroelectric Project No. 1, Series E, 7.15%, 07/01/24 ............................... 119,662,382
39,040,000 Hydroelectric Project No. 1, Series F, 7.15%, 07/01/24 ............................... 40,389,222
39,040,000 Hydroelectric Project No. 1, Series G, 7.15%, 07/01/24 ............................... 40,371,654
83,715,000 Refunding, Hydroelectric Project No. 1, Series B-1, Pre-Refunded, 8.00%, 07/01/24..... 91,823,635
60,945,000 Refunding, Hydroelectric Project No. 1, Series B-2, Pre-Refunded, 8.00%, 07/01/24..... 66,848,133
7,625,000 Northern California Transmission Revenue, Ore Transmission Project, Series A,
MBIA Insured, 6.00%, 05/01/24 ........................................................... 7,511,159
15,850,000 Norwalk Community Facilities Financing Authority Revenue, Tax Allocation,
Projects No. 1 & 2, 8.00%, 12/01/19 ..................................................... 16,691,318
Novato Special Tax,
450,000 CFD No. 1, Pre-Refunded, 7.60%, 10/01/01 ............................................. 496,836
4,565,000 CFD No. 1, Pre-Refunded, 8.65%, 10/01/11 ............................................. 5,187,301
16,350,000 CFD No. 1, Pre-Refunded, 8.75%, 10/01/21 ............................................. 18,630,661
1,720,000 Novato USD, COP, Capital Improvement Project, Series A, 6.70%, 10/01/12 .................. 1,721,548
Oakland Housing Finance Revenue,
120,000 Issue C, 9.125%, 03/15/17 ............................................................ 123,827
320,000 Issue D-1, 6.80%, 01/01/99 ........................................................... 332,957
340,000 Issue D-1, 6.80%, 07/01/99 ........................................................... 346,640
355,000 Issue D-1, 6.875%, 01/01/00 .......................................................... 362,700
360,000 Issue D-1, 6.875%, 07/01/00 .......................................................... 361,904
380,000 Issue D-1, 6.95%, 01/01/01 ........................................................... 380,828
</TABLE>
The accompanying notes are an integral part of these financial statements.
31
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
Oakland Housing Finance Revenue, (cont.)
$ 1,290,000 Issue D-1, 6.95%, 07/01/01 ........................................................... $ 1,293,032
4,835,000 Issue D-1, 7.10%, 01/01/10 ........................................................... 5,032,510
390,000 Issue D-2, 6.95%, 07/01/01 ........................................................... 390,916
2,775,000 Issue D-2, 7.10%, 01/01/10 ........................................................... 2,852,617
5,800,000 Issue D-2, 7.15%, 01/01/24 ........................................................... 6,008,336
Oakland Revenue, Refunding,
6,000,000 Series A, FGIC Insured, 7.60%, 08/01/21 .............................................. 6,484,380
5,405,000 YMCA Project, Series 1990, 7.40%, 06/01/10 ........................................... 5,738,488
1,910,000 Oakland USD, Alameda County, COP, Refunding, Series 1994, 4.95%, 09/15/98 ................ 1,848,422
6,065,000 Oceanside Building Authority Revenue, Refunding, 7.75%, 11/01/04 ......................... 6,735,364
Oceanside Community Development, Refunding, Tax Allocation, Downtown Redevelopment
Project,
370,000 Series 1993, 6.00%, 09/01/07 ......................................................... 354,689
395,000 Series 1993, 6.00%, 09/01/08 ......................................................... 374,436
4,680,000 Series 1993, 6.10%, 09/01/18 ......................................................... 4,334,569
4,205,000 Oceanside COP, La Salina Waste Water Treatment, Pre-Refunded, 7.00%, 05/01/21 ............ 4,679,156
Oceanside COP, Refunding,
3,185,000 Series A, 6.375%, 04/01/12 ........................................................... 3,144,359
9,000,000 Series A, 6.625%, 04/01/23 ........................................................... 8,914,950
2,000,000 Oceanside COP, Water Use Association Finance Program, Series A, AMBAC Insured,
6.40%, 10/01/12.......................................................................... 2,063,020
1,950,000 Ontario Montclair School District, COP, Series A, 7.50%, 10/01/12 ........................ 1,994,986
Ontario Redevelopment Financing Authority Revenue, Ontario Redevelopment Project No. 1,
6,910,000 MBIA Insured, 5.85%, 08/01/22 ........................................................ 6,627,796
13,750,000 MBIA Insured, 5.80%, 08/01/23 ........................................................ 13,089,175
5,625,000 Ontario Special Tax, CFD No. 1, Etiwanda Drainage System, Series A, Pre-Refunded,
9.50%, 07/01/05.......................................................................... 5,832,675
Orange County Airport Revenue, GO, John Wayne International Airport,
10,505,000 Series 1987, 8.10%, 07/01/07 ......................................................... 10,904,715
32,910,000 Series 1987, 8.125%, 07/01/16 ........................................................ 34,131,290
4,495,000 Series 1987, Pre-Refunded, 8.10%, 07/01/07 ........................................... 4,882,918
14,090,000 Series 1987, Pre-Refunded, 8.125%, 07/01/16 .......................................... 15,313,294
Orange County COP,
4,500,000 Civic Center Expansion Project, AMBAC Insured, 6.00%, 08/01/21 ....................... 4,406,310
5,000,000 Juvenile Justice Center Facilities, Refunding, AMBAC Insured, 6.375%, 06/01/11 ....... 5,126,500
13,800,000 Juvenile Justice Center Project, Pre-Refunded, 7.50%, 06/01/09 ....................... 15,329,592
16,500,000 Juvenile Justice Center Project, Pre-Refunded, 7.625%, 06/01/19 ...................... 18,405,255
2,375,000 Loma Ridge/Data Center Project, AMBAC Insured, 6.00%, 06/01/21 ....................... 2,325,695
3,250,000 Public Facilities Corp., 7.875%, 12/01/13 ............................................ 3,293,322
Orange County Financing Authority Revenue, Refunding, Tax Allocation,
5,700,000 Series A, MBIA Insured, 6.50%, 09/01/21 .............................................. 5,825,115
8,000,000 Series A, MBIA Insured, 6.50%, 09/01/22 .............................................. 8,175,600
Orange County Purchaser Certificates, Master Lease,
2,500,000 Series 1990, 7.00%, 09/01/96 ......................................................... 2,303,425
2,000,000 Series 1990, 7.00%, 09/01/97 ......................................................... 1,836,080
2,000,000 Series 1990, 7.00%, 09/01/98 ......................................................... 1,836,040
1,000,000 Series 1990, 7.00%, 09/01/99 ......................................................... 919,080
1,975,000 Series 1990, 7.00%, 09/01/00 ......................................................... 1,818,086
Orange County Special Tax,
4,700,000 CFD No. 87-1, Dimensions Business Park, Pre-Refunded, 8.25%, 08/15/13 ................ 5,272,084
5,000,000 CFD No. 87-4, Foothill Ranch, Pre-Refunded, 8.00%, 08/15/10 .......................... 5,753,000
</TABLE>
The accompanying notes are an integral part of these financial statements.
32
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
Orange County Special Tax, (cont.)
$ 2,865,000 CFD No. 88-1, Aliso Viejo, Series 1988-A, 8.10%, 08/15/13 ............................ $ 2,751,403
9,900,000 CFD No. 88-1, Aliso Viejo, Series 1988-A, Pre-Refunded, 8.00%, 08/15/05 .............. 11,029,194
43,265,000 CFD No. 88-1, Aliso Viejo, Series 1988-A, Pre-Refunded, 8.10%, 08/15/13 .............. 48,332,197
4,000,000 Orange County USD, COP, Pre-Refunded, 6.875%, 06/01/21 ................................... 4,350,640
2,000,000 Orange County Water District, COP, AMBAC Insured, 6.50%, 08/15/11 ........................ 2,050,940
3,400,000 Orange Cove Irrigation District Revenue, COP, Rehabilitation Project, 7.25%, 02/01/12..... 3,537,020
Orange RDAR, Tax Allocation, Refunding,
8,530,000 Northwest Redevelopment Project, Series B, 5.70%, 10/01/23 ........................... 6,400,485
4,650,000 Southwest Redevelopment Project, Pre-Refunded, 7.35%, 08/01/16 ....................... 4,911,005
3,045,000 Orangevale Recreation and Park District, COP, Series A, CGIC Insured, 6.65%, 10/01/12..... 3,184,278
12,150,000 Oroville Public Financing Authority Revenue, Series A, AMBAC Insured, 6.30%, 09/15/20..... 12,325,567
11,055,000 Oroville Wyandotte Irrigation District Revenue, Refunding, Hydroelectric, 6.20%, 01/01/09. 11,085,622
Oxnard 1915 Act,
955,000 AD No. 86-3, Northeast Industrial Area, 8.10%, 09/02/00 .............................. 957,187
2,020,000 AD No. 86-3, Northeast Industrial Area, 8.10%, 09/02/01 .............................. 2,021,333
965,000 AD No. 86-3, Northeast Industrial Area, 8.20%, 09/02/02 .............................. 964,189
1,490,000 AD No. 86-3, Northeast Industrial Area, 8.20%, 09/02/03 .............................. 1,486,498
1,330,000 AD No. 86-3, Northeast Industrial Area, 8.20%, 09/02/04 .............................. 1,325,012
1,590,000 AD No. 86-3, Northeast Industrial Area, 8.20%, 09/02/05 .............................. 1,581,907
2,235,000 AD No. 86-3, Northeast Industrial Area, 8.20%, 09/02/06 .............................. 2,220,852
790,000 AD No. 86-4, Rose/Santa Clara Corridor, Ventura County, 8.25%, 09/02/02 .............. 777,637
860,000 AD No. 86-4, Rose/Santa Clara Corridor, Ventura County, 8.25%, 09/02/03 .............. 845,294
930,000 AD No. 86-4, Rose/Santa Clara Corridor, Ventura County, 8.25%, 09/02/04 .............. 912,795
1,005,000 AD No. 86-4, Rose/Santa Clara Corridor, Ventura County, 8.25%, 09/02/05 .............. 985,161
1,090,000 AD No. 86-4, Rose/Santa Clara Corridor, Ventura County, 8.25%, 09/02/06 .............. 1,067,252
6,625,000 Oxnard COP, Refunding, River Ridge Golf Course Project, Pre-Refunded, 7.60%, 02/01/16..... 6,925,907
Oxnard Public Facilities Corp., COP,
21,415,000 AMBAC Insured, Pre-Refunded, 7.50%, 09/01/06 ......................................... 23,637,877
3,750,000 Civic Library Project, Pre-Refunded, 8.00%, 10/01/08 ................................. 4,183,987
11,650,000 a,b,f Oxnard Special Tax, CFD No. 88-1, 8.15%, 10/01/13 ....................................... 2,912,500
1,445,000 Palm Desert 1915 Act, Improvement Board, AD No. 92-1, 7.60%, 09/02/12 .................... 1,456,213
5,595,000 Palm Desert, Financing Authority Revenue, Tax Allocation, Project Area No.1, Series A,
MBIA Insured, 6.625%, 04/01/23 .......................................................... 5,811,415
1,890,000 Palm Desert RDA, Tax Allocation, Project Area No. 1, MBIA Insured, 7.40%, 05/01/09 ....... 1,994,593
5,000,000 Palm Springs COP, Municipal Gold Course Expansion Project, 7.40%, 11/01/18 ............... 5,159,300
Palm Springs Financing Authority Revenue, Tax Allocation,
2,230,000 Series B, 6.875%, 08/01/21 ........................................................... 2,275,068
2,770,000 Series B, Pre-Refunded, 6.875%, 08/01/21 ............................................. 3,113,009
4,930,000 Palm Springs Housing Authority, MFHR, GNMA Secured, 7.50%, 12/20/30 ...................... 5,127,545
Palmdale 1915 Act,
500,000 AD No. 87-1, Rancho Vista, 8.20%, 09/02/00 ........................................... 517,175
555,000 AD No. 87-1, Rancho Vista, 8.20%, 09/02/01 ........................................... 574,064
625,000 AD No. 87-1, Rancho Vista, 8.20%, 09/02/02 ........................................... 646,469
700,000 AD No. 87-1, Rancho Vista, 8.20%, 09/02/03 ........................................... 724,045
775,000 AD No. 87-1, Rancho Vista, 8.20%, 09/02/04 ........................................... 801,621
850,000 AD No. 87-1, Rancho Vista, 8.20%, 09/02/05 ........................................... 879,197
945,000 AD No. 87-1, Rancho Vista, 8.20%, 09/02/06 ........................................... 977,461
1,040,000 AD No. 87-1, Rancho Vista, 8.20%, 09/02/07 ........................................... 1,075,724
11,580,000 Palmdale Civic Authority Revenue, Refunding, Merged Redevelopment Project Areas,
Series A, MBIA Insured, 6.15%, 09/01/24 ................................................. 11,616,709
</TABLE>
The accompanying notes are an integral part of these financial statements.
33
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Long Term Investments (cont.)
Bonds (cont.)
Palmdale School District, COP,
$ 495,000 Series 1990, 7.40%, 08/01/20 .......................................................... $ 499,450
3,360,000 Series 1990, Pre-Refunded, 7.40%, 08/01/20 ............................................ 3,620,803
20,400,000 Palo Alto Medical Foundation, Insured Revenue, Series 1987, ETM 05/15/02, 7.875%,
05/15/17.................................................................................. 21,846,768
4,210,000 Palomar Community College District, COP, Building Acquisition Project, Connie Lee Insured,
6.75%, 10/01/19........................................................................... 4,352,677
6,300,000 Palomar Pomerado Hospital District Revenue, Refunding and Project, Series A,
MBIA Insured, 5.00%, 11/01/14 ............................................................ 5,507,712
3,000,000 Panoche Water District, COP, 7.50%, 12/01/08 .............................................. 3,154,260
34,640,000 Paramount RDA, Tax Allocation, Redevelopment Project No. 1, Pre-Refunded, 7.35%,
08/01/21.................................................................................. 38,745,186
Pasadena COP,
8,250,000 Art Center, College of Design, Connie Lee Insured, 6.50%, 12/01/19 .................... 8,363,437
10,510,000 Pasadena Civic Improvement Corp., Series 1987, Pre-Refunded, 8.00%, 11/01/12 .......... 11,517,383
2,000,000 Pasadena Civic Improvement Corp., Series 1989, Pre-Refunded, 7.00%, 12/01/14 .......... 2,208,920
2,130,000 Refunding and Capital Project, 5.75%, 01/01/13 ........................................ 2,005,693
4,000,000 Pasadena Water Revenue, 6.00%, 07/01/13 ................................................... 3,960,200
4,215,000 Perris CFD No. 88-3, Series A, 7.40%, 09/01/19 ............................................ 4,254,242
6,985,000 Perris Public Financing Authority Revenue, Local Agency, Series A, 6.90%, 08/15/18 ........ 7,009,727
Perris Public Financing Authority Revenue, Refunding, Tax Allocation,
5,280,000 Series B, MBIA Insured, 6.35%, 08/15/17 ............................................... 5,387,606
3,330,000 Series C, 7.10%, 11/15/17 ............................................................. 3,375,854
Perris Public Financing Authority Revenue, Special Tax,
205,000 Series A, 7.45%, 09/01/01 ............................................................. 211,619
235,000 Series A, 7.50%, 09/01/02 ............................................................. 242,579
270,000 Series A, 7.55%, 09/01/03 ............................................................. 278,697
305,000 Series A, 7.60%, 09/01/04 ............................................................. 314,812
325,000 Series A, 7.60%, 09/01/05 ............................................................. 334,834
5,595,000 Series A, 7.80%, 09/01/19 ............................................................. 5,776,110
Perris RDA, Tax Allocation,
4,535,000 Central and North Perris Redevelopment Project, Series B, Pre-Refunded, 7.875%,
10/01/14.............................................................................. 5,283,910
2,935,000 Refunding, Central and North Perris Redevelopment Project, Series A, Pre-Refunded,
9.875%, 10/01/10...................................................................... 3,436,474
865,000 Series 1991, 7.15%, 08/01/11 .......................................................... 886,625
2,040,000 Series 1991, 7.20%, 08/01/21 .......................................................... 2,077,944
Perris Special Tax,
50,000 CFD No. 88-1, Series A, ETM 09/01/99, 8.00%, 09/01/99 ................................. 55,897
65,000 CFD No. 88-1, Series A, ETM 09/01/00, 8.05%, 09/01/00 ................................. 74,012
85,000 CFD No. 88-1, Series A, ETM 09/01/01, 8.10%, 09/01/01 ................................. 98,618
100,000 CFD No. 88-1, Series A, ETM 09/01/02, 8.15%, 09/01/02 ................................. 118,056
6,040,000 CFD No. 88-1, Series A, Pre-Refunded, 8.30%, 09/01/18 ................................. 7,377,437
5,395,000 CFD No. 91-1, 8.75%, 09/01/21 ........................................................ 5,902,562
10,615,000 Perris Union High School District, CFD No. 87-1, 8.25%, 10/01/13 .......................... 11,205,619
4,800,000 Petaluma Community Development Commission, MFR, Park Lane Apartments, Series A,
6.875%, 11/20/34 ........................................................................ 4,932,768
4,815,000 Petaluma Hospital District Revenue, Petaluma Hospital Building Corp. Project, Loan Program,
Series A, 6.50%, 03/01/08 ................................................................ 4,788,469
20,595,000 Pico Rivera RDA, Tax Allocation, Refunding, Redevelopment Project Area No. 1, 8.15%,
05/01/07.................................................................................. 21,868,801
1,200,000 Pismo Beach Public Financing Authority Revenue, 6.90%, 09/15/22 ........................... 1,202,460
</TABLE>
The accompanying notes are an integral part of these financial statements.
