false 0000225375 N-1A N-CSRS 0000225375 tsr:C000199722Member 2025-03-01 2025-08-31 0000225375 tsr:C000199722Member 2025-08-31 0000225375 tsr:C000199722Member tsr:bench202409274049_4903Member 2025-08-31 0000225375 tsr:C000199722Member tsr:bench202409274053_4903Member 2025-08-31 0000225375 tsr:C000199722Member tsr:bench202409274047_4903Member 2025-08-31 0000225375 tsr:C000199722Member tsr:bench202409043993_4903Member 2025-08-31 0000225375 tsr:C000199722Member tsr:bench202409274048_4903Member 2025-08-31 0000225375 tsr:C000199722Member tsr:bench202409274045_4903Member 2025-08-31 0000225375 tsr:C000199722Member tsr:bench202409274046_4903Member 2025-08-31 0000225375 tsr:C000199722Member tsr:bench202409044002_4903Member 2025-08-31 0000225375 tsr:C000199722Member tsr:bench202409274050_4903Member 2025-08-31 0000225375 tsr:C000199722Member tsr:bench202409274051_4903Member 2025-08-31 0000225375 tsr:C000199722Member tsr:bench202409274052_4903Member 2025-08-31 0000225375 tsr:C000199722Member tsr:bench202409274054_4903Member 2025-08-31 0000225375 2025-03-01 2025-08-31 tsr:Years iso4217:USD xbrli:pure xbrli:shares iso4217:USD xbrli:shares 0000225375 tsr:C000018181Member 2025-03-01 2025-08-31 0000225375 tsr:C000018181Member 2025-08-31 0000225375 tsr:C000018181Member tsr:bench202409274049_4902Member 2025-08-31 0000225375 tsr:C000018181Member tsr:bench202409274053_4902Member 2025-08-31 0000225375 tsr:C000018181Member tsr:bench202409274047_4902Member 2025-08-31 0000225375 tsr:C000018181Member tsr:bench202409043993_4902Member 2025-08-31 0000225375 tsr:C000018181Member tsr:bench202409274048_4902Member 2025-08-31 0000225375 tsr:C000018181Member tsr:bench202409274045_4902Member 2025-08-31 0000225375 tsr:C000018181Member tsr:bench202409274046_4902Member 2025-08-31 0000225375 tsr:C000018181Member tsr:bench202409044002_4902Member 2025-08-31 0000225375 tsr:C000018181Member tsr:bench202409274050_4902Member 2025-08-31 0000225375 tsr:C000018181Member tsr:bench202409274051_4902Member 2025-08-31 0000225375 tsr:C000018181Member tsr:bench202409274052_4902Member 2025-08-31 0000225375 tsr:C000018181Member tsr:bench202409274054_4902Member 2025-08-31 0000225375 tsr:C000018183Member 2025-03-01 2025-08-31 0000225375 tsr:C000018183Member 2025-08-31 0000225375 tsr:C000018183Member tsr:bench202409274049_4904Member 2025-08-31 0000225375 tsr:C000018183Member tsr:bench202409274053_4904Member 2025-08-31 0000225375 tsr:C000018183Member tsr:bench202409274047_4904Member 2025-08-31 0000225375 tsr:C000018183Member tsr:bench202409043993_4904Member 2025-08-31 0000225375 tsr:C000018183Member tsr:bench202409274048_4904Member 2025-08-31 0000225375 tsr:C000018183Member tsr:bench202409274045_4904Member 2025-08-31 0000225375 tsr:C000018183Member tsr:bench202409274046_4904Member 2025-08-31 0000225375 tsr:C000018183Member tsr:bench202409044002_4904Member 2025-08-31 0000225375 tsr:C000018183Member tsr:bench202409274050_4904Member 2025-08-31 0000225375 tsr:C000018183Member tsr:bench202409274051_4904Member 2025-08-31 0000225375 tsr:C000018183Member tsr:bench202409274052_4904Member 2025-08-31 0000225375 tsr:C000018183Member tsr:bench202409274054_4904Member 2025-08-31 0000225375 tsr:C000191685Member 2025-03-01 2025-08-31 0000225375 tsr:C000191685Member 2025-08-31 0000225375 tsr:C000191685Member tsr:bench202409274049_4905Member 2025-08-31 0000225375 tsr:C000191685Member tsr:bench202409274053_4905Member 2025-08-31 0000225375 tsr:C000191685Member tsr:bench202409274047_4905Member 2025-08-31 0000225375 tsr:C000191685Member tsr:bench202409043993_4905Member 2025-08-31 0000225375 tsr:C000191685Member tsr:bench202409274048_4905Member 2025-08-31 0000225375 tsr:C000191685Member tsr:bench202409274045_4905Member 2025-08-31 0000225375 tsr:C000191685Member tsr:bench202409274046_4905Member 2025-08-31 0000225375 tsr:C000191685Member tsr:bench202409044002_4905Member 2025-08-31 0000225375 tsr:C000191685Member tsr:bench202409274050_4905Member 2025-08-31 0000225375 tsr:C000191685Member tsr:bench202409274051_4905Member 2025-08-31 0000225375 tsr:C000191685Member tsr:bench202409274052_4905Member 2025-08-31 0000225375 tsr:C000191685Member tsr:bench202409274054_4905Member 2025-08-31 0000225375 tsr:C000018184Member 2025-03-01 2025-08-31 0000225375 tsr:C000018184Member 2025-08-31 0000225375 tsr:C000018184Member tsr:bench202409274049_4901Member 2025-08-31 0000225375 tsr:C000018184Member tsr:bench202409274053_4901Member 2025-08-31 0000225375 tsr:C000018184Member tsr:bench202409274047_4901Member 2025-08-31 0000225375 tsr:C000018184Member tsr:bench202409043993_4901Member 2025-08-31 0000225375 tsr:C000018184Member tsr:bench202409274048_4901Member 2025-08-31 0000225375 tsr:C000018184Member tsr:bench202409274045_4901Member 2025-08-31 0000225375 tsr:C000018184Member tsr:bench202409274046_4901Member 2025-08-31 0000225375 tsr:C000018184Member tsr:bench202409044002_4901Member 2025-08-31 0000225375 tsr:C000018184Member tsr:bench202409274050_4901Member 2025-08-31 0000225375 tsr:C000018184Member tsr:bench202409274051_4901Member 2025-08-31 0000225375 tsr:C000018184Member tsr:bench202409274052_4901Member 2025-08-31 0000225375 tsr:C000018184Member tsr:bench202409274054_4901Member 2025-08-31