34
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
Pittsburgh RDA, Tax Allocation,
$ 6,315,000 Los Medanos Community Development Project, Pre-Refunded, 7.75%, 08/01/08 .............. $ 6,709,814
7,050,000 Los Medanos Community Development Project, Pre-Refunded, 7.75%, 08/01/15 .............. 7,490,766
10,000,000 Los Medanos Community Development Project, Series B, CGIC Insured, 5.70%,
08/01/32.............................................................................. 9,261,500
20,000,000 Los Medanos Community Development Project, Series B, CGIC Insured, 5.80%,
08/01/34.............................................................................. 18,796,600
1,770,000 Placentia COP, Refunding, Redevelopment Agency, Series A, 6.90%, 01/01/14 ................. 1,572,149
4,355,000 Pleasant Hill RDA, Residential Mortgage Revenue, Refunding, 5.75%, 08/01/11 ............... 4,121,006
3,230,000 Pleasant Valley School District, Ventura County COP, Woodcreek Road, Elementary School
Project, 6.375%, 08/01/18 ................................................................ 3,052,189
Pleasanton COP,
2,180,000 Capital Improvements, 6.70%, 10/01/11 ................................................. 2,212,722
3,500,000 Capital Projects No. 1 & 2, Pre-Refunded, 8.75%, 10/01/08 ............................. 3,888,290
4,585,000 Pleasanton Public Facilities Corp., Pre-Refunded, 7.875%, 09/01/14 .................... 5,183,022
Pomona 1915 Act,
500,000 AD No. 294, Series 1986, 8.00%, 09/02/99 .............................................. 517,180
550,000 AD No. 294, Series 1986, 8.00%, 09/02/00 .............................................. 568,898
600,000 AD No. 294, Series 1986, 8.00%, 09/02/01 .............................................. 620,616
650,000 AD No. 294, Series 1986, 8.00%, 09/02/02 .............................................. 672,334
700,000 AD No. 294, Series 1986, 8.00%, 09/02/03 .............................................. 724,052
750,000 AD No. 294, Series 1986, 8.00%, 09/02/04 .............................................. 775,770
850,000 AD No. 294, Series 1986, 8.00%, 09/02/05 .............................................. 879,206
910,000 AD No. 294, Series 1986, 8.00%, 09/02/06 .............................................. 941,268
1,000,000 AD No. 294, Series 1988, 7.70%, 09/02/00 .............................................. 1,034,370
1,000,000 AD No. 294, Series 1988, 7.80%, 09/02/01 .............................................. 1,034,370
1,000,000 AD No. 294, Series 1988, 7.90%, 09/02/02 .............................................. 1,034,360
1,000,000 AD No. 294, Series 1988, 8.00%, 09/02/03 .............................................. 1,034,360
1,000,000 AD No. 294, Series 1988, 8.00%, 09/02/04 .............................................. 1,034,360
1,420,000 AD No. 294, Series 1988, 8.00%, 09/02/05 .............................................. 1,468,791
Pomona Public Financing Authority Revenue,
6,490,000 Refunding, Series P, 5.75%, 10/01/15 .................................................. 5,943,023
10,205,000 Series H, AMBAC Insured, 7.40%, 05/01/18 .............................................. 10,927,106
Pomona RDA, Tax Allocation,
2,370,000 Holt Ave./Indian Hill Blvd., Redevelopment Project, 8.25%, 06/01/16 ................... 2,471,389
2,795,000 Refunding, Reservoir Street Industrial Redevelopment Project, 8.25%, 06/01/13 ......... 2,914,570
15,765,000 Southwest Pomona Redevelopment Project, 11.45%, 01/01/07 .............................. 20,651,835
4,675,000 West Holt Ave. Redevelopment Project, Pre-Refunded, 7.875%, 02/01/15 .................. 4,890,705
3,080,000 Port Hueneme COP, Capital Improvements Project, Pre-Refunded, 8.15%, 04/01/18 ............. 3,280,600
3,280,000 Port Hueneme RDA, Refunding, Tax Allocation, R-76 Project, 6.50%, 05/01/23 ................ 3,125,742
Port of Oakland, Revenue,
2,310,000 Series A, BIG Insured, 7.60%, 11/01/16 ................................................ 2,455,923
1,525,000 Series E, MBIA Insured, 6.25%, 11/01/05 ............................................... 1,602,180
1,050,000 Series E, MBIA Insured, 6.30%, 11/01/06 ............................................... 1,099,056
500,000 Series E, MBIA Insured, 6.40%, 11/01/07 ............................................... 523,255
Port of Oakland, Special Facilities Revenue, Mitsui O.S.K. Lines Limited,
6,100,000 Series A, 6.70%, 01/01/07 ............................................................. 6,402,987
4,890,000 Series A, 6.75%, 01/01/12 ............................................................. 5,034,744
8,075,000 Series A, 6.80%, 01/01/19 ............................................................. 8,262,582
1,950,000 Porterville COP, Refunding, Public Building Project, AMBAC Insured, 6.30%, 10/01/18 ....... 1,988,279
6,500,000 Poway COP, Capital Improvement, Royal Mobile Home Park Project, FSA Insured, 7.00%,
07/01/20.................................................................................. 6,871,930
</TABLE>
The accompanying notes are an integral part of these financial statements.
35
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
$ 8,100,000 Poway COP, RDA, Poinsettia Mobile Home Park, Pre-Refunded, 8.375%, 06/01/18 ................ $ 9,068,355
Poway RDA, Tax Allocation,
3,325,000 Refunding, Series 1991, Pre-Refunded, 7.75%, 12/15/21 .................................. 3,866,177
15,000,000 Sub-Paguay Redevelopment Project, Series A, Pre-Refunded, 7.60%, 12/15/22 .............. 16,882,200
1,320,000 Poway Special Tax, CFD No. 88-1, Parkway Business Center, 8.625%, 08/15/15 ................. 1,056,000
610,000 Ramona Municipal Water District, COP, 8.50%, 07/15/11 ...................................... 647,857
8,890,000 Rancho Cucamonga, Palmdale, Potterville, Colton HFA, SFMR, Series 1986, GNMA Secured,
7.55%, 08/01/18............................................................................ 9,477,629
1,100,000 Rancho Cucamonga, Refunding, Special Tax, CFD No. 7, CGIC Insured, 6.40%, 08/01/04 ......... 1,160,511
Rancho Murieta Community Services District, 1915 Act,
980,000 ID No. 1, 8.25%, 09/02/01 .............................................................. 989,722
945,000 ID No. 1, 8.25%, 09/02/02 .............................................................. 953,382
985,000 ID No. 1, 8.30%, 09/02/03 .............................................................. 992,722
975,000 ID No. 1, 8.40%, 09/02/04 .............................................................. 981,776
980,000 ID No. 1, 8.40%, 09/02/05 .............................................................. 985,860
975,000 ID No. 1, 8.40%, 09/02/06 .............................................................. 979,973
7,000,000 Redlands COP, Refunding, AMBAC Insured, 5.80%, 09/01/17 .................................... 6,736,590
825,000 Redlands RDA, Refunding, Tax Allocation, Redlands Redevelopment Project,
AMBAC Insured, 6.625%, 07/01/15 ........................................................... 846,673
3,795,000 Redwood City MFHR, Refunding, Redwood Plaza Project, Series 1987-A, GNMA Secured,
8.25%, 09/01/26............................................................................ 3,893,253
3,750,000 Redwood City Public Financing Authority Revenue, Local Agency, Series B, 7.25%, 07/15/11
3,902,925
Rialto COP,
145,000 Series 1989, 7.50%, 11/01/01 ........................................................... 157,051
3,165,000 Series 1989, 7.50%, 11/01/15 ........................................................... 3,263,685
3,500,000 Rialto RDA, Tax Allocation, Agua Mansa Redevelopment Project, 6.75%, 03/01/24 .............. 3,477,670
3,150,000 Rialto RDA, Tax Allocation, Industrial Redevelopment, Sub-Areas A & B, Series A, 6.00%,
09/01/23................................................................................... 2,834,622
2,000,000 Richmond Joint Power Finance Authority, Series B, 7.00%, 05/15/07 .......................... 2,101,180
3,715,000 Richmond Revenue, West Contra Costa YMCA Project, 7.75%, 06/01/17 .......................... 3,975,199
4,420,000 Ridgecrest COP, RDA, 7.60%, 03/01/13 ....................................................... 4,598,435
Ridgecrest RDA, Tax Allocation,
235,000 Ridgecrest Redevelopment Project, 8.00%, 02/01/09 ...................................... 248,202
255,000 Ridgecrest Redevelopment Project, 8.00%, 02/01/10 ...................................... 269,326
275,000 Ridgecrest Redevelopment Project, 8.00%, 02/01/11 ...................................... 290,450
295,000 Ridgecrest Redevelopment Project, 8.00%, 02/01/12 ...................................... 311,573
315,000 Ridgecrest Redevelopment Project, 8.00%, 02/01/13 ...................................... 332,697
340,000 Ridgecrest Redevelopment Project, 8.00%, 02/01/14 ...................................... 359,101
365,000 Ridgecrest Redevelopment Project, 7.80%, 02/01/15 ...................................... 379,158
395,000 Ridgecrest Redevelopment Project, 7.40%, 02/01/16 ...................................... 405,321
Riverside County Asset Leasing Corp., Leasehold Revenue, Hospital Project,
23,000,000 Series A, 6.375%, 06/01/09 ............................................................. 22,986,890
20,125,000 Series A, 6.50%, 06/01/12 .............................................................. 20,152,370
19,500,000 Series A, 6.25%, 06/01/19 .............................................................. 18,793,125
2,000,000 Series A, BIG Insured, 6.25%, 06/01/19 ................................................. 2,006,300
28,200,000 Series A, Pre-Refunded, 7.40%, 06/01/14 ................................................ 31,221,066
Riverside County Board of Education, COP,
7,945,000 Financing Project, Series A, 6.65%, 11/01/17 ........................................... 7,965,021
2,550,000 Refunding, Financing Project, 5.50%, 11/01/14 .......................................... 2,241,603
1,330,000 Series 1989, Pre-Refunded, 7.40%, 11/01/14 ............................................. 1,488,736
</TABLE>
The accompanying notes are an integral part of these financial statements.
36
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
Riverside County CFD,
$ 660,000 No. 84-2, Refunding, Lakehills Project, 7.60%, 09/01/00 ................................ $ 628,650
5,130,000 No. 84-2, Refunding, Lakehills Project, 7.50%, 09/01/06 ................................ 4,886,325
575,000 No. 85-1, Crossover Refunding, Golden Triangle Project, 7.50%, 09/01/06 ................ 609,408
2,425,000 No. 85-1, Crossover Refunding, Golden Triangle Project, 7.50%, 09/01/06 ................ 2,570,112
440,000 No. 85-2, California Oaks Project, 7.70%, 09/01/97 ..................................... 462,053
260,000 No. 85-2, California Oaks Project, 7.80%, 09/01/98 ..................................... 276,721
295,000 No. 85-2, California Oaks Project, 7.90%, 09/01/99 ..................................... 317,072
485,000 No. 85-2, California Oaks Project, 8.00%, 09/01/00 ..................................... 527,593
585,000 No. 85-2, California Oaks Project, 8.05%, 09/01/01 ..................................... 630,671
8,375,000 No. 85-2, California Oaks Project, 8.30%, 09/01/06 ..................................... 8,749,949
11,970,000 No. 85-2, California Oaks Project, 8.25%, 09/01/13 ..................................... 12,669,886
23,195,000 No. 86-1, Menifee Village Project, 7.875%, 09/01/11 .................................... 23,284,533
305,000 No. 87-5, Special Tax, 7.90%, 09/01/98 ................................................. 317,432
325,000 No. 87-5, Special Tax, 7.95%, 09/01/99 ................................................. 349,941
355,000 No. 87-5, Special Tax, 8.00%, 09/01/00 ................................................. 374,021
380,000 No. 87-5, Special Tax, 8.05%, 09/01/01 ................................................. 399,745
7,500,000 No. 87-5, Special Tax, 8.20%, 09/01/13 ................................................. 7,899,975
2,820,000 No. 87-5, Special Tax, 8.75%, 09/01/13 ................................................. 3,016,639
4,730,000 No. 89-1, Special Tax, 8.25%, 09/01/16 ................................................. 4,613,642
8,900,000 Riverside County CFD No. 85-2, California Care Project, 8.20%, 09/01/07 .................... 9,118,228
16,000,000 Riverside County CFD No. 86-1, Mello Roos, Series 1987, 8.75%, 09/01/16 .................... 16,061,280
Riverside County COP,
4,975,000 Capital Projects, Series A, 6.875%, 11/01/09 ........................................... 5,195,293
15,900,000 Capital Projects, Series A, 6.125%, 11/01/21 ........................................... 15,246,192
4,775,000 Desert Justice Facility Project, MBIA Insured, 6.00%, 12/01/17 ......................... 4,739,474
4,625,000 Desert Justice Facility Project, MBIA Insured, 6.25%, 12/01/21 ......................... 4,674,673
3,945,000 Refunding, Juvenile Facility, Pre-Refunded, 8.00%, 10/01/18 ............................ 4,401,555
3,800,000 Refunding, Master Project, 5.75%, 11/01/12 ............................................. 3,503,866
4,500,000 Refunding, Public Facilities Financing Project, Type 1, 7.75%, 12/01/03 ................ 4,766,580
38,615,000 Refunding, Public Facilities Financing Project, Type 1, 7.875%, 12/01/15 ............... 40,276,990
Riverside County Flood Control and Water, Conservation District, Elsinore Valley AD, Zone 3,
165,000 Series 1993, 7.875%, 09/01/03........................................................... 185,176
180,000 Series 1993, 7.875%, 09/01/04 .......................................................... 202,599
190,000 Series 1993, 7.875%, 09/01/05........................................................... 214,126
205,000 Series 1993, 7.875%, 09/01/06........................................................... 230,959
225,000 Series 1993, 7.875%, 09/01/07........................................................... 253,089
240,000 Series 1993, 7.875%, 09/01/08........................................................... 269,198
260,000 Series 1993, 7.875%, 09/01/09........................................................... 297,833
280,000 Series 1993, 7.875%, 09/01/10........................................................... 320,939
305,000 Series 1993, 7.875%, 09/01/11........................................................... 351,601
325,000 Series 1993, 7.875%, 09/01/12........................................................... 375,590
350,000 Series 1993, 7.875%, 09/01/13........................................................... 404,072
380,000 Series 1993, 7.875%, 09/01/14........................................................... 440,340
410,000 Series 1993, 7.875%, 09/01/15........................................................... 474,190
440,000 Series 1993, 7.875%, 09/01/16........................................................... 510,479
475,000 Series 1993, 7.875%, 09/01/17........................................................... 552,700
Riverside County Housing Authority Revenue,
6,750,000 Riverside Apartment Project, 7.875%, 11/01/19 .......................................... 7,005,825
13,980,000 Series 1988-A, 7.85%, 10/01/08 ......................................................... 14,689,625
33,080,000 Series 1988-A, 7.90%, 10/01/18 ......................................................... 34,652,292
</TABLE>
The accompanying notes are an integral part of these financial statements.
37
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
Riverside County RDA, Tax Allocation,
$ 1,100,000 Series A, 7.60%, 10/01/25 .............................................................. $ 1,164,218
2,750,000 Series B, 7.60%, 10/01/25 .............................................................. 2,910,545
1,600,000 Series C, 7.60%, 10/01/25 .............................................................. 1,693,408
2,100,000 Series D, 7.60%, 10/01/25 .............................................................. 2,222,598
5,600,000 Series E, 7.60%, 10/01/25 .............................................................. 5,926,928
Riverside County SFMR,
715,000 Series 1989-B, GNMA Secured, 7.60%, 11/01/19 ........................................... 787,358
3,690,000 Series 1991-A, GNMA Secured, 6.00%, 10/01/24 ........................................... 3,728,302
Riverside Hospital Revenue,
5,000,000 Parkview Community Hospital Medical Center Project, 8.25%, 08/01/14 .................... 5,285,250
7,000,000 Refunding, Parkview Community Hospital Medical Center Project, 9.25%, 12/01/05 ......... 7,468,090
Riverside MFHR,
3,035,000 Mortgage, Refunding, Olive Grove, Series A, 5.75%, 09/01/25 ............................ 2,817,724
2,200,000 Palm Shadows Apartments, Series A, 6.50%, 01/01/18 ..................................... 2,223,694
4,010,000 Palm Shadows Apartments, Series A, 6.50%, 01/01/18 ..................................... 4,048,536
Riverside Public Financing Authority Revenue, Airport and Central Industrial Redevelopment
Project,
750,000 Series A, Pre-Refunded, 7.80%, 02/01/08 ................................................ 805,102
9,155,000 Series A, Pre-Refunded, 7.90%, 02/01/18 ................................................ 9,843,364
3,000,000 Riverside Water Revenue, 6.00%, 10/01/05 ................................................... 2,937,690
Rocklin 1915 Act,
460,000 Refunding, 7.55%, 09/02/03 ............................................................. 475,810
495,000 Refunding, 7.60%, 09/02/04 ............................................................. 512,013
535,000 Refunding, 7.65%, 09/02/05 ............................................................. 553,388
580,000 Refunding, 7.65%, 09/02/06 ............................................................. 599,935
625,000 Refunding, 7.65%, 09/02/07 ............................................................. 646,481
675,000 Refunding, 7.65%, 09/02/08 ............................................................. 698,200
6,085,000 Rocklin USD, CFD No. 1, 7.70%, 09/01/12 .................................................... 6,348,480
7,500,000 Rohnert Park CDA, Tax Allocation, Rohnert Park Redevelopment Project, Pre-Refunded,
8.20%, 06/01/18............................................................................ 8,358,675
Roseville 1915 Act, Limited Obligation, Refunding,
120,000 North Roseville, Rocklin Sewer District No. 88-3, 8.00%, 09/02/99 ...................... 124,250
125,000 North Roseville, Rocklin Sewer District No. 88-3, 8.00%, 09/02/00 ...................... 129,427
135,000 North Roseville, Rocklin Sewer District No. 88-3, 8.00%, 09/02/01 ...................... 139,782
145,000 North Roseville, Rocklin Sewer District No. 88-3, 8.10%, 09/02/02 ...................... 150,136
160,000 North Roseville, Rocklin Sewer District No. 88-3, 8.15%, 09/02/03 ...................... 165,667
170,000 North Roseville, Rocklin Sewer District No. 88-3, 8.20%, 09/02/04 ...................... 176,021
350,000 North Roseville, Rocklin Sewer District No. 88-3, 8.20%, 09/02/05 ...................... 362,397
200,000 North Roseville, Rocklin Sewer District No. 88-3, 8.20%, 09/02/06 ...................... 207,084
220,000 North Roseville, Rocklin Sewer District No. 88-3, 8.25%, 09/02/07 ...................... 227,790
235,000 North Roseville, Rocklin Sewer District No. 88-3, 8.25%, 09/02/08 ...................... 243,321
205,000 North Roseville, Rocklin Sewer District No. 88-3, 8.25%, 09/02/09 ...................... 212,259
220,000 Rocky Ridge-Harding, District No. 88-4, 8.00%, 09/02/99 ................................ 227,792
245,000 Rocky Ridge-Harding, District No. 88-4, 8.00%, 09/02/00 ................................ 253,678
260,000 Rocky Ridge-Harding, District No. 88-4, 8.00%, 09/02/01 ................................ 269,209
285,000 Rocky Ridge-Harding, District No. 88-4, 8.10%, 09/02/02 ................................ 295,095
305,000 Rocky Ridge-Harding, District No. 88-4, 8.15%, 09/02/03 ................................ 315,803
330,000 Rocky Ridge-Harding, District No. 88-4, 8.20%, 09/02/04 ................................ 341,689
185,000 Rocky Ridge-Harding, District No. 88-4, 8.20%, 09/02/05 ................................ 191,553
2,050,000 Roseville City School District, COP, 7.50%, 09/01/15 ....................................... 2,095,776
4,500,000 Roseville COP, Golf Course Project, 6.00%, 08/01/23 ........................................ 4,023,990
</TABLE>
The accompanying notes are an integral part of these financial statements.