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-02790

 

Franklin California Tax Free Income Fund

(Exact name of registrant as specified in charter)

 

One Franklin Parkway, San Mateo, CA 94403-1906

(Address of principal executive offices) (Zip code)

 

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: (650) 312-2000

 

Date of fiscal year end: February 28

 

Date of reporting period: August 31, 2025

 

 

 

ITEM 1. REPORT TO STOCKHOLDERS

 

(a) The Report to Shareholders is filed herewith

Franklin California Tax-Free Income Fund
image
Class A   [FTFQX]
Semi-Annual Shareholder Report | August 31, 2025
image
This semi-annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Class A
$38
0.76%
† Annualized.
KEY FUND STATISTICS (as of August 31, 2025)
Total Net Assets
$12,582,665,918
Total Number of Portfolio Holdings
1,131
Portfolio Turnover Rate
6.99%
WHAT DID THE FUND INVEST IN? (as of August 31, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Franklin California Tax-Free Income Fund  PAGE 1  1112-STSR-1025
25.412.211.110.68.98.18.17.92.92.51.50.8
 
Franklin California Tax-Free Income Fund
image
Class A1   [FKTFX]
Semi-Annual Shareholder Report | August 31, 2025
image
This semi-annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Class A1
$30
0.61%
† Annualized.
KEY FUND STATISTICS (as of August 31, 2025)
Total Net Assets
$12,582,665,918
Total Number of Portfolio Holdings
1,131
Portfolio Turnover Rate
6.99%
WHAT DID THE FUND INVEST IN? (as of August 31, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Franklin California Tax-Free Income Fund  PAGE 1  112-STSR-1025
25.412.211.110.68.98.18.17.92.92.51.50.8
 
Franklin California Tax-Free Income Fund
image
Class C   [FRCTX]
Semi-Annual Shareholder Report | August 31, 2025
image
This semi-annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Class C
$58
1.16%
† Annualized.
KEY FUND STATISTICS (as of August 31, 2025)
Total Net Assets
$12,582,665,918
Total Number of Portfolio Holdings
1,131
Portfolio Turnover Rate
6.99%
WHAT DID THE FUND INVEST IN? (as of August 31, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Franklin California Tax-Free Income Fund  PAGE 1  212-STSR-1025
25.412.211.110.68.98.18.17.92.92.51.50.8
 
Franklin California Tax-Free Income Fund
image
Class R6   [FKTQX]
Semi-Annual Shareholder Report | August 31, 2025
image
This semi-annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Class R6
$23
0.47%
† Annualized.
KEY FUND STATISTICS (as of August 31, 2025)
Total Net Assets
$12,582,665,918
Total Number of Portfolio Holdings
1,131
Portfolio Turnover Rate
6.99%
WHAT DID THE FUND INVEST IN? (as of August 31, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Franklin California Tax-Free Income Fund  PAGE 1  8112-STSR-1025
25.412.211.110.68.98.18.17.92.92.51.50.8
 
Franklin California Tax-Free Income Fund
image
Advisor Class   [FCAVX]
Semi-Annual Shareholder Report | August 31, 2025
image
This semi-annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment†
Advisor Class
$25
0.51%
† Annualized.
KEY FUND STATISTICS (as of August 31, 2025)
Total Net Assets
$12,582,665,918
Total Number of Portfolio Holdings
1,131
Portfolio Turnover Rate
6.99%
WHAT DID THE FUND INVEST IN? (as of August 31, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Franklin California Tax-Free Income Fund  PAGE 1  614-STSR-1025
25.412.211.110.68.98.18.17.92.92.51.50.8
 

(b) Not applicable

 

ITEM 2. CODE OF ETHICS.