38
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
Roseville Special Tax,
$ 715,000 CFD No. 1, 7.50%, 09/01/02 ............................................................. $ 744,093
825,000 CFD No. 1, 7.60%, 09/01/04 ............................................................. 854,708
15,660,000 CFD No. 1, 7.70%, 09/01/20 ............................................................. 16,222,351
355,000 CFD No. 2, 8.00%, 09/01/06 ............................................................. 382,402
7,165,000 CFD No. 2, 8.25%, 09/01/21 ............................................................. 7,670,061
1,725,000 Northcentral Roseville CFD No. 1, 8.00%, 11/01/02 ...................................... 1,813,510
1,860,000 Northcentral Roseville CFD No. 1, 8.10%, 11/01/03 ...................................... 1,946,155
10,000,000 Northcentral Roseville CFD No. 1, 8.40%, 11/01/10 ...................................... 10,489,700
12,000,000 Northcentral Roseville CFD No. 1, 8.60%, 11/01/17 ...................................... 12,242,040
1,000,000 Northeast Roseville CFD No. 1, 7.95%, 12/01/00 ......................................... 1,064,160
1,000,000 Northeast Roseville CFD No. 1, 8.00%, 12/01/01 ......................................... 1,060,730
1,000,000 Northeast Roseville CFD No. 1, 8.00%, 12/01/02 ......................................... 1,062,410
6,000,000 Northeast Roseville CFD No. 1, 8.30%, 12/01/08 ......................................... 6,391,740
2,535,000 Rossmoor Community Services District, 1915 Act, AD 91-1, 6.20%, 09/02/21 ................... 2,219,899
5,450,000 Rubidoux Community Services District, COP, Water System Improvement Project,
AMBAC Insured, 6.25%, 12/01/24 ............................................................ 5,504,445
Sacramento 1915 Act,
1,000,000 North Natomas AD No. 88-3, 8.20%, 09/02/10 ............................................. 927,150
2,210,000 North Natomas AD No. 88-3, 8.20%, 09/02/11 ............................................. 2,046,990
2,865,000 North Natomas AD No. 88-3, 8.25%, 09/02/12 ............................................. 2,651,500
3,105,000 North Natomas AD No. 88-3, 8.25%, 09/02/13 ............................................. 2,871,411
3,350,000 North Natomas AD No. 88-3, 8.25%, 09/02/14 ............................................. 3,095,668
1,500,000 Sacramento Area Council of Governments, COP, Sacog Administrative Building Project,
7.125%, 7/01/16............................................................................ 1,535,850
Sacramento City Financing Authority Revenue,
1,300,000 Series 1991, 6.60%, 11/01/05 ........................................................... 1,356,888
920,000 Series 1991, 6.70%, 11/01/11 ........................................................... 953,249
3,615,000 Sacramento City Public Facilities Financing Authority, COP, Pre-Refunded, 7.75%, 07/01/06... 3,855,904
Sacramento County 1915 Act, Cordova Industrial Park,
250,000 Unit 3, Series C-I, 8.25%, 09/02/05 .................................................... 259,405
270,000 Unit 3, Series C-I, 8.25%, 09/02/06 .................................................... 280,157
290,000 Unit 3, Series C-I, 8.25%, 09/02/07 .................................................... 300,910
315,000 Unit 3, Series C-I, 8.25%, 09/02/08 .................................................... 326,850
340,000 Unit 3, Series C-I, 8.25%, 09/02/09 .................................................... 352,791
370,000 Unit 3, Series C-I, 8.25%, 09/02/10 .................................................... 383,919
400,000 Unit 3, Series C-I, 8.25%, 09/02/11 .................................................... 415,048
Sacramento County CFD, Special Tax,
2,250,000 Improvement Area 1, Series 1990, 8.20%, 12/01/10 ....................................... 2,350,688
7,610,000 Improvement Area 1, Series 1990, 8.25%, 12/01/20 ....................................... 7,927,489
1,500,000 Laguna, Series 1987, Pre-Refunded, 8.00%, 12/01/98 ..................................... 1,660,425
1,500,000 Laguna, Series 1987, Pre-Refunded, 8.20%, 12/01/99 ..................................... 1,667,820
1,500,000 Laguna, Series 1987, Pre-Refunded, 8.30%, 12/01/00 ..................................... 1,671,510
1,500,000 Laguna, Series 1987, Pre-Refunded, 8.40%, 12/01/01 ..................................... 1,675,200
13,000,000 Laguna, Series 1987, Pre-Refunded, 8.625%, 12/01/06 .................................... 14,590,420
Sacramento County COP,
2,735,000 Cherry Island Golf Course Project, Pre-Refunded, 8.125%, 12/01/18 ...................... 3,095,364
3,500,000 Cherry Island Golf Course Project, Series B, 6.80%, 07/01/18 ........................... 3,613,715
11,000,000 Public Facilities Project, Coroner/Crime Laboratory, AMBAC Insured, 6.40%, 10/01/19..... 11,260,260
29,500,000 Public Facilities Project, Coroner/Crime Laboratory, AMBAC Insured, 6.40%, 10/01/24..... 30,197,970
1,495,000 Refunding, Cherry Island Golf Course Project, Series B, 6.80%, 07/01/12 ................ 1,543,573
2,325,000 Refunding, Parking Facility Project, Series 1987-A, 6.80%, 07/01/12 .................... 2,400,539
</TABLE>
The accompanying notes are an integral part of these financial statements.
39
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
Sacramento MUD, Electric Revenue,
$ 9,250,000 Refunding, Series R, 6.00%, 02/01/17 ................................................... $ 8,765,115
3,950,000 Refunding, Series V, Pre-Refunded, 7.50%, 08/15/18 ..................................... 4,289,305
5,740,000 Refunding, Series Z, FGIC Insured, 6.25%, 07/01/04 ..................................... 6,095,478
3,000,000 Refunding, Series Z, FGIC Insured, 6.35%, 07/01/05 ..................................... 3,195,300
16,110,000 Refunding, Subordinated, 8.00%, 11/15/10 ............................................... 16,165,418
1,200,000 Series B, MBIA Insured, 6.25%, 08/15/11 ................................................ 1,228,884
5,950,000 Series B, MBIA Insured, 6.375%, 08/15/22 ............................................... 6,060,491
6,795,000 Series E, 5.75%, 05/15/22 .............................................................. 6,221,298
4,500,000 Series I, MBIA Insured, 6.00%, 01/01/24 ................................................ 4,432,815
5,265,000 Series Q, FGIC Insured, Pre-Refunded, 7.50%, 05/01/16 .................................. 5,539,201
2,325,000 Series W, 7.60%, 08/15/00 .............................................................. 3,516,572
12,875,000 Series W, Pre-Refunded, 7.75%, 08/15/03 ................................................ 14,300,134
5,405,000 Series W, Pre-Refunded, 7.875%, 08/15/16 ............................................... 6,023,981
15,000,000 Series W, Pre-Refunded, 7.50%, 08/15/18 ................................................ 16,288,500
2,795,000 Sacramento Public Television Facility Revenue, KVIE, Inc., Series A, 7.50%, 07/01/20........ 2,892,490
2,500,000 Sacramento RDA, Tax Allocation, Merged Downtown Project, Series A, MBIA Insured,
6.50%, 11/01/13............................................................................ 2,573,450
Sacramento Regional Transit District, COP,
1,605,000 Series A, 6.20%, 03/01/00 .............................................................. 1,667,916
1,100,000 Series A, 6.25%, 03/01/01 .............................................................. 1,147,762
1,000,000 Series A, 6.375%, 03/01/02 ............................................................. 1,050,780
1,200,000 Series A, 6.40%, 03/01/03 .............................................................. 1,262,088
1,000,000 Series A, 6.375%, 03/01/04 ............................................................. 1,047,960
1,100,000 Series A, 6.375%, 03/01/05 ............................................................. 1,137,224
Sacramento-Yolo Port District Revenue, Refunding,
3,620,000 Facilities Improvement, Series A, Pre-Refunded, 8.875%, 12/01/12 ....................... 4,062,835
11,645,000 Port Facilities, Series A, 7.25%, 07/01/13 ............................................. 12,058,397
Salida Area Public Facility Financing Agency, Special Tax,
215,000 CFD No. 88-1, 7.70%, 09/01/99 .......................................................... 221,082
250,000 CFD No. 88-1, 7.75%, 09/01/00 .......................................................... 257,832
290,000 CFD No. 88-1, 7.80%, 09/01/01 .......................................................... 299,074
260,000 CFD No. 88-1, 7.85%, 09/01/02 .......................................................... 268,122
385,000 CFD No. 88-1, 7.90%, 09/01/03 .......................................................... 397,012
435,000 CFD No. 88-1, 7.95%, 09/01/04 .......................................................... 449,529
495,000 CFD No. 88-1, 7.95%, 09/01/05 .......................................................... 511,533
460,000 CFD No. 88-1, 8.00%, 09/01/06 .......................................................... 474,311
630,000 CFD No. 88-1, 8.00%, 09/01/07 .......................................................... 649,599
700,000 CFD No. 88-1, 8.00%, 09/01/08 .......................................................... 721,777
6,075,000 CFD No. 88-1, 8.05%, 09/01/14 .......................................................... 6,263,750
2,495,000 Salinas Union High School District, COP, Refunding, Facility Financing Projects, 7.375%,
01/01/14................................................................................... 2,591,806
San Bernardino 1915 Act, Refunding,
855,000 AD No. 961, 7.60%, 09/02/02 ............................................................ 739,643
920,000 AD No. 961, 7.65%, 09/02/03 ............................................................ 795,184
990,000 AD No. 961, 7.70%, 09/02/04 ............................................................ 855,172
1,065,000 AD No. 961, 7.75%, 09/02/05 ............................................................ 919,553
San Bernardino County, 1915 Act, Refunding,
435,000 AD No. 85-1, Chino Hills, 7.80%, 09/02/00 .............................................. 450,599
480,000 AD No. 85-1, Chino Hills, 7.85%, 09/02/01 .............................................. 497,304
525,000 AD No. 85-1, Chino Hills, 7.85%, 09/02/02 .............................................. 543,926
570,000 AD No. 85-1, Chino Hills, 7.85%, 09/02/03 .............................................. 590,549
</TABLE>
The accompanying notes are an integral part of these financial statements.
40
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
San Bernardino County, 1915 Act, Refunding, (cont.)
$ 615,000 AD No. 85-1, Chino Hills, 7.90%, 09/02/04 ............................................... $ 637,294
670,000 AD No. 85-1, Chino Hills, 7.80%, 09/02/05 .............................................. 694,288
730,000 AD No. 85-1, Chino Hills, 7.95%, 09/02/06 .............................................. 756,608
795,000 AD No. 85-1, Chino Hills, 7.95%, 09/02/07 .............................................. 823,978
870,000 AD No. 85-1, Chino Hills, 7.95%, 09/02/08 .............................................. 901,712
950,000 AD No. 85-1, Chino Hills, 8.00%, 09/02/09 .............................................. 984,808
1,030,000 AD No. 85-1, Chino Hills, 8.00%, 09/02/10 .............................................. 1,067,739
1,120,000 AD No. 85-1, Chino Hills, 8.00%, 09/02/11 .............................................. 1,161,037
1,215,000 AD No. 85-1, Chino Hills, 8.00%, 09/02/12 .............................................. 1,259,518
1,320,000 AD No. 85-1, Chino Hills, 8.00%, 09/02/13 .............................................. 1,368,365
1,435,000 AD No. 85-1, Chino Hills, 8.00%, 09/02/14 .............................................. 1,487,578
1,560,000 AD No. 85-1, Chino Hills, 8.00%, 09/02/15 .............................................. 1,617,158
1,690,000 AD No. 85-1, Chino Hills, 8.00%, 09/02/16 .............................................. 1,751,922
1,830,000 AD No. 85-1, Chino Hills, 8.00%, 09/02/17 .............................................. 1,897,051
1,985,000 AD No. 85-1, Chino Hills, 8.00%, 09/02/18 .............................................. 2,057,730
2,075,000 AD No. 85-1, Chino Hills, 8.00%, 09/02/19 .............................................. 2,151,028
2,210,000 AD No. 85-1, Chino Hills, 8.00%, 09/02/20 .............................................. 2,290,974
1,815,000 AD No. 85-1, Chino Hills, 8.00%, 09/02/21 .............................................. 1,881,502
San Bernardino County COP,
9,075,000 Refunding and Capital Improvement Projects, 7.80%, 07/01/16 ............................ 9,496,897
3,705,000 West Valley Detention Center Project, MBIA Insured, 6.25%, 11/01/04 .................... 3,963,424
3,935,000 West Valley Detention Center Project, MBIA Insured, 6.35%, 11/01/05 .................... 4,208,207
4,185,000 West Valley Detention Center Project, MBIA Insured, 6.40%, 11/01/06 .................... 4,458,866
20,000,000 West Valley Detention Center Project, MBIA Insured, 6.50%, 11/01/12 .................... 20,777,800
9,275,000 West Valley Detention Center Project, MBIA Insured, 6.20%, 11/01/25 .................... 9,261,829
510,000 San Bernardino County Mortgage Revenue, Refunding, Don Miguel Apartments Projects,
MBIA Insured, 6.00%, 09/01/03 ............................................................. 521,771
San Bernardino County SFMR,
915,000 Series A, GNMA Secured, 7.50%, 12/01/07 ................................................ 966,487
4,455,000 Series A, GNMA Secured, 7.65%, 06/01/23 ................................................ 4,717,132
San Bernardino Joint Powers Financing Authority Revenue, Tax Allocation,
3,000,000 Central City Merged Project, Series B, 7.50%, 11/01/20 ................................. 3,014,760
450,000 Refunding, Central City Merged Project, Series A, 6.75%, 11/01/00 ...................... 466,821
480,000 Refunding, Central City Merged Project, Series A, 6.90%, 11/01/01 ...................... 503,131
510,000 Refunding, Central City Merged Project, Series A, 7.00%, 11/01/02 ...................... 539,039
550,000 Refunding, Central City Merged Project, Series A, 7.00%, 11/01/03 ...................... 582,615
585,000 Refunding, Central City Merged Project, Series A, 7.00%, 11/01/04 ...................... 617,696
625,000 Refunding, Central City Merged Project, Series A, 7.05%, 11/01/05 ...................... 659,856
670,000 Refunding, Central City Merged Project, Series A, 7.05%, 11/01/06 ...................... 705,095
720,000 Refunding, Central City Merged Project, Series A, 7.05%, 11/01/07 ...................... 755,280
15,585,000 Refunding, Central City Merged Project, Series A, 7.10%, 11/01/20 ...................... 15,985,223
2,250,000 South Valley Redevelopment Project, Series A, 7.50%, 01/01/15 .......................... 2,377,057
1,695,000 Tri-City Redevelopment Project, Series B, 7.60%, 01/01/08 .............................. 1,805,412
3,705,000 Tri-City Redevelopment Project, Series B, 7.65%, 01/01/15 .............................. 3,852,051
905,000 San Bernandino Municipal Water Department, COP, FGIC Insured, 6.25%, 02/01/12 .............. 921,109
75,000,000 San Bernardino PBA Revenue, Capital Improvement, 8.30%, 09/02/19 ........................... 77,442,000
18,230,000 San Bernardino RDA, Tax Allocation, Refunding, Central City Redevelopment Project,
Pre-Refunded, 9.375%, 11/01/20 ............................................................ 19,193,638
5,010,000 San BuenaVentura Municipal Improvement Revenue, Series A, 10.375%, 12/01/13 ................ 5,082,144
8,500,000 San Carlos Mortgage Revenue, Elms Project, FHA Mortgage Insured, 6.875%, 08/01/37 .......... 8,792,825
</TABLE>
The accompanying notes are an integral part of these financial statements.
41
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
$ 2,200,000 San Diego Community College District, COP, Financing Project, Series 1987, Pre-Refunded,
8.625%, 12/01/09 ......................................................................... $ 2,449,722
San Diego County COP,
2,260,000 Children's Center Project, 6.00%, 10/01/02 ............................................. 2,267,684
3,500,000 Clairemont Health Services Complex, Pre-Refunded, 6.00%, 12/01/10 ...................... 3,685,640
10,625,000 Inmate Reception Center and Cooling, MBIA Insured, 6.25%, 08/01/24 ..................... 10,744,000
7,130,000 Series A, Pre-Refunded, 7.00%, 08/01/12 ................................................ 7,691,131
6,750,000 Vista Detention Facility Expansion Project, Pre-Refunded, 7.875%, 04/01/07 ............. 7,281,022
San Diego County Regional Transportation Commission, Sales Tax Revenue,
1,250,000 Series A, ETM 04/01/07, 6.00%, 04/01/08 ................................................ 1,301,537
9,000,000 Series A, Pre-Refunded, 7.375%, 04/01/06 ............................................... 9,962,820
9,050,000 San Diego County Water Authority Revenue, COP, Series A, Pre-Refunded, 7.30%, 05/01/09...... 9,700,061
San Diego IDR, San Diego Gas & Electric Co. Project,
20,400,000 Series 1985-A, 9.25%, 09/01/20 ......................................................... 21,085,236
11,605,000 Series 1986-A, 7.625%, 07/01/21 ........................................................ 11,989,590
12,230,000 Series 1987-A, 8.75%, 03/01/23 ......................................................... 13,239,586
19,800,000 Series 1992-A, 6.40%, 09/01/18 ......................................................... 20,021,166
6,145,000 San Diego Mortgage Revenue, Refunding, Mariners Cove, Series B-1, 5.80%, 09/01/15 .......... 5,774,334
2,200,000 San Diego RDA, Refunding, Tax Allocation, Columbia Redevelopment Project, Series A,
Pre-Refunded, 8.75%, 12/01/08 ............................................................. 2,452,604
22,000,000 San Diego Regional Building Authority, Lease Revenue, Metropolitan Transit System Tower
Project, Series A, Pre-Refunded, 7.75%, 11/01/19 .......................................... 24,050,180
75,000 San Diego SFMR, Issue A, 9.20%, 07/15/16 ................................................... 79,570
28,845,000 San Diego, Special Tax, CFD No.1, Series A, 8.50%, 09/01/16 ................................ 29,817,653
1,440,000 San Francisco Bay Area Rapid Transportation District Revenue, Sales Tax, FGIC Insured,
6.60%, 07/01/12............................................................................ 1,508,645
San Francisco City and County International Airports, Commission Revenue,
2,500,000 Second Series, Issue 6, AMBAC Insured, 6.50%, 05/01/18 ................................. 2,557,250
13,250,000 Second Series, Issue 6, AMBAC Insured, 6.60%, 05/01/24 ................................. 13,658,365
4,000,000 San Francisco City and County Public Utilities Commission, Water Revenue, Crossover
Refunding, Series A, 6.50%, 11/01/09 ...................................................... 4,206,160
9,415,000 San Francisco City and County RDA, Hotel Tax Revenue, Refunding, CGIC Insured, 6.75%,
07/01/25................................................................................... 9,859,388
17,000,000 San Francisco City and County, RDA Lease Revenue, George R. Moscone, Crossover
Refunding, Series 1992, 5.50%, 07/01/18 ................................................... 14,791,530
8,350,000 San Francisco City and County, RDA Mortgage Revenue, Refunding, Series A,
MBIA Insured, 6.65%, 07/01/24 ............................................................. 8,355,093
3,000,000 San Francisco City and County Revenue, Irwin Memorial Blood Center, Series A, 6.80%,
12/01/21 3,042,660
730,000 San Francisco City and County SFMR, Series 1985, 9.375%, 10/01/12 .......................... 767,960
1,750,000 San Francisco State Building Authority, COP, Pre-Refunded, 7.375%, 07/01/13 ................ 1,844,832
5,000,000 San Francisco USD, COP, Civic Improvement and Financing Corp., Pre-Refunded, 8.40%, ........ 5,329,850
1,000,000 San Gabriel Valley Mosquito Abatement District, COP, Lease Finance, Series R, 6.60%,
08/01/12................................................................................... 1,001,400
1,765,000 San Gabriel Valley Schools Financing Authority Revenue, Series A, 7.70%, 11/01/19 .......... 1,865,164
San Jacinto RDA, COP,
1,065,000 Fire Station Project, 7.90%, 12/01/08 .................................................. 1,123,926
2,375,000 Fire Station Project, 8.00%, 12/01/15 .................................................. 2,497,265
San Jacinto, Special Tax,
540,000 CFD No. 2, 7.55%, 09/01/00 ............................................................. 560,704
520,000 CFD No. 2, 7.60%, 09/01/01 ............................................................. 540,041
775,000 CFD No. 2, 7.65%, 09/01/02 ............................................................. 804,853
</TABLE>
The accompanying notes are an integral part of these financial statements.
42
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
San Jacinto, Special Tax, (cont.)