 

Not applicable

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not applicable

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not applicable.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable.

 

ITEM 6. SCHEDULE OF INVESTMENTS.

 

(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

 

(b) Not applicable.
 

 

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Franklin
California
Tax-Free
Income
Fund
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
August
31,
2025
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information—Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
37
Notes
to
Financial
Statements
41
Changes
In
and
Disagreements
with
Accountants
49
Results
of
Meeting(s)
of
Shareholders
49
Remuneration
Paid
to
Directors,
Officers
and
Others
49
Board
Approval
of
Management
and
Subadvisory
Agreements
49
Franklin
California
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
August
31,
2025
(unaudited)
Year
Ended
February
28,
Year
Ended
February
28,
2022
b
Year
Ended
March
31,
2025
2024
a
2023
2021
2020
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
............
$6.86
$6.89
$6.73
$7.44
$7.71
$7.50
$7.44
Income
from
investment
operations
c
:
Net
investment
income
d
.
0.12
0.24
0.24
0.22
0.18
0.22
0.22
Net
realized
and
unrealized
gains
(losses)
...........
(0.30)
(0.03)
0.16
(0.71)
(0.28)
0.20
0.08
Total
from
investment
operations
...........
(0.18)
0.21
0.40
(0.49)
(0.10)
0.42
0.30
Less
distributions
from:
Net
investment
income
..
(0.12)
(0.24)
(0.24)
(0.22)
(0.17)
(0.21)
(0.24)
Net
asset
value,
end
of
period
..............
$6.56
$6.86
$6.89
$6.73
$7.44
$7.71
$7.50
Total
return
e
...........
(2.59)%
3.06%
6.02%
(6.62)%
(1.30)%
5.66%
3.98%
Ratios
to
average
net
assets
f
Expenses
.............
0.76%
0.76%
g
0.76%
g
0.77%
g
0.75%
g
0.75%
g
0.76%
g
Net
investment
income
...
3.75%
3.48%
3.57%
3.27%
2.52%
2.79%
2.97%
Supplemental
data
Net
assets,
end
of
period
(000’s)
..............
$2,730,950
$2,853,539
$2,554,655
$2,282,254
$2,412,285
$2,074,343
$1,395,165
Portfolio
turnover
rate
....
6.99%
7.96%
14.01%
42.30%
19.33%
14.41%
15.74%
a
For
the
year
ended
February
29.
b
For
the
period
April
1,
2021
to
February
28,
2022.
c
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
d
Based
on
average
daily
shares
outstanding.
e
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
California
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
Six
Months
Ended
August
31,
2025
(unaudited)
Year
Ended
February
28,
Year
Ended
February
28,
2022
b
Year
Ended
March
31,
2025
2024
a
2023
2021
2020
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
............
$6.85
$6.88
$6.72
$7.43
$7.70
$7.49
$7.43
Income
from
investment
operations
c
:
Net
investment
income
d
.
0.13
0.25
0.25
0.23
0.19
0.23
0.24
Net
realized
and
unrealized
gains
(losses)
...........
(0.30)
(0.03)
0.16
(0.71)
(0.27)
0.20
0.07
Total
from
investment
operations
...........
(0.17)
0.22
0.41
(0.48)
(0.08)
0.43
0.31
Less
distributions
from:
Net
investment
income
..
(0.13)
(0.25)
(0.25)
(0.23)
(0.19)
(0.22)
(0.25)
Net
asset
value,
end
of
period
..............
$6.55
$6.85
$6.88
$6.72
$7.43
$7.70
$7.49
Total
return
e
...........
(2.52)%
3.22%
6.18%
(6.48)%
(1.17)%
5.83%
4.14%
Ratios
to
average
net
assets
f
Expenses
.............
0.61%
0.60%
g
0.61%
g
0.62%
g
0.59%
g
0.60%
g
0.61%
g
Net
investment
income
...
3.91%
3.64%
3.73%
3.42%
2.68%
2.97%
3.12%
Supplemental
data
Net
assets,
end
of
period
(000’s)
..............
$6,321,894
$6,986,725
$7,640,302
$8,130,315
$10,201,944
$11,084,478
$11,448,334
Portfolio
turnover
rate
....
6.99%
7.96%
14.01%
42.30%
19.33%
14.41%
15.74%
a
For
the
year
ended
February
29.
b
For
the
period
April
1,
2021
to
February
28,
2022.
c
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
d
Based
on
average
daily
shares
outstanding.
e
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
California
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Six
Months
Ended
August
31,
2025
(unaudited)
Year
Ended
February
28,
Year
Ended
February
28,
2022
b
Year
Ended
March
31,
2025
2024
a
2023
2021
2020
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
............
$6.84
$6.87
$6.71
$7.41
$7.69
$7.47
$7.41
Income
from
investment
operations
c
:
Net
investment
income
d
.
0.11
0.21
0.21
0.20
0.15
0.19
0.20
Net
realized
and
unrealized
gains
(losses)
...........
(0.31)
(0.03)
0.16
(0.71)
(0.28)
0.21
0.07
Total
from
investment
operations
...........
(0.20)
0.18
0.37
(0.51)
(0.13)
0.40
0.27
Less
distributions
from:
Net
investment
income
..
(0.11)
(0.21)
(0.21)
(0.19)
(0.15)
(0.18)
(0.21)
Net
asset
value,
end
of
period
..............
$6.53
$6.84
$6.87
$6.71
$7.41
$7.69
$7.47
Total
return
e
...........
(2.94)%
2.65%
5.61%
(6.88)%
(1.80)%
5.40%
3.57%
Ratios
to
average
net
assets
f
Expenses
.............
1.16%
1.16%
g
1.16%
g
1.17%
g
1.15%
g
1.16%
g
1.16%
g
Net
investment
income
...
3.36%
3.09%
3.19%
2.86%
2.13%
2.42%
2.57%
Supplemental
data
Net
assets,
end
of
period
(000’s)
..............
$263,321
$324,192
$395,396
$502,065
$723,593
$1,018,197
$1,118,612
Portfolio
turnover
rate
....
6.99%
7.96%
14.01%
42.30%
19.33%
14.41%
15.74%
a
For
the
year
ended
February
29.
b
For
the
period
April
1,
2021
to
February
28,
2022.
c
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
d
Based
on
average
daily
shares
outstanding.
e
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
California
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
Six
Months
Ended
August
31,
2025
(unaudited)
Year
Ended
February
28,
Year
Ended
February
28,
2022
b
Year
Ended
March
31,
2025
2024
a
2023
2021
2020
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
............
$6.84
$6.87
$6.71
$7.42
$7.69
$7.48
$7.42
Income
from
investment
operations
c
:
Net
investment
income
d
.
0.13
0.26
0.26
0.24
0.20
0.24
0.25
Net
realized
and
unrealized
gains
(losses)
...........
(0.30)
(0.03)
0.15
(0.71)
(0.28)
0.20
0.07
Total
from
investment
operations
...........
(0.17)
0.23
0.41
(0.47)
(0.08)
0.44
0.32
Less
distributions
from:
Net
investment
income
..
(0.13)
(0.26)
(0.25)
(0.24)
(0.19)
(0.23)
(0.26)
Net
asset
value,
end
of
period
..............
$6.54
$6.84
$6.87
$6.71
$7.42
$7.69
$7.48
Total
return
e
...........
(2.45)%
3.36%
6.33%
(6.37)%
(1.05)%
5.97%
4.28%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
...
0.47%
0.47%
0.48%
0.49%
0.47%
0.47%
0.47%
Expenses
net
of
waiver
and
payments
by
affiliates
...
0.47%
0.47%
g
0.48%
g
0.49%
g
0.47%
g,h
0.47%
g,h
0.46%
g
Net
investment
income
...
4.05%
3.78%
3.87%
3.55%
2.81%
3.08%
3.27%
Supplemental
data
Net
assets,
end
of
period
(000’s)
..............
$370,437
$380,103
$316,077
$271,190
$345,058
$281,038
$186,078
Portfolio
turnover
rate
....
6.99%
7.96%
14.01%
42.30%
19.33%
14.41%
15.74%
a
For
the
year
ended
February
29.
b
For
the
period
April
1,
2021
to
February
28,
2022.
c
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
d
Based
on
average
daily
shares
outstanding.
e
Total
return
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
h
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
California
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
August
31,
2025
(unaudited)
Year
Ended
February
28,
Year
Ended
February
28,
2022
b
Year
Ended
March
31,
2025
2024
a
2023
2021
2020
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
............
$6.84
$6.87
$6.71
$7.42
$7.69
$7.48
$7.42
Income
from
investment
operations
c
:
Net
investment
income
d
.
0.13
0.26
0.26
0.24
0.20
0.24
0.24
Net
realized
and
unrealized
gains
(losses)
...........
(0.31)
(0.04)
0.15
(0.72)
(0.28)
0.20
0.08
Total
from
investment
operations
...........
(0.18)
0.22
0.41
(0.48)
(0.08)
0.44
0.32
Less
distributions
from:
Net
investment
income
..
(0.13)
(0.25)
(0.25)
(0.23)
(0.19)
(0.23)
(0.26)
Net
asset
value,
end
of
period
..............
$6.53
$6.84
$6.87
$6.71
$7.42
$7.69
$7.48
Total
return
e
...........
(2.62)%
3.33%
6.30%
(6.40)%
(1.08)%
5.94%
4.24%
Ratios
to
average
net
assets
f
Expenses
.............
0.51%
0.51%
g
0.52%
g
0.52%
g
0.50%
g
0.51%
g
0.51%
g
Net
investment
income
...
4.02%
3.74%
3.84%
3.53%
2.78%
3.06%
3.22%
Supplemental
data
Net
assets,
end
of
period
(000’s)
..............
$2,896,064
$2,609,811
$2,425,421
$2,344,189
$2,619,688
$2,498,587
$1,888,402
Portfolio
turnover
rate
....
6.99%
7.96%
14.01%
42.30%
19.33%
14.41%
15.74%
a
For
the
year
ended
February
29.
b
For
the
period
April
1,
2021
to
February
28,
2022.
c
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
d
Based
on
average
daily
shares
outstanding.
e
Total
return
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited),
August
31,
2025
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Shares
a
Value
a
Common
Stocks
0.0%
Independent
Power
and
Renewable
Electricity
Producers
0.0%
a,b
AES
Guayama
Holdings
BV
...........................................
79,045
$
—
b
Total
Common
Stocks
(Cost
$
–
)
...............................................
—
Principal
Amount
a
a
a
a
Municipal
Bonds
98.2%
California
95.4%
Alameda
Corridor
Transportation
Authority
,
Revenue
,
2022
C
,
Refunding
,
AG
Insured
,
5
%
,
10/01/52
....................
$
28,000,000
28,218,221
c
Revenue,
Sub.
Lien
,
2004
A
,
Refunding
,
AMBAC
Insured
,
3.11
%,
10/01/29
......
20,000,000
17,645,962
c
Revenue,
Sub.
Lien
,
2004
A
,
Refunding
,
AMBAC
Insured
,
3.29
%,
10/01/30
......
41,665,000
35,336,690
Alameda
Unified
School
District
,
GO
,
2015
A
,
5
%
,
8/01/39
.....................
18,000,000
18,008,707
c
Alhambra
City
Elementary
School
District
,
Alhambra
Unified
School
District
,
GO
,
2004
B
,
NATL
Insured
,
2.67
%,
9/01/27
......................................
3,035,000