$ 1,000,000 CFD No. 2, 7.70%, 09/01/04 ............................................................. $ 1,038,490
1,275,000 CFD No. 2, 7.75%, 09/01/06 ............................................................. 1,323,182
1,465,000 CFD No. 2, 7.75%, 09/01/07 ............................................................. 1,519,366
1,240,000 CFD No. 2, 7.80%, 09/01/08 ............................................................. 1,285,979
805,000 CFD No. 2, 7.80%, 09/01/09 ............................................................. 834,849
12,675,000 CFD No. 2, 7.90%, 09/01/14 ............................................................. 13,152,974
San Jacinto USD, COP,
15,400,000 General Hospital Project, 6.25%, 09/01/13 .............................................. 14,892,878
31,000,000 General Hospital Project, 6.625%, 09/01/20 ............................................. 30,865,150
San Joaquin County Special Tax,
1,420,000 CFD No. 89-1, 7.625%, 09/01/10 ......................................................... 1,345,223
2,990,000 CFD No. 89-1, 7.75%, 09/01/20 .......................................................... 2,817,776
San Joaquin Hills Transportation, Corridor Agency, Toll Road Revenue,
95,255,000 Senior Lien, 7.00%, 01/01/30 ........................................................... 94,381,512
40,765,000 Senior Lien, 6.75%, 01/01/32 ........................................................... 39,057,354
50,340,000 Senior Lien, 5.00%, 01/01/33 ........................................................... 36,921,370
San Jose 1915 Act, Refunding,
70,000 ID 86-196SJ, 8.00%, 09/02/98 ........................................................... 72,203
70,000 ID 86-196SJ, 8.00%, 09/02/99 ........................................................... 72,358
125,000 ID 87-198SJ, 7.90%, 09/02/99 ........................................................... 129,480
130,000 ID 87-198SJ, 8.00%, 09/02/00 ........................................................... 134,710
92,315,000 San Jose COP, Public Facilities Financing Corp., Convention Center Project, Pre-Refunded,
7.875%, 09/01/10 ......................................................................... 98,355,170
San Jose Financing Authority Revenue,
8,470,000 Community Facilities Project, Series B, 5.625%, 11/15/18 ............................... 7,628,082
53,550,000 Convention Center Project, Series C, 6.40%, 09/01/22 ................................... 53,890,578
6,100,000 Refunding, Convention Center Project, Series C, 6.40%, 09/01/17 ........................ 6,158,560
San Jose MFHR, Timberwood Apartments Project,
4,065,000 Series A, 7.40%, 02/01/10 .............................................................. 4,222,600
6,360,000 Series A, 7.50%, 02/01/20 .............................................................. 6,588,197
San Jose RDA, Tax Allocation,
10,000,000 Merged Area Redevelopment Project, Series 1993, MBIA Insured, 5.00%, 08/01/21 .......... 8,555,100
10,525,000 Merged Area Redevelopment Project, Series 1993-D, MBIA Insured, 5.75%, 08/01/24 ........ 9,559,226
1,160,000 Park Center Redevelopment Project, 7.00%, 10/01/07 ..................................... 1,189,592
1,240,000 Park Center Redevelopment Project, 7.00%, 10/01/08 ..................................... 1,265,904
1,325,000 Park Center Redevelopment Project, 7.00%, 10/01/09 ..................................... 1,345,988
25,400,000 Refunding, Merged Area Redevelopment Project, Series 1986-A, Pre-Refunded, 7.80%,
08/01/11............................................................................... 26,970,228
10,000,000 Refunding, Merged Area Redevelopment Project, Series 1986-B, Pre-Refunded, 7.50%,
08/01/04............................................................................... 10,593,500
1,180,000 San Juan USD, COP, Financing Project, 7.80%, 08/01/98 ...................................... 1,199,222
65,000 San Leandro RDA, RMR, Pre-Refunded, 11.25%, 04/01/13 ....................................... 90,039
3,500,000 San Lorenzo USD, COP, Capital Facilities Project, 7.20%, 08/01/12 .......................... 3,624,810
4,350,000 San Luis Obispo Capital Improvement Board Lease Revenue, Capital Improvement Project,
8.25%, 06/01/06............................................................................ 4,616,612
San Luis Obispo County COP,
1,830,000 Jail Expansion Project, 6.75%, 10/01/16 ................................................ 1,849,050
1,475,000 Jail Expansion Project, 6.80%, 10/01/21 ................................................ 1,494,190
1,980,000 San Luis Obispo County COP, Community College District, 7.00%, 07/01/21 .................... 2,018,650
</TABLE>
The accompanying notes are an integral part of these financial statements.
43
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
San Marcos Public Facilities Authority Revenue,
$ 18,260,000 Capital Improvement, 8.25%, 01/01/19 ................................................... $ 19,288,951
53,760,000 Civic Center, Mission Boulevard Project, Pre-Refunded, 7.40%, 09/02/22 ................. 60,003,149
5,350,000 Rancheros Mobil Home Park Project, 7.00%, 10/01/24 ..................................... 5,452,453
25,000,000 San Marcos Public Financing Authority Revenue, Series A, 6.25%, 09/02/22 ................... 24,835,750
San Marcos, Special Tax,
11,500,000 CFD No. 88-1, 7.75%, 09/01/18 .......................................................... 11,721,145
10,670,000 CFD No. 88-1, 7.625%, 09/01/19 ......................................................... 10,811,057
1,185,000 San Mateo County Board of Education, COP, Administrative Building Project, 7.10%,
05/01/21................................................................................... 1,214,139
San Mateo County COP,
7,020,000 Capital Projects Program, MBIA Insured, Pre-Refunded, 6.50%, 07/01/17 .................. 7,680,442
2,900,000 Capital Projects Program, Series 1985-A, 9.125%, 07/01/98 .............................. 3,145,398
San Mateo County Joint Powers Financing Authority, Lease Revenue,
9,000,000 cCapital Projects, Series A, FSA Insured, 5.75%, 07/15/27 ............................... 8,424,900
4,930,000 North County Satellite Clinic, FSA Insured, 5.65%, 09/01/16 ............................ 4,605,162
6,000,000 San Mateo County Health Care Center, Series A, FSA Insured, 6.125%, 07/15/14 ........... 5,942,400
15,870,000 San Mateo County Health Care Center, Series A, FSA Insured, 5.75%, 07/15/22 ............ 14,914,467
2,175,000 San Mateo County Transit District, Sales Tax Revenue, Series A, MBIA Insured, 6.50%,
06/01/20................................................................................... 2,306,044
9,305,000 San Mateo RDA, COP, Refunding, Bridge and Water Pumping Station, Pre-Refunded,
8.10%, 08/01/13............................................................................ 9,924,248
San Pablo 1915 Act, Limited Obligation Improvement, Town Center Assessment,
160,000 Series A, 8.00%, 09/02/02 .............................................................. 165,797
175,000 Series A, 8.00%, 09/02/03 .............................................................. 181,340
185,000 Series A, 8.05%, 09/02/04 .............................................................. 191,740
205,000 Series A, 8.05%, 09/02/05 .............................................................. 212,468
220,000 Series A, 8.05%, 09/02/06 .............................................................. 228,015
240,000 Series A, 8.05%, 09/02/07 .............................................................. 248,743
260,000 Series A, 8.05%, 09/02/08 .............................................................. 269,472
305,000 Series A, 8.10%, 09/02/10 .............................................................. 316,169
330,000 Series A, 8.10%, 09/02/11 .............................................................. 342,085
355,000 Series A, 8.10%, 09/02/12 .............................................................. 368,000
385,000 Series A, 8.10%, 09/02/13 .............................................................. 399,099
420,000 Series A, 8.10%, 09/02/14 .............................................................. 435,380
3,500,000 San Pablo RDA, Tax Allocation, Merged Project Area, FGIC Insured, 6.25%, 12/01/19 .......... 3,554,635
6,740,000 San Rafael RDA, Refunding, Tax Allocation, Central San Rafael Redevelopment,
FGIC Insured, 6.45%, 12/01/17 ............................................................. 6,929,259
2,200,000 San Rafael Sanitation District, COP, Waste Water Facilities Financing, 6.80%, 08/01/11...... 2,227,522
San Ramon COP, San Ramon Capital Improvement Projects,
70,000 Series 1993, 4.25%, 03/01/96 ........................................................... 68,713
75,000 Series 1993, 4.75%, 03/01/98 ........................................................... 73,350
1,730,000 Series 1993, 6.00%, 03/01/18 ........................................................... 1,608,139
San Ramon Public Finance Authority,
49,235,000 Local Agency Revenue, 8.80%, 09/02/18 ................................................. 52,641,570
13,050,000 Tax Allocation, Refunding, 6.90%, 02/01/24 ............................................. 13,109,117
130,000 Tax Allocation, Series A, ETM 02/01/97, 7.10%, 02/01/97 ................................ 135,590
135,000 Tax Allocation, Series A, ETM 02/01/98, 7.20%, 02/01/98 ................................ 143,610
145,000 Tax Allocation, Series A, ETM 02/01/99, 7.30%, 02/01/99 ................................ 156,965
160,000 Tax Allocation, Series A, Pre-Refunded, 7.40%, 02/01/00 ................................ 176,414
170,000 Tax Allocation, Series A, Pre-Refunded, 7.50%, 02/01/01 ................................ 188,025
7,280,000 Tax Allocation, Series A, Pre-Refunded, 7.625%, 02/01/20 ............................... 8,083,202
</TABLE>
The accompanying notes are an integral part of these financial statements.
44
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
San Ramon Valley Fire Protection District, COP,
$ 8,545,000 Pre-Refunded, 7.30%, 07/01/19 .......................................................... $ 8,776,484
215,000 Refunding, Financing Corp., 4.25%, 07/01/96 ............................................ 211,971
225,000 Refunding, Financing Corp., 4.50%, 07/01/97 ............................................ 219,899
235,000 Refunding, Financing Corp., 4.75%, 07/01/98 ............................................ 228,876
245,000 Refunding, Financing Corp., 5.00%, 07/01/99 ............................................ 238,427
260,000 Refunding, Financing Corp., 5.10%, 07/01/00 ............................................ 251,066
270,000 Refunding, Financing Corp., 5.20%, 07/01/01 ............................................ 259,961
285,000 Refunding, Financing Corp., 5.30%, 07/01/02 ............................................ 273,078
300,000 Refunding, Financing Corp., 5.40%, 07/01/03 ............................................ 286,161
320,000 Refunding, Financing Corp., 5.50%, 07/01/04 ............................................ 303,965
335,000 Refunding, Financing Corp., 5.60%, 07/01/05 ............................................ 316,987
355,000 Refunding, Financing Corp., 5.70%, 07/01/06 ............................................ 336,079
375,000 Refunding, Financing Corp., 5.75%, 07/01/07 ............................................ 353,884
395,000 Refunding, Financing Corp., 5.80%, 07/01/08 ............................................ 371,659
6,275,000 Refunding, Financing Corp., 6.00%, 07/01/19 ............................................ 5,857,838
San Ramon Valley USD, COP,
9,000,000 Measure A, Capital Project, Series A, 5.95%, 10/01/01 .................................. 9,067,140
970,000 Refunding, 7.40%, 02/01/98 ............................................................. 1,007,132
1,040,000 Refunding, 7.40%, 02/01/99 ............................................................. 1,086,894
6,505,000 Refunding, 7.55%, 02/01/04 ............................................................. 6,776,714
6,000,000 Refunding, Pre-Refunded, 7.70%, 02/01/10 ............................................... 6,501,240
21,495,000 Refunding, Series 1992, 7.00%, 02/01/22 ................................................ 21,575,821
21,955,000 Series A, 6.35%, 10/01/01 .............................................................. 22,647,241
2,070,000 Santa Ana COP, Parking Facilities Project, Refunding, Series A, AMBAC Insured, 6.125%,
06/01/16................................................................................... 2,079,874
Santa Ana CRDA, Tax Allocation, Refunding,
2,000,000 Mainplace Project, 7.40%, 09/01/19 ..................................................... 1,884,080
2,500,000 Series A, 7.25%, 09/01/19 .............................................................. 2,532,600
10,105,000 Series B, 7.375%, 09/01/09 ............................................................. 10,220,298
6,000,000 Series C, 7.25%, 09/01/17 .............................................................. 6,078,240
2,260,000 Series C, Pre-Refunded, 6.75%, 09/01/19 ................................................ 2,183,883
2,255,000 Series D, 6.75%, 09/01/19 .............................................................. 2,459,303
Santa Ana Financing Authority, Lease Revenue, Police Administration and Holding Facility,
1,015,000 Series A, MBIA Insured, 5.50%, 07/01/07 ................................................ 1,000,699
2,400,000 Series A, MBIA Insured, 5.60%, 07/01/08 ................................................ 2,364,528
1,130,000 Series A, MBIA Insured, 5.625%, 07/01/09 ............................................... 1,109,830
5,000,000 Santa Ana Financing Authority Water Revenue, MBIA Insured, 6.125%, 09/01/24 ................ 5,005,300
Santa Ana Mountains, County Water District,
18,415,000 CFD No. 7, Special Tax, Pre-Refunded, 9.50%, 10/01/12 .................................. 20,778,013
10,625,000 CFD No. 7, Special Tax, Pre-Refunded, 8.40%, 10/01/13 .................................. 11,989,250
7,830,000 Refunding, CFD No. 2, Pre-Refunded, 7.875%, 04/15/15 ................................... 8,248,670
Santa Barbara COP,
4,500,000 Municipal Improvements Program, Pre-Refunded, 8.00%, 08/01/17 .......................... 4,642,380
8,090,000 Refunding, Harbor Project, 6.75%, 10/01/27 ............................................. 8,179,961
1,905,000 Santa Barbara COP, California Health Facilities, Loan Program, 7.65%, 05/01/15 ............. 2,023,167
Santa Barbara County, COP,
9,960,000 Refunding, Series 1994, 5.70%, 03/01/11 ................................................ 9,269,971
4,595,000 Series 1990, Pre-Refunded, 7.50%, 02/01/11 ............................................. 5,106,653
4,000,000 Santa Barbara County Retirement Facility Revenue, COP, Montecito Retirement Center,
Pre-Refunded, 7.80%, 04/01/18 ............................................................. 4,309,080
6,315,000 Santa Barbara Housing Authority Revenue, Refunding and Acquisition, 7.93%, 11/15/20 ........ 6,411,114
</TABLE>
The accompanying notes are an integral part of these financial statements.
45
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
Santa Barbara SFMR,
$ 560,000 GNMA Secured, 7.625%, 10/01/10 ......................................................... $ 581,291
1,630,000 GNMA Secured, 7.65%, 10/01/23 .......................................................... 1,689,968
Santa Clara County COP,
10,000,000 Refunding, Santa Clara Convention Center, Pre-Refunded, 7.875%, 07/01/10 ............... 10,601,200
3,090,000 Refunding, Terraces of Los Gatos Project, 6.125%, 03/01/11 ............................. 2,990,780
12,200,000 Refunding, Terraces of Los Gatos Project, 6.125%, 03/01/18 ............................. 11,546,934
4,000,000 Terraces of Los Gatos Project, 6.90%, 03/01/18 ......................................... 4,089,840
Santa Clara County Financing Authority Lease Revenue, VMC Facilities Replacement Project,
13,000,000 Series A, AMBAC Insured, 6.75%, 11/15/20 ............................................... 13,738,660
29,025,000 Series A, AMBAC Insured, 6.25%, 11/15/22 ............................................... 29,314,670
Santa Clara Electric Revenue,
33,500,000 Crossover Refunding, Series B, 7.80%, 07/01/10 ......................................... 35,338,480
10,585,000 Series A, MBIA Insured, 5.75%, 07/01/24 ................................................ 10,067,499
17,000,000 Santa Clara Valley Water District, COP, Refunding & Improvement, Series A, FGIC Insured,
6.00%, 02/01/24............................................................................ 16,746,020
3,150,000 Santa Cruz City School District, COP, Education Center Financing Project, 7.00%, 05/01/24... 3,173,877
3,500,000 Santa Cruz County COP, Capital Facilities Project, MBIA Insured, 6.70%, 09/01/20 ........... 3,674,370
Santa Cruz County Housing Authority, MFHR,
3,840,000 Dominican Oaks, Series 1987, GNMA Secured, 8.20%, 12/20/10 ............................. 4,037,338
7,080,000 Dominican Oaks, Series 1987, GNMA Secured, 8.25%, 12/20/17 ............................. 7,450,992
9,230,000 Series 1990-B, 7.75%, 07/01/23 ......................................................... 9,712,267
9,870,000 Santa Cruz County Public Finance Authority, Series 1990-C, 7.10%, 08/01/20 ................. 9,973,339
Santa Margarita Water District,
2,000,000 ID No. 2A, Series C, Pre-Refunded, 8.00%, 06/01/13 ..................................... 2,217,420
2,400,000 ID No. 3A, Series A, Pre-Refunded, 8.00%, 06/01/08 ..................................... 2,660,904
2,585,000 ID No. 3A, Series A, Pre-Refunded, 8.00%, 06/01/13 ..................................... 2,866,015
5,000,000 ID No. 4, Series D, Pre-Refunded, 8.00%, 06/01/08 ...................................... 5,543,550
11,000,000 ID No. 4, Series D, Pre-Refunded, 8.00%, 06/01/13 ...................................... 12,195,810
4,000,000 ID No. 4A, Series A, Pre-Refunded, 7.75%, 08/01/06 ..................................... 4,340,880
5,000,000 ID No. 4A, Series B, Pre-Refunded, 8.00%, 06/01/08 ..................................... 5,543,550
5,000,000 ID No. 4A, Series B, Pre-Refunded, 8.00%, 06/01/13 ..................................... 5,543,550
2,750,000 Santa Maria Bonita School District, COP, Refunding, MBIA Insured, 7.00%, 03/01/16 .......... 2,939,117
3,600,000 Santa Maria COP, Revenue, Marian Medical Center, 6.75%, 09/01/22 ........................... 3,602,124
3,865,000 Santa Maria COP, Town Center and Westside Parking Facilities, Pre-Refunded, 7.20%,
06/01/16................................................................................... 4,058,250
11,885,000 Santa Monica COP, Santa Monica Improvements Project, Pre-Refunded, 7.875%, 08/01/16 ........ 12,631,021
Santa Monica RDA, Refunding, Tax Allocation, Ocean Park Redevelopment Project,
3,805,000 Series A, Pre-Refunded, 8.25%, 07/01/18 ................................................ 4,255,017
1,260,000 Series B, Pre-Refunded, 8.25%, 07/01/18 ................................................ 1,409,020
Santa Rosa 1915 Act, Refunding,
290,000 Northpoint Park No. 85-1, 8.05%, 09/02/09 .............................................. 300,272
315,000 Northpoint Park No. 85-1, 8.10%, 09/02/10 .............................................. 326,472
340,000 Northpoint Park No. 85-1, 8.10%, 09/02/11 .............................................. 352,383
3,150,000 Santa Rosa Central Parking Service Facilities District Project No. 89-1, 7.60%, 07/02/15.... 3,259,714
1,970,000 Sausalito School District, Marin County, COP, Capital Outlay Financing Program, Series A,
7.75%, 04/01/09............................................................................ 2,074,705
2,880,000 Seal Beach RDA, Refunding, Sub-Lien, Tax Allocation, Riverfront, Series A, 6.70%, 09/01/13.. 2,805,610
Sebastopol COP,
2,500,000 Capital Projects, Pre-Refunded, 7.40%, 06/01/14 ........................................ 2,767,825
2,205,000 Refunding, 6.10%, 06/01/14 ............................................................. 2,045,292
</TABLE>
The accompanying notes are an integral part of these financial statements.
46
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
Sequoia Hospital District Revenue, Refunding,
$ 6,340,000 Pre-Refunded, 7.50%, 09/01/08 ......................................................... $ 6,978,565
2,835,000 Pre-Refunded, 7.60%, 09/01/14 ......................................................... 3,129,358
Shasta Joint Powers Financing Authority Lease Revenue, Courthouse County Improvement
Project,
1,000,000 Series A, 6.60%, 06/01/12 ............................................................. 990,780
2,500,000 Series A, 6.70%, 06/01/23 ............................................................. 2,471,625
Sierra Madre Financing Authority Revenue, Local Agency,
240,000 Series 1988-A, 7.50%, 11/01/98 ........................................................ 257,021
260,000 Series 1988-A, 7.60%, 11/01/99 ........................................................ 282,425
280,000 Series 1988-A, 7.70%, 11/01/00 ........................................................ 304,598
5,500,000 Series 1988-A, 7.80%, 11/01/18 ........................................................ 5,797,385
15,000,000 Sierra View Local Hospital District Revenue, Insured Health Facilities, 6.40%, 03/01/22..... 14,568,300
Signal Hill RDA, Tax Allocation,
1,015,000 Redevelopment Project No. 1-B, Pre-Refunded, 7.10%, 10/01/01 .......................... 1,113,567
1,100,000 Redevelopment Project No. 1-B, Pre-Refunded, 7.20%, 10/01/02 .......................... 1,212,035
1,135,000 Redevelopment Project No. 1-B, Pre-Refunded, 7.25%, 10/01/03 .......................... 1,253,278
1,225,000 Redevelopment Project No. 1-B, Pre-Refunded, 7.30%, 10/01/04 .......................... 1,355,560
21,000,000 Redevelopment Project No. 1-B, Pre-Refunded, 7.40%, 10/01/15 .......................... 23,337,720
3,000,000 (f)Simi Valley CDA, Commercial Mortgage Revenue, Sycamore Plaza II, 8.20%, 09/01/12 ........... 3,038,910
5,000,000 Simi Valley Public Financing Authority Revenue, Refunding, MBIA Insured, 5.75%, 09/01/23.... 4,758,350
Simi Valley SFRMR,
4,900,000 (a,b)Series 1989-A, 7.625%, 08/01/22 ....................................................... 1,470,000
1,900,000 Series 1990-A, 7.70%, 03/01/25 ........................................................ 2,029,523
1,000,000 Snowline Joint USD, COP, 7.25%, 04/01/18 ................................................... 1,025,810
Solano County COP, Refunding,
2,000,000 Justice Facilities and Public Building Project, 5.875%, 10/01/05 ...................... 1,950,400
2,765,000 MBIA Insured, 7.375%, 10/01/03 ........................................................ 2,861,250
2,970,000 MBIA Insured, 7.375%, 10/01/04 ........................................................ 3,073,386
4,160,000 Soledad RDA, Refunding, Tax Allocation, Soledad Redevelopment Project, 7.40%, 11/01/12...... 4,318,330
Sonoma County Office of Education, COP,
3,115,000 Refunding, Capital Financing Project, 5.625%, 07/01/20 ................................ 2,726,653
1,745,000 Series 1990, Pre-Refunded, 7.375%, 07/01/20 ........................................... 1,956,232
South Coast Air Quality Management District Revenue, Building Corp., Installment Sale
Headquarters,
5,280,000 Series 1992, 6.00%, 08/01/09 .......................................................... 5,350,858
3,000,000 Series A, Pre-Refunded, 7.80%, 08/01/13 ............................................... 3,333,660
South Gate Public Finance Authority Revenue, Tax Allocation,
3,680,000 Series A-1, Pre-Refunded, 7.60%, 09/01/09 ............................................. 4,081,819
13,265,000 Series A-2, Pre-Refunded, 7.375%, 09/01/09 ............................................ 14,735,956
8,505,000 South Gate Redevelopment Project No. 1, AMBAC Insured, 5.875%, 09/01/24 ............... 8,233,010
4,500,000 South Napa Waste Management Authority Revenue, Solid Waste Transfer Facilities Project,
6.50%, 02/15/14............................................................................ 4,366,485
15,600,000 South Orange County Public Financing Authority, Special Tax Revenue, Refunding,
Senior Lien, Series A, MBIA Insured, 6.00%, 09/01/18 ...................................... 15,386,592
South San Francisco 1915 Act,
1,090,000 Gateway AD No. ST-82-2, 8.00%, 09/02/96 ............................................... 1,115,430
1,175,000 Gateway AD No. ST-82-2, 8.00%, 09/02/97 ............................................... 1,217,323
1,260,000 Gateway AD No. ST-82-2, 8.00%, 09/02/98 ............................................... 1,305,385
1,335,000 Gateway AD No. ST-82-2, 8.00%, 09/02/99 ............................................... 1,383,087
1,455,000 Gateway AD No. ST-82-2, 8.00%, 09/02/00 ............................................... 1,507,409
</TABLE>
The accompanying notes are an integral part of these financial statements.