2,879,027
Align
Capital
Trust
,
Revenue
,
2023-1
,
5.5
%
,
3/01/35
.........................
13,000,000
12,712,570
c
Alisal
Union
School
District
,
GO
,
2009
B
,
AG
Insured
,
3.11
%,
8/01/32
................................
3,355,000
2,714,832
GO
,
2009
B
,
AG
Insured
,
3.29
%,
8/01/33
................................
3,610,000
2,794,248
GO
,
2009
B
,
AG
Insured
,
3.37
%,
2/01/34
................................
3,345,000
2,529,867
Alta
Loma
School
District
,
GO
,
2019
B
,
5
%
,
8/01/44
.........................
7,375,000
7,486,025
c
Alvord
Unified
School
District
,
GO
,
2011
B
,
AG
Insured
,
4.41
%,
8/01/36
................................
15,000,000
9,364,560
GO
,
2011
B
,
AG
Insured
,
7.121
%,
8/01/46
...............................
42,500,000
48,839,895
Anaheim
Housing
&
Public
Improvements
Authority
,
City
of
Anaheim
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
10/01/52
.....
8,040,000
8,087,314
City
of
Anaheim
Water
System
,
Revenue
,
2022
A
,
5
%
,
10/01/52
...............
8,345,000
8,392,466
c
Anaheim
Public
Financing
Authority
,
City
of
Anaheim
,
Revenue
,
1997
C
,
AG
Insured
,
2.53
%,
9/01/26
...............
29,430,000
28,700,934
City
of
Anaheim
,
Revenue
,
1997
C
,
AG
Insured
,
2.59
%,
9/01/27
...............
22,860,000
21,719,416
City
of
Anaheim
,
Revenue
,
1997
C
,
AG
Insured
,
2.65
%,
9/01/28
...............
14,425,000
13,335,129
City
of
Anaheim
,
Revenue
,
1997
C
,
AG
Insured
,
2.76
%,
9/01/29
...............
24,810,000
22,245,735
City
of
Anaheim
,
Revenue
,
1997
C
,
AG
Insured
,
3.32
%,
9/01/32
...............
13,665,000
10,867,630
City
of
Anaheim
,
Revenue
,
1997
C
,
AG
Insured
,
3.51
%,
9/01/33
...............
37,070,000
28,136,808
City
of
Anaheim
,
Revenue
,
1997
C
,
AG
Insured
,
3.68
%,
9/01/34
...............
24,970,000
18,042,221
City
of
Anaheim
,
Revenue
,
1997
C
,
AG
Insured
,
ETM,
3.61
%,
3/01/37
..........
15,080,000
10,031,420
c
Anaheim
Union
High
School
District
,
GO
,
2002
A
,
AG
Insured
,
2.29
%,
8/01/26
.....
8,570,000
8,393,425
Bay
Area
Toll
Authority
,
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/42
.............................
119,305,000
111,783,989
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/47
.............................
23,330,000
20,615,622
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/49
.............................
13,625,000
11,898,222
d
Revenue
,
2021
A
,
Refunding
,
Mandatory
Put
,
2
%
,
4/01/28
...................
12,000,000
11,693,448
Beaumont
Public
Improvement
Authority
,
City
of
Beaumont
Wastewater
,
Revenue
,
2018
A
,
AG
Insured
,
5
%
,
9/01/49
......................................
10,000,000
10,311,421
Beaumont
Unified
School
District
,
c
GO
,
2011
C
,
AG
Insured
,
4.72
%,
8/01/40
................................
11,000,000
5,525,291
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
4.125
%
,
9/01/40
.................................................
280,000
260,858
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
4.375
%
,
9/01/45
.................................................
435,000
395,268
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
4.5
%
,
9/01/50
...................................................
640,000
581,632
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
4.5
%
,
9/01/55
...................................................
910,000
813,770
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
4.125
%
,
9/01/40
.................................................
310,000
288,807
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Beaumont
Unified
School
District,
(continued)
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
4.375
%
,
9/01/45
.................................................
$
875,000
$
795,080
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/50
....................................................
1,000,000
980,006
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/55
....................................................
1,000,000
971,270
Burbank-Glendale-Pasadena
Airport
Authority
Brick
Campaign
,
Revenue,
Senior
Lien
,
2024
B
,
5.25
%
,
7/01/49
............................
5,250,000
5,323,672
Revenue,
Senior
Lien
,
2024
B
,
5.25
%
,
7/01/54
............................
10,000,000
10,098,162
Cabrillo
Unified
School
District
,
GO
,
2018
A
,
5
%
,
8/01/45
.....................
4,245,000
4,315,952
California
Affordable
Housing
Agency
,
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
4
%
,
10/01/40
..............
1,580,000
1,491,542
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
4
%
,
10/01/45
..............
1,930,000
1,680,292
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
4
%
,
10/01/50
..............
1,855,000
1,586,507
d
California
Community
Choice
Financing
Authority
,
Revenue
,
2022
A-1
,
Mandatory
Put
,
4
%
,
8/01/28