47
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
South San Francisco 1915 Act, (cont.)
$ 1,570,000 Gateway AD No. ST-82-2, 8.00%, 09/02/01 ................................................ $ 1,626,551
1,675,000 Gateway AD No. ST-82-2, 8.00%, 09/02/02 ................................................ 1,735,333
1,560,000 South San Francisco Capital Improvements Financing Authority Revenue, Conference
Center Project, Pre-Refunded, 6.90%, 09/01/12 ............................................. 1,738,526
South Tahoe Joint Powers Financing Authority Revenue, Refunding, Tahoe Redevelopment
Project, Area 1-A,
8,995,000 Series S, 6.90%, 10/01/13 .............................................................. 8,766,077
30,130,000 Series S, 7.20%, 10/01/23 .............................................................. 29,948,919
14,000,000 Southeast Resource Recovery Facilities Authority, Lease Revenue, Long Beach, 9.00%,
12/01/08................................................................................... 14,564,340
Southern California HFA, SFMR,
5,820,000 cGNMA Secured, 7.625%, 10/01/22 ......................................................... 6,121,185
6,525,000 GNMA Secured, 7.75%, 03/01/24 .......................................................... 6,950,952
845,000 Series A, GNMA Secured, 6.75%, 09/01/22 ................................................ 871,110
1,250,000 Series B, GNMA Secured, 6.90%, 10/01/24 ................................................ 1,299,512
Southern California Public Power Authority Revenue,
10,000,000 Multi Purpose Projects, 6.75%, 07/01/13 ................................................ 10,628,300
3,790,000 Multi Purpose Projects, 6.00%, 07/01/18 ................................................ 3,665,233
6,395,000 Refunding, Hydroelectric-Hoover Uprating, 6.00%, 10/01/17 .............................. 6,256,037
10,670,000 Refunding, Palo Verde Project, Pre-Refunded, 7.125%, 07/01/15 .......................... 11,229,748
400,000 Refunding, Palo Verde Project, Series A, 6.875%, 07/01/15 .............................. 410,924
600,000 Refunding, Palo Verde Project, Series A, Pre-Refunded, 6.875%, 07/01/15 ................ 629,694
28,625,000 Refunding, Palo Verde Project, Series B, 5.75%, 07/01/17 ............................... 27,377,522
Southern California Public Power Authority Revenue,
7,000,000 Refunding, Transmission Project, Series B, 5.50%, 07/01/23 ............................. 6,393,170
33,470,000 Refunding, Transmission Project, Series B, FGIC Insured, 7.375%, 07/01/21 .............. 35,337,961
2,465,000 Southern Transmission Project, 6.00%, 07/01/20 ......................................... 2,417,623
10,500,000 Southern Transmission Project, FGIC Insured, 6.00%, 07/01/20 ........................... 10,351,110
6,025,000 Southern Transmission Project, Pre-Refunded, 6.00%, 07/01/20 ........................... 5,511,308
5,500,000 Sub-Crossover Refunding, Southern Trasmission Project, 6.125%, 07/01/18 ................ 5,482,455
21,000,000 Sub-Crossover Refunding, Southern Trasmission Project, 5.75%, 07/01/21 ................. 19,989,060
3,400,000 Sub-Crossover Refunding, Southern Trasmission Project, MBIA Insured, 5.75%,
07/01/21............................................................................... 3,240,608
2,250,000 Southern Kern USD, COP, 7.10%, 09/01/17 .................................................... 2,278,980
1,390,000 Standard Elementary School District, COP, 7.375%, 06/01/11 ................................. 1,457,846
26,000,000 Stanislaus County COP, Refunding, 7.55%, 04/01/18 .......................................... 26,405,600
3,500,000 Stanislaus Solid Waste and Energy Finance Authority Revenue, 7.30%, 01/01/99 ............... 3,642,590
Stockton 1915 Act, Limited Obligation,
295,000 Weber/Sperry Ranch Project No. 88-1, 8.30%, 09/02/07 ................................... 250,750
345,000 Weber/Sperry Ranch Project No. 88-1, 8.30%, 09/02/08 ................................... 293,250
380,000 Weber/Sperry Ranch Project No. 88-1, 8.40%, 09/02/09 ................................... 323,000
475,000 Weber/Sperry Ranch Project No. 88-1, 8.40%, 09/02/10 ................................... 403,750
545,000 Weber/Sperry Ranch Project No. 88-1, 8.40%, 09/02/11 ................................... 463,250
620,000 Weber/Sperry Ranch Project No. 88-1, 8.40%, 09/02/12 ................................... 527,000
705,000 Weber/Sperry Ranch Project No. 88-1, 8.40%, 09/02/13 ................................... 599,250
Stockton Central Parking District,
4,080,000 Project No. 86-1, Pre-Refunded, 8.00%, 09/01/01 ........................................ 4,282,980
5,700,000 Refunding, Series 1991, 7.90%, 08/01/11 ................................................ 5,760,933
2,250,000 Stockton COP, Water Enterprise Project, Series A, FSA Insured, 5.80%, 08/01/22 ............. 2,129,152
3,200,000 Stockton COP, Water Facility Project, Participation 1986, Pre-Refunded, 7.50%, 08/01/16..... 3,325,248
</TABLE>
The accompanying notes are an integral part of these financial statements.
48
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
Stockton, East Water District, COP,
$ 20,000,000 Refunding, Series 1990-B, 6.40%, 04/01/22 .............................................. $ 20,458,800
19,000,000 Series 1990-A, AMBAC Insured, Pre-Refunded, 7.30%, 04/01/20 ............................ 21,248,080
28,575,000 Series 1990-B, 7.45%, 04/01/05 ......................................................... 32,156,019
12,000,000 Stockton Health Facilities Revenue, Refunding, Dameron Hospital Association, Series 1988,
8.30%, 12/01/14............................................................................ 12,682,920
4,250,000 Stockton Hospital Revenue, St. Joseph Hospital, Series A, 6.70%, 06/01/15 .................. 4,259,010
2,250,000 Stockton Port District Revenue, Port Facilities Improvement, Series A, 8.10%, 01/01/14...... 2,432,092
8,000,000 Stockton Public Financing Authority, Special Tax, CFD No. 90-4, 8.50%, 09/01/16 ............ 8,532,000
Stockton, South Stockton Special Tax,
3,000,000 CFD No. 90-1, 8.10%, 09/01/09 .......................................................... 3,174,390
5,400,000 CFD No. 90-1, 8.125%, 09/01/15 ......................................................... 5,692,680
Stockton Special Tax,
455,000 CFD No. 1, Weston Ranch, 7.80%, 09/01/99 ............................................... 461,165
545,000 CFD No. 1, Weston Ranch, 7.85%, 09/01/00 ............................................... 552,379
635,000 CFD No. 1, Weston Ranch, 7.90%, 09/01/01 ............................................... 643,585
680,000 CFD No. 1, Weston Ranch, 7.95%, 09/01/02 ............................................... 689,180
625,000 CFD No. 1, Weston Ranch, 7.95%, 09/01/03 ............................................... 633,437
7,910,000 CFD No. 1, Weston Ranch, 8.00%, 09/01/09 ............................................... 7,943,697
11,890,000 CFD No. 1, Weston Ranch, 8.10%, 09/01/14 ............................................... 11,940,532
725,000 CFD No. 90-2, Series 002, 7.30%, 08/01/00 .............................................. 764,244
780,000 CFD No. 90-2, Series 002, 7.35%, 08/01/01 .............................................. 822,448
835,000 CFD No. 90-2, Series 002, 7.40%, 08/01/02 .............................................. 886,069
895,000 CFD No. 90-2, Series 002, 7.45%, 08/01/03 .............................................. 949,640
965,000 CFD No. 90-2, Series 002, 7.50%, 08/01/04 .............................................. 1,023,807
3,000,000 CFD No. 90-2, Series 002, 7.70%, 08/01/09 .............................................. 3,172,620
3,000,000 CFD No. 90-2, Series 006, 7.75%, 08/01/15 .............................................. 3,181,170
1,430,000 CFD No. 90-2, Series 305, Brookside, 8.50%, 08/01/09 ................................... 1,564,134
2,710,000 CFD No. 90-2, Series 305, Brookside, 8.65%, 08/01/15 ................................... 2,963,033
Suisun City COP,
2,205,000 Civic Center Financing Project, Pre-Refunded, 9.125%, 11/01/15 ......................... 2,475,620
2,105,000 Refunding, Civic Center Project, 6.45%, 11/01/15 ....................................... 1,979,647
Suisun City RDA, Tax Allocation,
3,285,000 Refunding, Suisun City Redevelopment Project, MBIA Insured, 6.00%, 10/01/18 ............ 3,260,428
11,500,000 Refunding, Suisun City Redevelopment Project, MBIA Insured, 5.90%, 10/01/23 ............ 11,175,700
5,500,000 Suisun City Redevelopment Project, Pre-Refunded, 7.50%, 10/01/19 ....................... 6,172,870
4,750,000 Suisun City Redevelopment Project, Pre-Refunded, 7.25%, 10/01/20 ....................... 5,279,387
4,735,000 Sunnyvale Financing Authority Revenue, Utilities Waste Water Reuse and Sludge, Series A,
6.30%, 10/01/12............................................................................ 4,788,316
1,000,000 Tahoe City PUD, COP, Capital Facilities Project, Series A, 6.25%, 06/01/13 ................. 928,310
2,500,000 Tehachapi COP, Series 1990, 8.20%, 11/01/20 ................................................ 2,707,950
3,000,000 Tehachapi, Cummings County Water District, COP, Capital Improvement Project,
MBIA Insured, 6.30%, 08/01/14 ............................................................. 3,050,340
2,325,000 Tehachapi USD, COP, Tompkins Elementary School Project, Pre-Refunded, 7.80%,
02/01/21................................................................................... 2,671,960
Temecula Valley USD,
1,250,000 Series D, FGIC Insured, 6.00%, 09/01/14 ................................................ 1,250,800
3,110,000 Series D, FGIC Insured, 6.125%, 09/01/19 ............................................... 3,128,504
Temecula Valley USD, COP,
1,185,000 Capital Appreciation, Series A, FSA Insured, 7.25%, 09/01/25 ........................... 1,247,153
3,760,000 Financing Project, 6.125%, 09/01/23 .................................................... 3,509,133
19,180,000 (a,b,f) Temecula Valley USD, Special Tax, CFD No. 89-3, 8.00%, 09/01/19 ............................ 11,891,600
</TABLE>
The accompanying notes are an integral part of these financial statements.
49
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
Thousand Oaks SFHMR,
$ 405,000 GNMA Secured, 7.45%, 09/01/10 ........................................................ $ 413,906
585,000 GNMA Secured, 7.55%, 09/01/15 ........................................................ 604,112
1,625,000 GNMA Secured, 7.625%, 03/01/23 ....................................................... 1,656,102
190,000 GNMA Secured, 8.00%, 09/01/23 ........................................................ 271,320
Torrance Hospital Revenue, Refunding,
4,080,000 Little Co. of Mary Hospital, 6.875%, 07/01/15 ........................................ 4,198,646
2,000,000 Torrance Memorial Hospital Medical Center, 6.75%, 01/01/12 ........................... 2,019,360
7,500,000 Torrance RDA, Refunding, Tax Allocation, Industrial Redevelopment Project, 7.75%,
09/01/13 7,992,900
Trabuco Canyon Public Financing Authority, Special Tax Revenue, Refunding,
13,775,000 Series A, FSA Insured, 6.00%, 10/01/10 ............................................... 13,829,962
13,220,000 Series A, FSA Insured, 6.10%, 10/01/15 ............................................... 13,128,121
3,040,000 Series C, FSA Insured, 6.00%, 07/01/12 ............................................... 3,020,301
5,215,000 Series C, FSA Insured, 6.10%, 10/01/19 ............................................... 5,142,981
Tracy Area Public Facilities Financing Agency, Special Tax, CFD No. 87-1,
6,100,000 Series A, 8.50%, 10/01/14 ............................................................ 6,375,171
5,000,000 Series C, 7.80%, 10/01/16 ............................................................ 5,144,950
2,050,000 Tracy COP, Public Facilities Corp., 8.30%, 03/01/18 ...................................... 2,133,025
Travis USD, COP,
320,000 Foxboro Elementary School Construction Project, 6.00%, 09/01/99 ...................... 321,325
335,000 Foxboro Elementary School Construction Project, 6.10%, 09/01/00 ...................... 336,652
355,000 Foxboro Elementary School Construction Project, 6.20%, 09/01/01 ...................... 357,016
170,000 Foxboro Elementary School Construction Project, 6.30%, 09/01/02 ...................... 171,083
405,000 Foxboro Elementary School Construction Project, 6.40%, 09/01/03 ...................... 407,839
430,000 Foxboro Elementary School Construction Project, 6.50%, 09/01/04 ...................... 433,268
455,000 Foxboro Elementary School Construction Project, 6.60%, 09/01/05 ...................... 458,440
490,000 Foxboro Elementary School Construction Project, 6.70%, 09/01/06 ...................... 493,690
3,670,000 Foxboro Elementary School Construction Project, 7.00%, 09/01/12 ...................... 3,709,856
2,665,000 Tri-Cities Municipal Water District, COP, Special District Lease Program, Series T, 6.55%,
12/01/17................................................................................. 2,433,865
6,895,000 Tri-City Hospital District Revenue, MBIA Insured, 7.50%, 02/01/17 ........................ 7,594,636
51,580,000 Tri-Dam Power Authority Revenue, Refunding, Hydroelectric Sand Bar Project, 7.50%,
01/01/17................................................................................. 51,080,190
Trinity County PUD, COP, Electric District Facilities, Refunding,
2,565,000 Series 1993, 6.60%, 04/01/11 ......................................................... 2,515,419
4,000,000 Series 1993, 6.75%, 04/01/23 ......................................................... 3,901,800
500,000 Truckee-Donner PUD, COP, Water System Improvement Project, MBIA Insured, 6.75%,
11/15/21................................................................................. 522,830
1,100,000 Tulare County COP, Financing Project, Series B, 6.875%, 11/15/12 ......................... 1,093,785
3,560,000 Ukiah Electric Revenue, Refunding, Series A, Pre-Refunded, 8.00%, 06/01/03 ............... 3,761,710
Union City Community RDAR, Tax Allocation, Community Redevelopment Project,
6,200,000 AMBAC Insured, 5.75%, 10/01/22 ....................................................... 5,904,446
2,720,000 AMBAC Insured, 5.85%, 10/01/23 ....................................................... 2,625,045
3,375,000 University of California COP, Refunding, UCLA Central Chiller/Cogeneration Project, 6.00%,
11/01/21................................................................................ 3,232,440
University of California Regents COP,
15,945,000 UCLA Central Chiller/Cogeneration Facilities, Pre-Refunded, 7.00%, 11/01/18 .......... 17,520,685
40,920,000 UCLA Central Chiller/Cogeneration Facilities, Pre-Refunded, 7.00%, 11/01/21 .......... 44,963,714
University of California Revenues,
6,485,000 Multi Purpose Projects, Series 1989-B, AMBAC Insured, Pre-Refunded, 6.90%, 09/01/11... 7,110,673
5,820,000 Multi Purpose Projects, Series 1989-B, AMBAC Insured, Pre-Refunded, 6.90%, 09/01/12... 6,381,514
</TABLE>
The accompanying notes are an integral part of these financial statements.
50
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
University of California Revenues,
$ 9,750,000 Multi Purpose Projects, Series 1989-B, AMBAC Insured, Pre-Refunded, 6.75%, 09/01/23... $10,633,350
5,975,000 Multi Purpose Projects, Series 1994-D, MBIA Insured, 6.30%, 09/01/15 ................. 6,076,157
7,540,000 Multi Purpose Projects, Series 1994-D, MBIA Insured, 6.375%, 09/01/19 ................ 7,707,690
39,945,000 Multi Purpose Projects, Series 1994-D, MBIA Insured, 6.375%, 09/01/24 ................ 40,690,374
5,750,000 Seismic Safety Project, Pre-Refunded, 7.30%, 09/01/20 ................................ 6,293,490
4,925,000 Series A, 5.70%, 09/01/14 ............................................................ 4,539,520
3,115,000 Series A, 5.75%, 09/01/18 ............................................................ 2,849,727
6,355,000 UCLA Medical Center, Pre-Refunded, 7.30%, 12/01/20 ................................... 6,976,265
6,500,000 Upland Hospital Revenue, COP, San Antonio Community Hospital, Pre-Refunded, 7.80%,
01/01/18 7,243,730
4,440,000 Upland Housing Authority Revenue, Series 1990, Issue A, 7.85%, 07/01/20 .................. 4,637,624
Upland Public Financing Authority Revenue, Refunding, Loan Agency,
2,500,000 Series B, 8.10%, 12/01/08 ............................................................ 2,684,875
10,645,000 Series B, 8.25%, 12/01/15 ............................................................ 11,483,400
12,925,000 Vacaville COP, 9.40%, 10/01/15 ........................................................... 14,758,411
75,880,000 Vacaville Public Financing Authority Revenue, Local Agency, 8.65%, 09/02/18 .............. 78,566,152
5,400,000 Vacaville Public Financing Authority Revenue, Tax Allocation, Vacaville Redevelopment
Project, Pre-Refunded, 8.25%, 09/01/13 .................................................. 5,929,092
Vacaville Special Tax, Nut Tree, CFD No. 2,
1,885,000 Series A, 8.25%, 09/01/10 ............................................................ 1,943,492
1,000,000 Series A, 8.20%, 09/01/15 ............................................................ 1,028,250
Val Verde School District, Special Tax,
2,855,000 CFD No. 87-1, 8.30%, 10/01/08 ........................................................ 2,957,295
7,760,000 CFD No. 87-1, 8.375%, 10/01/13 ....................................................... 8,051,000
Val Verde USD, COP,
7,315,000 Thomas Rivera Middle School, 6.50%, 06/01/22 ......................................... 7,376,739
2,785,000 Vista Verde Project, 6.95%, 06/01/21 ................................................. 2,884,341
Val Verde USD, COP, Solano County Fairgrounds Drive, AD No. 65,
255,000 Phase I, 7.90%, 09/02/99 ............................................................. 264,086
275,000 Phase I, 8.00%, 09/02/00 ............................................................. 284,905
295,000 Phase I, 8.05%, 09/02/01 ............................................................. 305,685
320,000 Phase I, 8.05%, 09/02/02 ............................................................. 331,590
340,000 Phase I, 8.10%, 09/02/03 ............................................................. 352,383
370,000 Phase I, 8.10%, 09/02/04 ............................................................. 383,475
400,000 Phase I, 8.15%, 09/02/05 ............................................................. 414,644
430,000 Phase I, 8.15%, 09/02/06 ............................................................. 445,742
465,000 Phase I, 8.15%, 09/02/07 ............................................................. 482,024
505,000 Phase I, 8.20%, 09/02/08 ............................................................. 523,589
545,000 Phase I, 8.20%, 09/02/09 ............................................................. 565,061
590,000 Phase I, 8.20%, 09/02/10 ............................................................. 611,718
640,000 Phase I, 8.20%, 09/02/11 ............................................................. 663,558
2,445,000 Vallejo Housing Authority Revenue, MF, First Nationwide Savings Program, 9.00%, 12/01/97.. 2,464,951
2,485,000 Vallejo RDA, Tax Allocation, Waterfront Redevelopment Project, 7.90%, 05/01/19 ........... 2,558,755
6,000,000 Vallejo Revenue, Golf Course Project, Series A, 7.90%, 06/01/17 .......................... 6,384,480
Vallejo USD, Special Tax Revenue,
2,300,000 CFD No. 2, 7.75%, 09/01/15 ........................................................... 2,368,448
5,100,000 CFD No. 2, 8.125%, 09/01/16 .......................................................... 5,378,358
5,100,000 Victor Valley UHSD, COP, 7.875%, 11/01/12 ................................................ 5,506,674
</TABLE>
The accompanying notes are an integral part of these financial statements.
51
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
Victorville RDA, Tax Allocation,
$ 1,200,000 Bear Valley Road Redevelopment Project, Pre-Refunded, 7.50%, 11/01/06 ................ $ 1,376,184
2,405,000 Refunding, Bear Valley Road Redevelopment Project, Series A, FSA Insured, 6.125%,
09/01/19............................................................................. 2,379,291
3,245,000 Refunding, Bear Valley Road Redevelopment Project, Series A, FSA Insured, 6.125%,
09/01/24............................................................................. 3,207,683
8,000,000 Victorville Special Tax, CFD No. 90-1, Series A, 8.30%, 09/01/16 ......................... 7,650,960
22,500,000 Vista Community Development Commision, Refunding, BAN, 4.50%, 11/01/97 ................... 22,500,000
Vista Joint Powers Financing Authority Revenue,
4,000,000 Series A, 7.45%, 01/01/09 ............................................................ 4,192,480
9,100,000 Series A, 7.50%, 01/01/16 ............................................................ 9,493,120
3,675,000 Series A, 7.625%, 02/01/20 ........................................................... 3,869,040
Walnut Creek COP,
17,340,000 John Muir Medical Center, MBIA Insured, Pre-Refunded, 7.375%, 02/01/20 ............... 19,394,617
1,035,000 Refunding, John Muir Medical Center, MBIA Insured, 5.00%, 02/15/08 ................... 950,927
570,000 Walnut Improvement Agency, RMR, Series A, 10.25%, 05/01/17 ............................... 587,157
Walnut Improvement Agency, Tax Allocation, Walnut Improvement Project,
1,665,000 Series A, 8.00%, 09/01/18 ............................................................ 1,761,487
9,135,000 Series A, Pre-Refunded, 8.00%, 09/01/18 .............................................. 10,218,228
8,285,000 Walnut Public Financing Authority Revenue, Refunding, Tax Allocation, Improvement Project,
MBIA Insured, 6.50%, 09/01/22 ........................................................... 8,512,837
1,745,000 Watsonville RDA, Tax Allocation, Watsonville Redevelopment Project, 6.30%, 08/01/06 ...... 1,730,883
7,200,000 West and Center Basin Financing Authority Revenue, AMBAC Insured, 6.125%, 08/01/22 ....... 7,206,768
7,750,000 West Covina COP, Refunding, Civic Center Complex, 6.875%, 09/01/14 ....................... 7,858,965
23,000,000 West Covina RDA, Special Tax, CFD No. 1, 7.80%, 09/01/22 ................................. 23,861,810
145,000 West Covina SFMR, 10.50%, 12/01/15 ....................................................... 149,185
West Sacramento 1915 Act,
360,000 Raleys Landing AD, 7.90%, 09/02/08 ................................................... 371,315
630,000 Raleys Landing AD, 7.95%, 09/02/09 ................................................... 649,921
835,000 Raleys Landing AD, 7.95%, 09/02/10 ................................................... 860,893
900,000 Raleys Landing AD, 7.95%, 09/02/11 ................................................... 927,909
970,000 Raleys Landing AD, 7.95%, 09/02/12 ................................................... 1,000,080
1,045,000 Raleys Landing AD, 7.95%, 09/02/13 ................................................... 1,077,405
15,550,000 West Sacramento Financing Authority Revenue, MBIA Insured, 6.25%, 09/01/24 ............... 15,725,715
1,000,000 West Sacramento RDA, Tax Allocation, West Sacramento Redevelopment Project,
MBIA Insured, 5%, 09/01/21 .............................................................. 1,009,010
6,455,000 Westminster RDAR, Refunding, Tax Allocation, Commercial Redevelopment Project No. 1,
Series A, 7.30%, 08/01/21 ............................................................... 6,562,411
5,325,000 Whittier Educational Facilities Revenue, Whittier College, Series A, Pre-Refunded, 7.00%,
12/01/09................................................................................ 5,542,579
5,095,000 Whittier Special Tax, CFD No. 89-1, 7.75%, 09/01/19 ...................................... 5,250,092
4,000,000 William S. Hart Joint School Financing Authority, Special Tax Revenue, Refunding,
Community Facilities, CGIC Insured, 6.50%, 09/01/14 ..................................... 4,116,400
William S. Hart Union High School District, Special Tax,
1,210,000 CFD No. 87-1, 7.75%, 09/01/14 ........................................................ 1,361,915
3,225,000 CFD No. 87-1, 8.10%, 09/01/18 ........................................................ 3,606,614
3,000,000 Wilsona USD, COP, Ameri-Cal Improvement Corp., 8.50%, 06/01/07 ........................... 3,184,140
2,895,000 Woodland ID, East Main St., Series 90-1, 7.90%, 09/02/15 ................................. 2,984,774
Yucaipa Public Finance Authority Revenue, Public Improvement,
19,680,000 Series 1991, 7.50%, 09/02/01 ......................................................... 19,863,418
21,990,000 Series 1991, 7.75%, 09/02/06 ......................................................... 22,242,225
</TABLE>
The accompanying notes are an integral part of these financial statements.
52
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG TERM INVESTMENTS (CONT.)
BONDS (CONT.)
$14,775,000 Yucaipa-Sweetwater School Facilities Financing Authority Revenue, Special Tax,
Sweetwater Project, 8.00%, 09/01/15 ........................................................ $ 15,027,948
---------------
TOTAL BONDS (COST $11,634,878,341) ..................................................... 12,129,869,249
---------------
d ZERO COUPON/STEP-UP BONDS 4.0%
Adelanto Improvement Agency, Refunding, Tax Allocation,
840,000 Series B, FGIC Insured, (original accretion rate 4.90%), 12/01/96 ........................ 774,757
115,000 Series B, FGIC Insured, (original accretion rate 5.70%), 12/01/99 ........................ 90,537
155,000 Series B, FGIC Insured, (original accretion rate 5.90%), 12/01/00 ........................ 115,275
145,000 Series B, FGIC Insured, (original accretion rate 6.10%), 12/01/01 ........................ 102,000
175,000 Series B, FGIC Insured, (original accretion rate 6.20%), 12/01/02 ........................ 115,896
235,000 Series B, FGIC Insured, (original accretion rate 6.25%), 12/01/03 ........................ 146,849
290,000 Series B, FGIC Insured, (original accretion rate 6.30%), 12/01/04 ........................ 170,827
370,000 Series B, FGIC Insured, (original accretion rate 6.40%), 12/01/05 ........................ 205,254
270,000 Series B, FGIC Insured, (original accretion rate 6.45%), 12/01/06 ........................ 140,122
465,000 Series B, FGIC Insured, (original accretion rate 6.50%), 12/01/07 ........................ 225,325
540,000 Series B, FGIC Insured, (original accretion rate 6.60%), 12/01/08 ........................ 243,842
540,000 Series B, FGIC Insured, (original accretion rate 6.70%), 12/01/09 ........................ 226,800
2,965,000 Auburn Union School District, COP, Land Acquisition Program, Series A, FSA Insured,
zero coupon to 09/01/00, (original accretion rate 7.00%), 7.00% thereafter, 09/01/28 ........ 2,186,243
Baldwin Park RDA, Refunding, Tax Allocation, San Gabriel,
540,000 Series A, Pre-Refunded, (original accretion rate 7.50%), 02/01/99 ........................ 447,233
550,000 Series A, Pre-Refunded, (original accretion rate 7.60%), 02/01/00 ........................ 429,512
560,000 Series A, Pre-Refunded, (original accretion rate 7.70%), 02/01/01 ........................ 415,436
565,000 Series A, Pre-Refunded, (original accretion rate 7.75%), 02/01/02 ........................ 396,850
570,000 Series A, Pre-Refunded, (original accretion rate 7.80%), 02/01/03 ........................ 377,260
575,000 Series A, Pre-Refunded, (original accretion rate 7.85%), 02/01/04 ........................ 357,909
585,000 Series A, Pre-Refunded, (original accretion rate 7.90%), 02/01/05 ........................ 341,792
Burton Elementary School District, COP, Loan Acquisition, Capital Appreciation,
830,000 Series A, FSA Insured, zero coupon to 09/01/98, (original accretion rate 6.60%), 6.60%
thereafter, 09/01/27..................................................................... 663,419
985,000 Series B, FSA Insured, zero coupon to 09/01/00, (original accretion rate 6.60%), 6.60%
thereafter, 09/01/27 691,204
13,970,000 California Health Facilities Financing Authority Revenue, Kaiser Permanente, Series A,
(original accretion rate 7.15%), 10/01/11 ................................................... 4,953,483
California HFAR,
615,000 Capital Appreciation, Home Mortgage, Series 1985-A, (original accretion rate 10.989%),
08/01/16................................................................................. 62,988
54,765,000 Capital Appreciation, Home Mortgage, Series 1990-A, (original accretion rate 7.90%),
08/01/23 6,284,831
37,580,000 Home Mortgage, Series 1991-C, (original accretion rate 7.80%), 08/01/21 .................. 5,016,554
7,685,000 Home Ownership Mortgage, Series 1985-A, zero coupon to 08/01/98, (original accretion
rate 9.875%), 9.875% thereafter, 08/01/17 ............................................... 5,582,077
California Public School District, Financing Authority Lease Revenue, Los Banos School,
1,980,000 Series A, FSA Insured, zero coupon to 10/01/00, (original accretion rate 6.20%), 6.20%
thereafter, 10/01/23..................................................................... 1,319,393
10,035,000 Series B, FSA Insured, zero coupon to 10/01/00, (original accretion rate 6.20%), 6.20%
thereafter, 10/01/23..................................................................... 6,686,923
California State, GO,
7,500,000 Principal Eagles II, Series 3, (original accretion rate 7.15%), 03/01/09 ................. 3,270,900
10,000,000 Principal Eagles II, Series 4, (original accretion rate 6.50%), 06/01/06 ................. 5,189,600
</TABLE>
The accompanying notes are an integral part of these financial statements.
53
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
LONG TERM INVESTMENTS (CONT.)
(d) ZERO COUPON/STEP-UP BONDS (CONT.)
<S> <C> <C>
California State, GO, (cont.)
$ 5,000,000 Principal Eagles II, Series 6, (original accretion rate 6.50%), 03/01/09 ............. $ 2,180,600
9,000,000 Principal M-Raes, Series 8, (original accretion rate 7.20%), 04/01/09 ................ 3,905,550
California Statewide CDA Revenue, COP, Refunding, Insured Hospital,
6,450,000 Triad Health Care, (original accretion rate 7.00%), 08/01/09 ......................... 2,395,272
6,745,000 Triad Health Care, (original accretion rate 7.00%), 08/01/10 ......................... 2,337,412
3,115,000 Triad Health Care, (original accretion rate 7.00%), 08/01/11 ......................... 1,007,298
10,035,000 Center USD, COP, School Building Program, FSA Insured, zero coupon to 01/01/99,
(original accretion rate 6.00%), 6.00% thereafter, 01/01/24 ............................. 7,265,039
Chino USD, COP, Land Acquisition,
2,250,000 Series A, FSA Insured, zero coupon to 09/01/99, (original accretion rate 6.60%), 6.60%
thereafter, 09/01/14................................................................. 1,704,780
11,855,000 Series A, FSA Insured, zero coupon to 09/01/99, (original accretion rate 6.70%), 6.70%
thereafter, 09/01/29................................................................. 8,931,794
2,810,000 Series B, FSA Insured, zero coupon to 09/01/02, (original accretion rate 6.60%), 6.60%
thereafter, 09/01/14................................................................. 1,748,579
8,485,000 Series B, FSA Insured, zero coupon to 09/01/02, (original accretion rate 6.70%), 6.70%
thereafter, 09/01/29................................................................. 5,251,112
7,980,000 Series D, BIG Insured, zero coupon to 09/01/95, (original accretion rate 7.45%), 7.45%
thereafter, 09/01/24................................................................. 7,777,707
525,000 Series E, BIG Insured, zero coupon to 09/01/96, (original accretion rate 7.50%), 7.50%
thereafter, 09/01/24................................................................. 479,703
6,810,000 Contra Costa County, COP, Merrithew Memorial Hospital, (original accretion rate 7.05%),
11/01/15................................................................................. 1,827,259
Contra Costa County Home Mortgage Finance Authority, HMR,
10,770,000 MBIA Insured, Pre-Refunded, (original accretion rate 7.05%), 09/01/17 ................ 1,725,354
5,890,000 MBIA Insured, Pre-Refunded, (original accretion rate 7.05%), 09/01/17 ................ 970,672
9,635,000 MBIA Insured, Pre-Refunded, (original accretion rate 7.10%), 09/01/17 ................ 1,563,279
8,615,000 MBIA Insured, Pre-Refunded, (original accretion rate 7.10%), 09/01/17 ................ 1,464,205
8,095,000 MBIA Insured, Pre-Refunded, (original accretion rate 7.10%), 09/01/17 ................ 1,348,789
7,700,000 MBIA Insured, Pre-Refunded, (original accretion rate 7.10%), 09/01/17 ................ 1,369,599
7,135,000 MBIA Insured, Pre-Refunded, (original accretion rate 7.10%), 09/01/17 ................ 1,245,058
6,275,000 MBIA Insured, Pre-Refunded, (original accretion rate 7.10%), 09/01/17 ................ 1,145,627
Contra Costa School Financing Authority Revenue, Capital Appreciation,
1,785,000 Antioch USD Community, Series B, (original accretion rate 7.30%), 09/01/07 ........... 805,588
1,000,000 Vista USD, Series A, FSA Insured, Pre-Refunded, (original accretion rate 6.50%),
09/01/03............................................................................. 652,030
3,820,000 Vista USD, Series A, FSA Insured, Pre-Refunded, (original accretion rate 7.00%),
09/01/17............................................................................. 945,985
Fairfield-Suisun USD, Special Tax,
445,000 CFD No. 1, (original accretion rate 9.25%), 06/01/97 ................................. 392,374
415,000 CFD No. 1, Series A, (original accretion rate 9.00%), 06/01/96 ....................... 389,067
4,325,000 CFD No. 1, zero coupon to 12/01/97, (original accretion rate 10.50%), 10.50%
thereafter,12/01/23.................................................................. 4,011,654
7,175,000 Grossmont UHSD, COP, Capital Appreciation, FSA Insured, zero coupon to 09/01/96,
(original accretion rate 7.375%), 7.375% thereafter, 09/01/25 ........................... 7,142,713
11,930,000 Kern County Housing Authority, RRMR, Series 1985-A, (original accretion rate 10.875%),
03/01/17................................................................................. 1,172,123
26,750,000 Los Angeles Convention and Exhibition Center Authority, COP, Series 1985, ETM 12/01/05,
(original accretion rate 6.85%), 12/01/05 ............................................... 14,778,038
</TABLE>
The accompanying notes are an integral part of these financial statements.
54
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ------------------------------------------------------------------------------------------------------------------------------
LONG TERM INVESTMENTS (CONT.)
(z)ZERO COUPON/STEP-UP BONDS (CONT.)
<S> <C> <C>
Los Angeles County Transportation Commission Sales Tax Revenue, Refunding, Capital
Appreciation,
$ 4,895,000 Series A, (original accretion rate 7.25%), 07/01/03 ....................................... $3,006,362
4,895,000 Series A, MBIA Insured, (original accretion rate 7.30%), 07/01/04 ......................... 2,787,213
3,480,000 Los Angeles HMR, Series 1986-A, GNMA Secured, (original accretion rate 8.50%), 08/25/16........ 586,832
38,500,000 Monterey Park CRDA, Tax Allocation Project No. 1, Pre-Refunded, (original accretion rate
8.20%), 05/01/14 ............................................................................ 9,612,680
Moreno Valley USD, COP, Land Acquisition,
250,000 Series E, FSA Insured, zero coupon to 09/01/96, (original accretion rate 6.70%), 6.70%
thereafter, 09/01/11...................................................................... 228,817
2,895,000 Series E, FSA Insured, zero coupon to 09/01/96, (original accretion rate 6.75%), 6.75%
thereafter, 09/01/27...................................................................... 2,657,784
7,680,000 Series F, FSA Insured, zero coupon to 09/01/98, (original accretion rate 6.75%), 6.75%
thereafter, 09/01/27...................................................................... 6,178,406
Orange County COP,
3,280,000 Juvenile Justice Center Project, Pre-Refunded, (original accretion rate 7.50%), 06/01/01... 2,406,897
3,280,000 Juvenile Justice Center Project, Pre-Refunded, (original accretion rate 7.55%), 06/01/02... 2,232,827
3,280,000 Juvenile Justice Center Project, Pre-Refunded, (original accretion rate 7.60%), 06/01/03... 2,069,319
3,280,000 Juvenile Justice Center Project, Pre-Refunded, (original accretion rate 7.60%), 06/01/04... 1,920,604
4,715,000 Juvenile Justice Center Project, Pre-Refunded, (original accretion rate 7.70%), 06/01/10... 1,746,059
4,715,000 Juvenile Justice Center Project, Pre-Refunded, (original accretion rate 7.70%), 06/01/11... 1,619,037
4,715,000 Juvenile Justice Center Project, Pre-Refunded, (original accretion rate 7.70%), 06/01/12... 1,501,209
Paramount USD, COP, Land Acquisition,
2,500,000 Series B, FSA Insured, zero coupon to 09/01/01, (original accretion rate 6.85%), 6.85%
thereafter, 09/01/14...................................................................... 1,690,475
11,300,000 Series B, FSA Insured, zero coupon to 09/01/01, (original accretion rate 7.00%), 7.00%
thereafter, 09/01/29...................................................................... 7,792,141
4,090,000 Pasadena Special Tax, CFD No. 1, Civic Center West, (original accretion rate 7.70%),
12/01/17...................................................................................... 800,372
17,225,000 Perris SFMR, Series A, GNMA Secured, ETM 06/01/23, (original accretion rate 8.705%),
06/01/23...................................................................................... 2,621,989
510,000 Placer Hills Union Elementary School District, COP, Series B, zero coupon to 03/01/00,
(original accretion rate 7.125%), 7.125% thereafter, 03/01/09 ................................ 363,819
2,095,000 Placer Union High School District, COP, Series A, zero coupon to 03/01/00, (original
accretion rate 7.125%), 7.125% thereafter, 03/01/19 .......................................... 1,481,898
Port of Oakland Revenue,
10,000,000 Series A, BIG Insured, (original accretion rate 7.70%), 11/01/19 .......................... 1,680,200
36,000,000 Series B, BIG Insured, (original accretion rate 7.45%), 11/01/19 .......................... 6,398,640
1,350,000 Porterville Union High School District, COP, Convertible, Capital Appreciation, Land
Acquisition, Series A, FSA Insured, zero coupon to 09/01/97, (original accretion rate 6.60%),
6.60% thereafter, 09/01/27 ................................................................... 1,153,413
Rancho Water District Financing Authority Revenue,
1,250,000 AMBAC Insured, (original accretion rate 6.80%), 08/15/08 .................................. 574,225
1,250,000 AMBAC Insured, (original accretion rate 6.80%), 08/15/09 .................................. 534,225
8,605,000 AMBAC Insured, (original accretion rate 6.90%), 08/15/16 .................................. 2,307,000
13,605,000 AMBAC Insured, (original accretion rate 6.90%), 08/15/17 .................................. 3,429,548
13,605,000 AMBAC Insured, (original accretion rate 6.90%), 08/15/18 .................................. 3,224,521
Redlands USD, COP,
750,000 Series A, FSA Insured, zero coupon to 09/01/96, (original accretion rate 6.15%), 6.15%
thereafter, 09/01/11...................................................................... 664,417
4,310,000 Series A, FSA Insured, zero coupon to 09/01/96, (original accretion rate 6.25%), 6.25%
thereafter, 09/01/27...................................................................... 3,749,140
</TABLE>
The accompanying notes are an integral part of these financial statements.