..........................
100,000,000
101,264,700
Revenue
,
2023
C
,
Mandatory
Put
,
5.25
%
,
10/01/31
........................
122,575,000
128,933,529
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
3/01/31
..........................
38,855,000
41,331,396
Revenue
,
2023
G-1
,
Mandatory
Put
,
5.25
%
,
4/01/30
.......................
23,500,000
25,166,493
Revenue
,
2024
B
,
Mandatory
Put
,
5
%
,
12/01/32
...........................
69,000,000
72,063,338
Revenue
,
2024
D
,
Mandatory
Put
,
5
%
,
9/01/32
...........................
70,000,000
75,407,325
Revenue
,
2024
E
,
Mandatory
Put
,
5
%
,
9/01/32
............................
90,000,000
96,500,844
Revenue
,
2025
A
,
Mandatory
Put
,
5
%
,
5/01/35
............................
6,000,000
6,204,141
Revenue
,
2025
B
,
Mandatory
Put
,
5
%
,
11/01/35
...........................
15,585,000
16,678,841
California
Community
College
Financing
Authority
,
Revenue
,
2001
A
,
NATL
Insured
,
5.125
%
,
4/01/31
.........................
880,000
881,523
NCCD-Orange
Coast
Properties
LLC
,
Revenue
,
2018
,
5.25
%
,
5/01/53
..........
8,150,000
8,220,144
e
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
..........
5,235,000
4,152,621
Brio
Apartments
&
Next
on
Lex
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
....................................................
35,015,000
26,958,458
Exchange
at
Bayfront
Apartments
,
Revenue,
Senior
Lien
,
144A,
201
A-1
T
,
4.25
%
,
2/01/38
........................................................
7,095,000
6,267,790
Exchange
at
Bayfront
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
2/01/57
........................................................
59,855,000
35,753,127
Fountains
at
Emerald
Park
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/46
...
14,740,000
11,978,081
Fountains
at
Emerald
Park
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
8/01/56
..
46,440,000
29,572,764
K
Street
Flats
,
Revenue
,
144A,
2021
A-1
,
3
%
,
2/01/57
......................
47,500,000
30,089,179
Summit
at
Sausalito
Apartments
,
Revenue
,
144A,
2021
A-1
,
3
%
,
2/01/57
........
16,260,000
10,388,142
Twin
Creek
Apartments
,
Revenue
,
144A,
2022
A-1
,
4.5
%
,
8/01/52
.............
29,275,000
21,737,091
c
Twin
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-2
,
6.311
%,
8/01/65
..
79,990,000
2,723,588
Verdant
at
Green
Valley
Apartments
,
Revenue
,
144A,
2019
A
,
5
%
,
8/01/49
.......
15,765,000
13,815,415
California
County
Tobacco
Securitization
Agency
,
Gold
Country
Settlement
Funding
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/40
1,120,000
1,038,332
Gold
Country
Settlement
Funding
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/49
2,000,000
1,665,871
Kern
County
Tobacco
Funding
Corp.
,
Revenue
,
2014
,
Refunding
,
5
%
,
6/01/34
....
7,080,000
7,025,056
Kern
County
Tobacco
Funding
Corp.
,
Revenue
,
2014
,
Refunding
,
5
%
,
6/01/40
....
17,650,000
16,799,076
Los
Angeles
County
Securitization
Corp.
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
6/01/49
........................................................
135,000
130,422
Los
Angeles
County
Securitization
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/49
....................................................
3,525,000
2,901,521
Merced
County
Tobacco
Funding
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/36
....................................................
470,000
459,129
Merced
County
Tobacco
Funding
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/38
....................................................
530,000
503,981
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
County
Tobacco
Securitization
Agency,
(continued)
Merced
County
Tobacco
Funding
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/40
....................................................
$
625,000
$
579,427
Merced
County
Tobacco
Funding
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/42
....................................................
100,000
89,898
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/35
..
350,000
345,311
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/36
..
600,000
586,122
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/37
..
530,000
510,214
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/38
..
790,000
751,217
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/39
..
620,000
582,373
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/40
..
830,000
769,479
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/49
..
3,520,000
2,931,932
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
6/01/49
.
345,000
332,889
Stanislaus
County
Tobacco
Funding
Corp.
,
Revenue
,
2002
A
,
5.875
%
,
6/01/43
...
2,115,000
2,116,931
California
Educational
Facilities
Authority
,
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/40
................
1,295,000
1,141,651
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/41
................
1,345,000
1,167,462
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/42
................
1,400,000
1,193,002
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/46
................
3,000,000
2,474,144
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/50
................
2,675,000
2,126,666
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
3
%
,
12/01/51
................
650,000
416,611
Chapman
University
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
4/01/31
...............
475,000
536,324
Leland
Stanford
Junior
University
(The)
,
Revenue
,
T-1
,
5
%
,
3/15/39
............
2,815,000
3,178,856
Leland
Stanford
Junior
University
(The)
,
Revenue
,
U-1
,
5.25
%
,
4/01/40
.........
5,000,000
5,758,194
Leland
Stanford
Junior
University
(The)
,
Revenue
,
U-6
,
5
%
,
5/01/45
............
7,000,000
7,510,672
Leland
Stanford
Junior
University
(The)
,
Revenue
,
V-1
,
5
%
,
5/01/49
............
20,850,000
22,012,600
Loma
Linda
University
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
4/01/47
.............
11,000,000
10,719,061
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
2.56
%,
10/01/26
..
7,620,000
7,413,772
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
2.62
%,
10/01/27
..
7,365,000
6,979,029
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
2.68
%,
10/01/28
..
4,120,000
3,797,045
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
2.98
%,
10/01/30
..
5,685,000
4,896,887
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
3.18
%,
10/01/31
..
7,615,000
6,292,986
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
3.36
%,
10/01/32
..
7,615,000
6,025,017
c
Santa
Clara
University
,
Revenue
,
1999
,
AMBAC
Insured
,
3.84
%,
9/01/26
........
1,345,000
1,295,164
St.
Mary's
College
of
California
,
Revenue
,
2023
A
,
Refunding
,
5.5
%
,
10/01/53
....
10,850,000
10,187,586
University
of
Redlands
,
Revenue
,
2022
A
,
5
%
,
10/01/44
.....................
3,835,000
3,724,011
University
of
Redlands
,
Revenue
,
2022
A
,
5
%
,
10/01/52
.....................
18,790,000
17,706,261
University
of
San
Francisco
,
Revenue
,
2018
A
,
5
%
,
10/01/48
.................
10,000,000
9,871,359
University
of
Southern
California
,
Revenue
,
2025
A
,
5
%
,
10/01/55
.............
50,000,000
51,070,790
California
Enterprise
Development
Authority
,
Castilleja
School
Foundation
,
Revenue
,
2024
,
5
%
,
6/01/49
...................
2,800,000
2,844,137
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/40
..
650,000
658,206
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/45
..
650,000
648,389
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/50
..
650,000
636,997
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/55
..
3,175,000
3,121,646
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/57
..
500,000
483,732
California
Health
Facilities
Financing
Authority
,
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2024
A
,
5
%
,
12/01/28
..
24,200,000
25,673,238
Casa
Milagro
LLC
,
Revenue
,
2011
A
,
California
Mortgage
Insured
,
6.25
%
,
2/01/26
.
1,405,000
1,409,174
Cedars-Sinai
Medical
Center
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
8/15/41
........................................................
5,000,000
5,227,717
Children's
Hospital
Los
Angeles
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
8/15/42
........................................................
14,370,000
13,907,079
Children's
Hospital
Los
Angeles
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
8/15/47
........................................................
7,750,000
7,346,368
City
of
Hope
Obligated
Group
,
Revenue
,
2019
,
5
%
,
11/15/49
.................
27,000,000
26,614,670
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/36
.
13,220,000
13,242,293
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Health
Facilities
Financing
Authority,
(continued)
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/37
.
$
5,550,000
$
5,496,408
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/38
.
7,075,000
6,903,535
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
4/01/44
.
4,340,000
3,365,282
El
Camino
Hospital
LP
,
Revenue
,
2017
,
4.125
%
,
2/01/47
....................
11,000,000
9,858,571
El
Camino
Hospital
LP
,
Revenue
,
2017
,
5
%
,
2/01/47
.......................
12,500,000
12,526,862
Episcopal
Communities
&
Services
for
Seniors
Obligated
Group
,
Revenue
,
2024
B
,
5.25
%
,
11/15/48
.................................................
1,905,000
1,890,927
Episcopal
Communities
&
Services
for
Seniors
Obligated
Group
,
Revenue
,
2024
B
,
5.25
%
,
11/15/53
.................................................
1,945,000
1,917,073
Episcopal
Communities
&
Services
for