55
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
LONG TERM INVESTMENTS (CONT.)
(d)ZERO COUPON/STEP-UP BONDS (CONT.)
<S> <C> <C>
Rialto USD, COP, Land Acquisition, Capital Appreciation,
$ 1,670,000 Series A, FSA Insured, zero coupon to 09/01/98, (original accretion rate 6.60%), 6.60%
thereafter, 09/01/11 .................................................................. $1,358,478
6,005,000 Series A, FSA Insured, zero coupon to 09/01/98, (original accretion rate 6.70%), 6.70%
thereafter, 09/01/27 .................................................................. 4,892,934
1,440,000 Series B, FSA Insured, zero coupon to 09/01/00, (original accretion rate 6.60%), 6.60%
thereafter, 09/01/11 .................................................................. 1,029,989
5,095,000 Series B, FSA Insured, zero coupon to 09/01/00, (original accretion rate 6.70%), 6.70%
thereafter, 09/01/27 .................................................................. 3,645,880
1,250,000 Riverside County Board of Education, COP, Financing Projects, Series A, (original accretion
rate 6.75%), 11/01/05 ..................................................................... 645,037
Riverside County SFMR,
20,220,000 Series 1987-A, GNMA Secured, ETM 09/01/14, (original accretion rate 8.50%), 09/01/14 .... 5,956,610
25,055,000 Series 1988-A, GNMA Secured, ETM 05/01/13, (original accretion rate 8.55%), 11/01/20 .... 4,704,577
26,160,000 Series 1988-B, GNMA Secured, ETM 12/01/13, (original accretion rate 8.75%), 06/01/23 .... 4,036,750
5,555,000 Riverside USD, COP, Series B, FSA Insured, zero coupon to 09/01/98, (original accretion
rate 7.375%), 7.375% thereafter, 09/01/26 ................................................. 4,592,652
Rocklin USD,
3,660,000 Series A, FGIC Insured, (original accretion rate 7.10%), 09/01/08 ....................... 1,681,331
4,100,000 Series A, FGIC Insured, (original accretion rate 7.10%), 09/01/09 ....................... 1,752,545
4,595,000 Series A, FGIC Insured, (original accretion rate 7.10%), 09/01/10 ....................... 1,837,770
5,145,000 Series A, FGIC Insured, (original accretion rate 7.10%), 09/01/11 ....................... 1,923,510
5,760,000 Series A, FGIC Insured, (original accretion rate 7.10%), 09/01/12 ....................... 2,010,989
33,960,000 Series A, FGIC Insured, (original accretion rate 7.10%), 09/01/16 ....................... 9,117,581
Roseville City School District,
3,115,000 Series A, (original accretion rate 6.50%), 08/01/11 ..................................... 1,132,147
30,770,000 Series A, (original accretion rate 6.60%), 08/01/17 ..................................... 7,462,033
Roseville Joint Union High School District,
1,820,000 Series A, (original accretion rate 6.50%), 08/01/10 ..................................... 703,812
1,965,000 Series A, (original accretion rate 6.50%), 08/01/11 ..................................... 714,179
18,155,000 Series A, (original accretion rate 6.60%), 08/01/17 ..................................... 4,450,517
San Bernardino County COP,
3,270,000 West Valley Detention Center Project, Pre-Refunded, (original accretion rate 7.30%),
11/01/00 .............................................................................. 2,451,094
3,270,000 West Valley Detention Center Project, Pre-Refunded, (original accretion rate 7.35%),
11/01/01 .............................................................................. 2,278,209
3,170,000 West Valley Detention Center Project, Pre-Refunded, (original accretion rate 7.40%),
11/01/02 .............................................................................. 2,050,768
3,250,000 West Valley Detention Center Project, Pre-Refunded, (original accretion rate 7.45%),
11/01/03 .............................................................................. 1,950,487
3,135,000 West Valley Detention Center Project, Pre-Refunded, (original accretion rate 7.50%),
11/01/04 .............................................................................. 1,743,687
8,195,000 San Dieguito Union High School District, COP, Junior High School Project, Series A,
FSA Insured, zero coupon to 04/01/00, (original accretion rate 5.95%), 5.95% thereafter,
04/01/23 .................................................................................. 5,781,572
San Francisco City and County RDA Lease Revenue, George R. Moscone Center,
12,820,000 Capital Appreciation, (original accretion rate 6.90%), 07/01/05 ......................... 6,911,006
11,320,000 Capital Appreciation, (original accretion rate 6.90%), 07/01/06 ......................... 5,682,527
4,570,000 Capital Appreciation, (original accretion rate 6.95%), 07/01/07 ......................... 2,132,179
7,785,000 Capital Appreciation, (original accretion rate 6.95%), 07/01/08 ......................... 3,369,192
16,300,000 Capital Appreciation, (original accretion rate 8.50%), 07/01/16 ......................... 3,636,530
16,300,000 Capital Appreciation, (original accretion rate 8.50%), 07/01/17 ......................... 3,441,093
</TABLE>
The accompanying notes are an integral part of these financial statements.
56
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
LONG TERM INVESTMENTS (CONT.)
(d)ZERO COUPON/STEP-UP BONDS (CONT.)
<S> <C> <C>
San Francisco City and County RDA Lease Revenue, George R. Moscone Center, (cont.) $
$16,300,000 Capital Appreciation, (original accretion rate 8.50%), 07/01/18 ................. 3,078,744
46,000,000 Capital Appreciation, zero coupon to 07/01/02, (original accretion rate 8.50%),
8.50% thereafter, 07/01/14 .................................................... 32,752,000
6,540,000 San Francisco City and County SFMR, Series 1985, (original accreation rate 10.375%),
10/01/18 .......................................................................... 599,980
1,590,000 San Jacinto USD, COP, Series 1991-B, FSA Insured, zero coupon to 09/01/96, (original
accretion rate 9.24%), 6.75% thereafter, 09/01/26 ................................ 1,467,125
San Joaquin Hills Transportation Corridor Agency, Toll Road Revenue,
33,545,000 Senior Lien, (original accretion rate 7.75%), 01/01/28 .......................... 3,188,452
37,050,000 Senior Lien, (original accretion rate 7.75%), 01/01/29 .......................... 3,277,443
21,585,000 Senior Lien, zero coupon to 01/01/02, (original accretion rate 7.50%), 7.50%
thereafter, 01/01/09 .......................................................... 13,836,633
10,745,000 Senior Lien, zero coupon to 01/01/02, (original accretion rate 7.55%), 7.55%
thereafter, 01/01/10 .......................................................... 6,881,958
25,935,000 Senior Lien, zero coupon to 01/01/02, (original accretion rate 7.60%), 7.60%
thereafter, 01/01/11 .......................................................... 16,556,126
25,215,000 Senior Lien, zero coupon to 01/01/02, (original accretion rate 7.65%), 7.65%
thereafter, 01/01/12 .......................................................... 16,043,548
27,350,000 Senior Lien, zero coupon to 01/01/02, (original accretion rate 7.65%), 7.65%
thereafter, 01/01/13 .......................................................... 17,294,225
7,470,000 Senior Lien, zero coupon to 01/01/02, (original accretion rate 7.70%), 7.70%
thereafter, 01/01/14 .......................................................... 4,737,325
60,155,000 Senior Lien, zero coupon to 01/01/02, (original accretion rate 7.70%), 7.70%
thereafter, 01/01/15 .......................................................... 37,912,689
305,000 Santa Ana HMR, Series 1985-A, FGIC Insured, zero coupon to 06/01/98, (original
accretion rate 9.50%), 9.50% thereafter, 06/01/12 ................................. 227,679
26,375,000 Santa Cruz County Housing Authority, MFHR, Dominican Oaks, Series 1987, GNMA Secured,
(original accretion rate 9.00%), 06/20/29 ......................................... 1,309,255
2,120,000 Simi Valley SFRMR, Series 1990-A, (original accretion rate 8.00%), 09/01/25 ......... 192,454
Southern California Public Power Authority Revenue, Refunding,
12,000,000 Series A, AMBAC Insured, (original accretion rate 7.25%), 07/01/11 .............. 4,517,160
16,890,000 Series A, AMBAC Insured, (original accretion rate 7.25%), 07/01/12 .............. 5,936,666
16,000,000 Series A, AMBAC Insured, (original accretion rate 7.25%), 07/01/13 .............. 5,246,240
103,885,000 Stockton East Water District, COP, Refunding, Series 1990-A, AMBAC Insured, (original
accretion rate 7.00%), 04/01/16 ................................................... 25,901,647
3,410,000 Temecula Valley USD, COP, Convertible, Capital Appreciation, Series B, FSA Insured,
zero coupon to 09/01/96, (original accretion rate 7.375%), 7.375% thereafter,
09/01/25 .......................................................................... 3,111,966
8,380,000 Vista USD, COP, MBIA Insured, Pre-Refunded, (original accretion rate 7.25%),
09/01/11 .......................................................................... 2,705,399
TOTAL ZERO COUPON/STEP-UP BONDS (COST $482,862,718) ........................... 524,037,799
TOTAL LONG TERM INVESTMENTS (COST $12,117,741,059) ............................ 12,653,914,290
SHORT TERM INVESTMENTS .5%
900,000 Adelanto Improvement Agency, Refunding, Tax Allocation, Series B, FGIC Insured,
(original accretion rate 4.50%), 0.00%, 12/01/95 .................................. 873,999
Adelanto Improvement Agency, Tax Allocation,
120,000 Adelanto Improvement Project, 8.00%, 08/01/95 ................................... 121,271
415,000 Adelanto Improvement Project, 8.25%, 08/01/95 ................................... 419,075
285,000 Alameda COP, 4.00%, 04/01/95 ........................................................ 284,994
580,000 California Alternative Energy Source Financing Authority Revenue, Cogeneration,
Refunding, University of San Francisco, Series 1987-A, 8.00%, 12/01/95 ............ 582,117
40,500,000 California State RAN Warrants, Series A, 5.00%, 06/28/95 ............................ 40,563,990
</TABLE>
The accompanying notes are an integral part of these financial statements.
57
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------
SHORT TERM INVESTMENTS (CONT.)
<S> <C> <C>
$ 90,000 Escondido, COP, Escondido Mobile Home Park, 5.65%, 03/01/96 ......................... $ 90,033
390,000 Fairfield-Suisun USD, Special Tax, CFD No. 1, Series A, (original accretion rate
8.75%), 0.00%, 06/01/95 ........................................................... 386,841
225,000 Fresno County COP, American Avenue Landfill Project, 7.30%, 11/01/95 ................ 227,606
11,000,000 Los Angeles County TRAN, 4.50%, 06/30/95 ............................................ 11,004,070
1,000,000 (e)Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue,
Refunding, Proposition C, Second Series, Series A, MBIA Insured, Weekly VRDN and
Put, 4.00%, 07/01/20 .............................................................. 1,000,000
4,635,000 (e)Orange County Airport Development Revenue, Refunding, Villa Marguerite Apartments,
Series A, Weekly VRDN and Put, 4.20%, 03/01/23 ................................... 4,635,000
2,500,000 Orange County Purchaser Certificates, Master Lease, Series 1990, 7.00%, 09/01/95 .... 2,296,875
70,000 San Ramon COP, Capital Improvement Projects, Series 1993, 4.25%, 03/01/96 ........... 69,310
120,000 San Ramon Public Finance Authority, Tax Allocation, Series A, ETM 02/01/96, 7.00%,
02/01/96 .......................................................................... 122,562
210,000 San Ramon Valley Fire Protection District, COP, Refunding, 4.00%, 07/01/95 .......... 209,446
---------------
TOTAL SHORT TERM INVESTMENTS (COST $63,048,300) ............................... 62,887,189
---------------
TOTAL INVESTMENTS (COST $12,180,789,359) 98.4% ........................... 12,716,801,479
OTHER ASSETS AND LIABILITIES, NET 1.6% ................................... 206,236,591
---------------
NET ASSETS 100.0% ........................................................ $12,923,038,070
===============
At March 31, 1995, the net unrealized appreciation based on
the cost of investments for income tax purposes of
$12,180,796,871 was as follows:
Aggregate gross unrealized appreciation for all investments in which there was an
excess of value over tax cost ................................................. $ 621,639,489
Aggregate gross unrealized depreciation for all investments in which there was an
excess of tax cost over value ................................................. (85,634,881)
---------------
Net unrealized appreciation ..................................................... $ 536,004,608
===============
</TABLE>
(a) Non-income producing.
(b) See Note 6 regarding defaulted securities.
(c) See Note 1 regarding securities purchased on a when-issued basis.
(d) Zero coupon/step-up bonds. The current effective yield may vary. The
original accretion rate will remain constant.
(e) Variable rate demand notes (VRDNs) are tax-exempt obligations which contain
a floating or variable interest rate adjustment formula and an unconditional
right of demand to receive payment of the principal balance plus accrued
interest upon short notice prior to specified dates. The interest rate may
change on specified dates in relationship with changes in a designated rate
(such as the prime interest rate or U.S. Treasury Bills rate).
(f) See Note 1 regarding securities valued by the Board of Directors.
The accompanying notes are an integral part of these financial statements.
58
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS, MARCH 31, 1995 (CONT.)
PORTFOLIO ABBREVIATIONS:
1915 Act - Improvement Bond Act of 1915
ABAG - The Association of Bay Area Governments
AD - Assessment District
AMBAC - American Municipal Bond Assurance Corp.
BAN - Bond Anticipation Notes
BIG - Bond Investors Guaranty Insurance Co.
CDA - Community Development Agency/Authority
CFD - Community Facilities District
CGIC - Capital Guaranty Insurance Co.
COP - Certificate of Participation
CRDA - Community Redevelopment Agency/Authority
CSAC - County Supervisors Association of California
EDR - Economic Development Revenue
ETM - Escrow to Maturity
FGIC - Financial Guaranty Insurance Corp.
FHA - Federal Housing Agency/Authority
FSA - Financial Security Assistance
GNMA - Government National Mortgage Association
GO - General Obligation
HFA - Housing Finance Agency/Authority
HFAR - Housing Finance Agency Revenue
HFR - Home Financial Revenue
HMR - Home Mortgage Revenue
ID - Improvement District
IDA - Industrial Development Agency/Authority
IDBI - Industrial Development Bond Insurance
IDR - Industrial Development Revenue
MBIA - Municipal Bond Investors Assurance Corp.
MF - Multi-Family
MFHR - Multi-Family Housing Revenue
MFMR - Multi-Family Mortgage Revenue
MFR - Multi-Family Revenue
MUD - Municipal Utility District
PBA - Public Building Authority
PCFA - Pollution Control Financing Authority
PCR - Pollution Control Revenue
PUD - Public Utility District
RAN - Revenue Anticipation Notes
RDA - Redevelopment Agency
RDAR - Redevelopment Agency Revenue
RMR - Residential Mortgage Revenue
RRMR - Residential Rental Mortgage Revenue
SF - Single Family
SFHMR - Single Family Home Mortgage Revenue
SFMR - Single Family Mortgage Revenue
SFRMR - Single Family Residential Mortgage Revenue
TRAN - Tax and Revenue Anticipation Notes
UHSD - Unified High School District
USD - Unified School District
USF & G - United States Fidelity & Guaranty Co.
The accompanying notes are an integral part of these financial statements.
59
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995
<S> <C>
Assets:
Investment in securities, at value
(identified cost $12,180,789,359) $12,716,801,479
Cash 5,671,932
Receivables:
Interest 212,693,743
Investment securities sold 6,822,487
Capital shares sold 12,146,762
---------------
Total assets 12,954,136,403
---------------
Liabilities:
Payables:
Investment securities purchased
Regular delivery 1,778,368
When-issued basis (Note 1) 17,598,963
Capital shares repurchased 4,756,193
Management fees 4,833,752
Distribution fees 1,555,000
Shareholder servicing costs 107,000
Accrued expenses and other liabilities 469,057
---------------
Total liabilities 31,098,333
---------------
Net assets, at value $12,923,038,070
===============
Net assets consist of:
Undistributed net investment income $ 21,277,878
Unrealized appreciationon investments 536,012,120
Accumulated net realized loss (14,142,774)
Capital shares 18,169,044
Additional paid-in capital 12,361,721,802
---------------
Net assets, at value $12,923,038,070
===============
Computation of net asset value and
offering price per share:
Net asset value and redemption
price per share
($12,923,038,070 - 1,816,904,357) $ 7.11
===============
Maximum offering price
(100/95.75 of $7.11) $ 7.43
===============
</TABLE>
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 1995
<TABLE>
<CAPTION>
<S> <C> <C>
Investment income:
Interest (Note 1) $899,725,735
Expenses:
Management fees (Note 5) $58,329,191
Distribution fees (Note 5) 7,314,101
Shareholder servicing costs (Note 5) 1,339,391
Reports to shareholders 2,033,605
Custodian fees 1,261,568
Professional fees (Note 5) 271,638
Registration and filing fees 120,620
Directors' fees and expenses 86,581
Other 592,043
-----------
Total expenses 71,348,738
------------
Net investment income 828,376,997
------------
Realized and unrealized gain (loss)
on investments:
Net realized gain 11,263,296
Net unrealized depreciation
during the year (55,222,581)
------------
Net realized and unrealized loss on
investments (43,959,285)
------------
Net increase in net assets resulting
from operations $784,417,712
============
</TABLE>
The accompanying notes are an integral part of these financial statements.
60
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
FINANCIAL STATEMENTS (CONT.)
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED MARCH 31, 1995 AND 1994
<TABLE>
<CAPTION>
1995 1994
--------------- ---------------
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income.............................................................. $ 828,376,997 $ 862,702,961
Net realized gain from security transactions....................................... 11,263,296 4,885,643
Net unrealized depreciation during the year........................................ (55,222,581) (424,924,120)
--------------- ---------------
Net increase in net assets resulting from operations........................... 784,417,712 442,664,484
Distributions to shareholders from:
Undistributed net investment income................................................ (823,677,726) (857,116,079)
Net realized capital gains......................................................... - (34,681,662)
Increase (decrease) in net assets from capital share transactions (Note 2).......... (383,122,253) 253,110,325
--------------- ---------------
Net decrease in net assets..................................................... (422,382,267) (196,022,932)
Net assets:
Beginning of year................................................................... 13,345,420,337 13,541,443,269
--------------- ---------------
End of year (including undistributed net investment income of $21,277,878 - 1995
and $16,578,607 - 1994)............................................................. $12,923,038,070 $13,345,420,337
=============== ===============
</TABLE>
The accompanying notes are an integral part of these financial statements.
61
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
Franklin California Tax-Free Income Fund, Inc. (the Fund) is an open-end,
diversified management investment company (mutual fund), registered under the
Investment Company Act of 1940 as amended.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
policies are in conformity with generally accepted accounting principles for
investment companies.
A. SECURITY VALUATION:
Tax-free bonds generally trade in the over-the-counter market rather than on a
national securities exchange. Often there are no transactions in a particular
security on any given day. In the absence of a recorded sale or reported bid and
ask prices, information with respect to bond and note transactions, quotations
from bond dealers, market transactions in comparable securities, and various
relationships between securities are used to determine the value of the
security. The Fund may also utilize a pricing service, bank or broker/dealer
experienced in such matters to perform any of the pricing functions, under
procedures approved by the Board of Directors. Other securities for which market
quotations are not available are valued in accordance with procedures
established by the Board of Trustees.
B. INCOME TAXES:
The Fund intends to continue to qualify for the tax treatment applicable to
regulated investment companies under the Internal Revenue Code and to make the
requisite distributions to its shareholders which will be sufficient to relieve
it from income and excise taxes. Therefore, no income tax provision is required.
C. SECURITY TRANSACTIONS:
Security transactions are accounted for on the date the securities are purchased
or sold (trade date). Realized gains and losses on security transactions are
determined on the basis of specific identification for both financial statement
and income tax purposes.
D. INVESTMENT INCOME, EXPENSES AND DISTRIBUTIONS:
Distributions to shareholders are recorded on the ex-dividend date. Interest
income and estimated expenses are accrued daily. Bond discount and premium, if
any, are amortized as required by the Internal Revenue Code.
Net investment income differs for financial statement and tax purposes primarily
due to differing treatment of defaulted securities - see Note 6.
Net realized capital gains differ for financial statement and tax purposes
primarily due to differing treatment of wash sale transactions.
E. SECURITIES PURCHASED ON A WHEN-ISSUED BASIS:
The Fund may trade securities on a when-issued or delayed delivery basis, with
payment and delivery scheduled for a future date. These transactions are subject
to market fluctuations and are subject to the risk that the value at delivery
may be more or less than the trade date purchase price. Although the Fund will
generally purchase these securities with the intention of acquiring such
securities, they may sell such securities before the settlement date. These
securities are identified on the accompanying statement of investments in
securities and net assets. The Fund has set aside sufficient investment
securities as collateral for these purchase commitments.
2. CAPITAL STOCK
At March 31, 1995 there were 10,000,000,000 shares of $.01 par value capital
stock authorized and paid-in capital aggregated $12,379,890,846. Transactions in
the Fund's shares for the years ended March 31, 1995 and 1994 were as follows:
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31
--------------------------------------------------------------------
1995 1994
-------------------------------- --------------------------------
SHARES AMOUNT SHARES AMOUNT
------------ --------------- ------------ ---------------
<S> <C> <C> <C> <C>
Shares sold........................................... 112,197,205 $ 787,101,674 180,128,610 $ 1,335,542,977
Shares issued in reinvestment of distributions........ 42,945,713 299,925,161 41,609,415 307,666,874
Shares redeemed....................................... (180,767,270) (1,258,990,443) (146,910,079) (1,087,527,077)
Changes from exercise of the exchange privilege:
Shares sold.......................................... 107,087,111 748,183,522 70,846,305 523,666,151
Shares redeemed...................................... (137,848,941) (959,342,167) (111,663,949) (826,238,600)
------------ --------------- ------------ ---------------
Net increase (decrease)............................... (56,386,182) $ (383,122,253) 34,010,302 $ 253,110,325
============ =============== --========== ===============
</TABLE>
62
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONT.)
3. DISTRIBUTIONS AND CAPITAL LOSS CARRYOVERS
At March 31, 1995, for tax purposes, the Fund had a capital loss carryover of
$14,135,262 expiring in the year 2003.
For income tax purposes, the aggregate cost of securities is higher (and
unrealized appreciation is lower) than for financial reporting purposes at March
31, 1995 by $7,512.
4. PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities (excluding purchases and sales of short-term
securities) for the year ended March 31, 1995 aggregated $1,788,871,862 and
$2,443,909,569, respectively.
5. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
Franklin Advisers, Inc., under the terms of an agreement, provides investment
advice, administrative services, office space and facilities to the Fund and
receives fees computed monthly on the net assets of the Fund at the last day of
the month at an annualized rate of 5/8 of 1% of the first $100 million of net
assets, 1/2 of 1% of net assets in excess of $100 million to $250 million,
45/100 of 1% of net assets in excess of $250 million to $10 billion, 44/100 of
1% of net assets in excess of $10 billion to $12.5 billion, 42/100 of 1% of net
assets in excess of $12.5 billion to $15 billion, 40/100 of 1% of net assets in
excess of $15 billion to $17.5 billion, 38/100 of 1% of net assets in excess of
$17.5 billion to $20 billion and 36/100 of 1% of net assets in excess of $20
billion. Such management fees incurred by the Fund aggregated $58,329,191 for
the year ended March 31, 1995.
The terms of the management agreement provide that annual aggregate expenses of
the Fund be limited to the extent necessary to comply with the limitations set
forth in the laws, regulations and administrative interpretations of the states
in which the Fund's shares are registered. For the year ended March 31, 1995,
the Fund's expenses did not exceed these limitations.
In its capacity as underwriter for the capital stock of the Fund,
Franklin/Templeton Distributors, Inc. received commissions on sales of the
Fund's capital stock for the year ended March 31, 1995 totalling $21,811,482 of
which $20,407,697 was subsequently paid to other dealers. Commissions are
deducted from the gross proceeds received from the sale of the capital stock of
the Fund, and as such are not expenses of the Fund.
Under the terms of a shareholder services agreement with Franklin/Templeton
Investor Services, Inc., the Fund pays costs on a per shareholder account basis.
Shareholder servicing costs incurred for the year ended March 31, 1995 were
$1,339,391 of which $1,240,039 was paid to Franklin/Templeton Investor Services,
Inc.
Legal fees and expenses of $21,278 were incurred to a law firm in which Brian
E. Lorenz, Secretary of the Fund, is a partner.
Effective May 1, 1994, the Fund implemented a plan of distribution under Rule
12b-1 of the Investment Company Act of 1940, pursuant to which the Fund will
reimburse Franklin/Templeton Distributors, Inc. in an amount up to a maximum of
0.10% per annum of the Fund's average daily net assets for costs incurred in the
promotion, offering and marketing of the Fund's shares. Fees incurred by the
Fund under the agreement aggregated $7,314,101 for the year ended March 31,
1995.
Certain officers and directors of the Fund are also officers and/or directors of
Franklin/Templeton Distributors, Inc., Franklin Advisers, Inc., and
Franklin/Templeton Investor Services, Inc., all wholly-owned subsidiaries of
Franklin Resources, Inc.
6. CREDIT RISK AND DEFAULTED SECURITIES
Although the Fund has a diversified investment portfolio, all of its investments
are in the securities of issuers in California. Such concentration may subject
the Fund to economic changes occurring within that state.
Although the Fund has a diversified portfolio, .3% of its portfolio is invested
in lower rated and comparable quality unrated high yield securities. Investments
in higher yield securities are accompanied by a greater degree of credit risk
and such lower quality securities tend to be more sensitive to economic
conditions than higher rated securities.
The risk of loss due to default by the issuer may be significantly greater for
the holders of high yielding securities, because such securities are generally
unsecured and are often subordinated to other creditors of the issuer. At March
31, 1995 the Fund held three defaulted securities issued by three separate
issuers with a value aggregating $16,274,100, representing .13% of the Fund's
net assets. For more information as to specific securities, see the accompanying
Statement of Investments in Securities and Net Assets.
For financial reporting purposes, it is the Fund's accounting practice to
discontinue accrual of income and provide an estimate for probable losses due to
unpaid interest income on defaulted bonds for the current reporting period.
63
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONT.)
7. SUBSEQUENT EVENT
The Fund will be offering an additional class of shares effective May 1, 1995.
8. FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock outstanding throughout each year are
as follows:
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
-------------------------------------------------------
1995 1994 1993 1992 1991
----------- ----------- ----------- ----------- ---------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net asset value at beginning of year....................... $7.12 $7.36 $7.07 $6.92 $6.89
----------- ----------- ----------- ----------- ---------
Net investment income...................................... .45 .46 .48 .49 .50
Net realized and unrealized gain (loss) on securities...... (.016) (.226) .288 .154
.036
----------- ----------- ----------- ----------- ---------
Total from investment operations........................... .434 .234 .768 .644 .536
----------- ----------- ----------- ----------- ---------
Less distributions from:
Net investment income..................................... (.444) (.456) (.478) (.494) (.506)
Capital gains............................................. - (.018) - - -
----------- ----------- ----------- ----------- ---------
Total distributions........................................ (.444) (.474) (.478) (.494) (.506)
----------- ----------- ----------- ----------- ---------
Net asset value at end of year............................. $7.11 $7.12 $7.36 $7.07 $6.92
=========== =========== =========== =========== =========
Total return**............................................. 6.37% 2.88% 10.95% 9.32% 7.76%
RATIOS/SUPPLEMENTAL DATA
Net assets at end of year (in 000's)....................... $12,923,031 $13,345,420 $13,541,443 $12,303,807 $11,466,168
Ratio of expenses to average net assets.................... .55% .49% .49% .49% .48%
Ratio of net investment income to average net
assets.................................................... 6.36% 6.19% 6.61% 6.93% 7.22%
Portfolio turnover rate.................................... 14.07% 18.12% 15.63% 16.13% 15.83%
</TABLE>
**Total return measures the change in value of an investment over the periods
indicated. It does not include the maximum initial sales charge and assumes
reinvestment of dividends at the offering price and capital gains at net asset
value. Effective May 1, 1994, with the implementation of the Rule 12b-1
distribution plan discussed in Note 5, the sales charge on reinvested dividends
was eliminated.
During the fiscal year ended March 31, 1995, the Fund paid distributions from
undistributed net investment income in the amounts shown in the Statement of
Changes in Net Assets. The Fund hereby designates the total amount of these
distributions as exempt-interest dividends under Section 852(b)(5) of the
Internal Revenue Code.
64
<PAGE>
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND, INC.
- -------------------------------------------------------------------------------
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Directors
of Franklin California Tax-Free Income Fund, Inc.:
We have audited the accompanying statement of assets and liabilities of the
Franklin California Tax-Free Income Fund, Inc., (the Fund) including the
statement of investments in securities and net assets, as of March 31, 1995, and
the related statement of operations for the year then ended, the statements of
changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the five years in the period then ended.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of March
31, 1995, by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Franklin California Tax-Free Income Fund, Inc. as of March 31, 1995, the results
of its operations for the year then ended, the changes in its net assets for
each of the two years in the period then ended, and the financial highlights for
each of the five years in the period then ended, in conformity with generally
accepted accounting principles.
COOPERS & LYBRAND L.L.P.
San Francisco, California
April 28, 1995
65
<PAGE>
APPENDIX
DESCRIPTION OF GRAPHIC MATERIAL OMITTED FROM EDGAR FILING
(PURSUANT TO ITEM 304 (a) of REGULATION S-T)
GRAPHIC MATERIAL (1)
This pie chart shows the fund's securities breakdown by
quality as a percentage of the fund's total net assets.
<TABLE>
<CAPTION>
Portfolio Breakdown on 3/31/95
<S> <C>
AAA 35.6%
AA 10.4%
A 26.0%
BBB 27.0%
Below Investment Grade 1.0%
</TABLE>
GRAPHIC MATERIAL (2)
This bar chart shows the comparison between the fund's
distribution rate of 5.98% and the taxable equivalent
rate of 11.12%.
GRAPHIC MATERIAL (3)
The following line graph hypothetically compares the
performance of the Franklin California Tax-Free Income
Fund to that of the Lehman Brothers Municipal Bond Index
and the Consumer Price Index, based on a $10,000 investment
from 4/1/85 to 3/31/95.
<TABLE>
<CAPTION>
Period Ending
<S>
CA TF Inc
<C>
LB Muni Index
<C>
CPI
<C>
4/1/85
9,580
10,000
10,000
4/30/85
9,912
3.66%
10,366
0.47%
10,047
5/31/85
10,200
3.47%
10,726
0.37%
10,084
6/30/85
10,323
1.05%
10,838
0.28%
10,112
7/31/85
10,215
0.20%
10,860
0.19%
10,132
8/31/85
10,277
- -0.70%
10,784
0.19%
10,151
9/30/85
10,277
- -1.00%
10,676
0.28%
10,179
10/31/85
10,529
3.43%
11,042
0.37%
10,217
11/30/85
10,657
3.59%
11,439
0.28%
10,246
12/31/85
10,817
0.88%
11,539
0.28%
10,274
1/31/86
11,075
5.89%
12,219
0.27%
10,302
2/28/86
11,449
3.97%
12,704
- -0.27%
10,274
3/31/86
11,564
0.03%
12,708
- -0.46%
10,227
4/30/86
11,597
0.08%
12,718
- -0.18%
10,209
5/31/86
11,547
- -1.63%
12,511
0.28%
10,237
6/30/86
11,648
0.95%
12,630
0.55%
10,293
7/31/86
11,732
0.61%
12,707
0.00%
10,293
8/31/86
12,123
4.48%
13,276
0.18%
10,312
9/30/86
12,106
0.25%
13,309
0.46%
10,359
10/31/86
12,373
1.73%
13,539
0.09%
10,369
11/30/86
12,537
1.98%
13,808
0.09%
10,378
12/31/86
12,598
- -0.28%
13,769
0.09%
10,387
1/31/87
12,905
3.01%
14,183
0.63%
10,453
2/28/87
13,002
0.49%
14,253
0.36%
10,490
3/31/87
13,011
- -1.06%
14,102
0.45%
10,538
4/30/87
12,394
- -5.02%
13,394
0.54%
10,595
5/31/87
12,259
- -0.50%
13,327
0.35%
10,632
6/30/87
12,395
2.94%
13,719
0.35%
10,669
7/31/87
12,477
1.02%
13,859
0.26%
10,697
8/31/87
12,542
0.22%
13,889
0.53%
10,753
9/30/87
12,086
- -3.69%
13,377
0.52%
10,809
10/31/87
11,906
0.35%
13,423
0.26%
10,837
11/30/87
12,323
2.61%
13,774
0.09%
10,847
12/31/87
12,536
1.45%
13,973
0.00%
10,847
1/31/88
12,977
3.56%
14,471
0.26%
10,875
2/29/88
13,192
1.06%
14,624
0.26%
10,904
3/31/88
12,929
- -1.16%
14,455
0.43%
10,950
4/30/88
13,012
0.76%
14,565
0.52%
11,007
5/31/88
13,038
- -0.29%
14,522
0.34%
11,045
6/30/88
13,200
1.46%
14,734
0.43%
11,092
7/31/88
13,304
0.65%
14,830
0.42%
11,139
8/31/88
13,449
0.09%
14,843
0.42%
11,186
9/30/88
13,653
1.81%
15,112
0.67%
11,261
10/31/88
13,920
1.76%
15,378
0.33%
11,298
11/30/88
13,845
- -0.92%
15,237
0.08%
11,307
12/31/88
14,035
1.02%
15,392
0.17%
11,326
1/31/89
14,225
2.07%
15,711
0.50%
11,383
2/28/89
14,128
- -1.14%
15,532
0.41%
11,429
3/31/89
14,093
- -0.24%
15,494
0.58%
11,496
4/30/89
14,369
2.37%
15,861
0.65%
11,570
5/31/89
14,649
2.08%
16,191
0.57%
11,636
6/30/89
14,865
1.36%
16,412
0.24%
11,664
7/31/89
14,957
1.36%
16,635
0.24%
11,692
8/31/89
14,899
- -0.98%
16,472
0.16%
11,711
9/30/89
14,819
- -0.30%
16,422
0.32%
11,748
10/31/89
14,955
1.22%
16,623
0.48%
11,805
11/30/89
15,136
1.75%
16,914
0.24%
11,833
12/31/89
15,252
0.82%
17,052
0.16%
11,852
1/31/90
15,170
- -0.47%
16,972
1.03%
11,974
2/28/90
15,398
0.89%
17,123
0.47%
12,030
3/31/90
15,383
0.03%
17,128
0.55%
12,097
4/30/90
15,367
- -0.72%
17,005
0.16%
12,116
5/31/90
15,735
2.18%
17,376
0.23%
12,144
6/30/90
15,830
0.88%
17,529
0.54%
12,209
7/31/90
16,063
1.48%
17,788
0.38%
12,256
8/31/90
15,769
- -1.45%
17,530
0.92%
12,368
9/30/90
15,774
0.06%
17,541
0.84%
12,472
10/31/90
15,895
1.81%
17,858
0.60%
12,547
11/30/90
16,204
2.01%
18,217
0.22%
12,575
12/31/90
16,255
0.44%
18,297
0.00%
12,575
1/31/91
16,473
1.34%
18,542
0.60%
12,650
2/28/91
16,549
0.87%
18,704
0.15%
12,669
3/31/91
16,626
0.04%
18,711
0.15%
12,688
4/30/91
16,824
1.34%
18,962
0.15%
12,707
5/31/91
16,974
0.89%
19,131
0.30%
12,745
6/30/91
16,977
- -0.10%
19,112
0.29%
12,782
7/31/91
17,226
1.22%
19,345
0.15%
12,802
8/31/91
17,351
1.32%
19,600
0.29%
12,839
9/30/91
17,603
1.30%
19,855
0.44%
12,895
10/31/91
17,705
0.90%
20,034
0.15%
12,914
11/30/91
17,783
0.28%
20,090
0.29%
12,952
12/31/91
18,039
2.15%
20,522
0.07%
12,961
1/31/92
18,067
0.23%
20,569
0.15%
12,980
2/29/92
18,069
0.03%
20,575
0.36%
13,027
3/31/92
18,226
0.04%
20,583
0.51%
13,094
4/30/92
18,332
0.89%
20,766
0.14%
13,112
5/31/92
18,621
1.18%
21,011
0.14%
13,130
6/30/92
18,834
1.68%
21,364
0.36%
13,178
7/31/92
19,363
3.00%
22,005
0.21%
13,205
8/31/92
19,101
- -0.98%
21,790
0.28%
13,242
9/30/92
19,151
0.65%
21,931
0.28%
13,279
10/31/92
18,853
- -0.98%
21,716
0.35%
13,326
11/30/92
19,416
1.79%
22,105
0.14%
13,344
12/31/92
19,711
1.02%
22,331
- -0.07%
13,335
1/31/93
19,926
1.16%
22,590
0.49%
13,400
2/28/93
20,417
3.62%
23,407
0.35%
13,447
3/31/93
20,275
- -1.06%
23,159
0.35%
13,494
4/30/93
20,411
1.01%
23,393
0.28%
13,532
5/31/93
20,492
0.56%
23,524
0.14%
13,551
6/30/93
20,832
1.67%
23,917
0.14%
13,570
7/31/93
20,801
0.13%
23,948
0.00%
13,570
8/31/93
21,279
2.08%
24,446
0.28%
13,608
9/30/93
21,474
1.14%
24,725
0.21%
13,637
10/31/93
21,523
0.19%
24,772
0.41%
13,693
11/30/93
21,371
- -0.88%
24,554
0.07%
13,702
12/31/93
21,582
2.11%
25,072
0.00%
13,702
1/31/94
21,806
1.14%
25,358
0.27%
13,739
2/28/94
21,476
- -2.59%
24,701
0.34%
13,786
3/31/94
20,911
- -4.07%
23,696
0.34%
13,833
4/30/94
20,991
0.85%
23,897
0.14%
13,852
5/31/94
21,160
0.87%
24,105
0.07%
13,862
6/30/94
21,091
- -0.61%
23,958
0.34%
13,909
7/31/94
21,381
1.83%
24,396
0.27%
13,946
8/31/94
21,493
0.35%
24,482
0.40%
14,002
9/30/94
21,332
- -1.47%
24,122
0.27%
14,040
10/31/94
21,080
- -1.78%
23,693
0.07%
14,050
11/30/94
20,796
- -1.81%
23,264
0.13%
14,068
12/31/94
20,971
2.20%
23,776
0.00%
14,068
1/31/95
21,488
2.86%
24,456
0.40%
14,124
2/28/95
22,039
2.91%
25,167
0.40%
14,181
3/31/95
22,248
1.15%
25,457
0.30%
14,223
</TABLE>