Seniors
Obligated
Group
,
Revenue
,
2024
B
,
5.25
%
,
11/15/58
.................................................
3,000,000
2,908,146
Kaiser
Foundation
Hospitals
,
Revenue
,
2017
A-2
,
4
%
,
11/01/38
...............
25,000,000
24,358,222
Kaiser
Foundation
Hospitals
,
Revenue
,
2017
A-2
,
4
%
,
11/01/44
...............
411,225,000
366,416,156
Kaiser
Foundation
Hospitals
,
Revenue
,
2017
A-2
,
5
%
,
11/01/47
...............
12,500,000
12,876,157
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
8/15/55
..............................................
24,000,000
24,001,682
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
11/15/56
.............................................
10,300,000
10,139,308
Marshall
Medical
Center
,
Revenue
,
2020
A
,
Refunding
,
California
Mortgage
Insured
,
4
%
,
11/01/40
...................................................
3,750,000
3,658,145
Marshall
Medical
Center
,
Revenue
,
2020
A
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
11/01/50
...................................................
25,065,000
25,178,214
On
Lok
Senior
Health
Services
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
8/01/40
........................................................
1,450,000
1,465,770
On
Lok
Senior
Health
Services
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
8/01/50
........................................................
2,375,000
2,229,229
On
Lok
Senior
Health
Services
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
8/01/55
........................................................
850,000
785,599
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2014
A
,
5
%
,
10/01/38
..
5,110,000
5,112,520
Scripps
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
11/15/42
.....
2,500,000
2,625,248
Sutter
Health
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
11/15/46
...............
42,105,000
42,144,381
Sutter
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
11/15/48
......
10,585,000
8,933,900
Sutter
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/15/48
......
21,690,000
21,493,842
Sutter
Health
Obligated
Group
,
Revenue
,
2018
A
,
4
%
,
11/15/42
...............
11,680,000
10,626,154
Sutter
Health
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/48
...............
24,500,000
24,344,572
California
Housing
Finance
Agency
,
Revenue
,
2019-1
,
A
,
4.25
%
,
1/15/35
...................................
45,435,101
46,406,930
Revenue
,
2019-2
,
A
,
4
%
,
3/20/33
......................................
13,099,352
13,285,268
Revenue
,
2021-1
,
A
,
3.5
%
,
11/20/35
...................................
4,657,245
4,395,063
e
Found
Middle
LP
,
Revenue
,
144A,
2024
L
,
5.2
%
,
12/01/27
...................
5,000,000
5,107,941
d,e
Shermanair
Apartments
Owner
LP
,
Revenue
,
144A,
2021
Q-1
,
Mandatory
Put
,
3
%
,
9/01/36
........................................................
22,535,000
19,239,928
e
Shermanair
Apartments
Owner
LP
,
Revenue
,
144A,
2021
Q-2
,
5
%
,
9/01/36
......
1,940,000
1,607,340
California
Infrastructure
&
Economic
Development
Bank
,
California
State
Teachers'
Retirement
System
,
Revenue
,
2019
,
5
%
,
8/01/44
......
12,750,000
12,855,340
California
State
Teachers'
Retirement
System
,
Revenue
,
2019
,
5
%
,
8/01/49
......
16,040,000
16,045,138
California
State
Water
Resources
Control
Board
Water
Pollution
Control
Revolving
Fund
,
Revenue
,
2018
,
5
%
,
10/01/43
..................................
10,000,000
10,255,811
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
11/01/45
.......................................................
850,000
718,799
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
11/01/50
.......................................................
860,000
700,109
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
11/01/56
.......................................................
1,000,000
788,699
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
B
,
5
%
,
11/01/47
.......................................................
2,300,000
2,252,195
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Infrastructure
&
Economic
Development
Bank,
(continued)
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
B
,
4.125
%
,
11/01/52
.......................................................
$
3,100,000
$
2,548,488
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
B
,
5
%
,
11/01/57
.......................................................
5,500,000
5,221,838
Los
Angeles
County
Museum
of
Natural
History
Foundation
,
Revenue
,
2020
,
Refunding
,
3
%
,
7/01/50
............................................
18,995,000
12,705,666
d
Museum
Associates
,
Revenue
,
2021
A
,
Refunding
,
Mandatory
Put
,
1.2
%
,
6/01/28
.
15,000,000
13,906,998
University
of
California
,
Revenue
,
2017
,
5
%
,
5/15/52
.......................
31,305,000
31,422,093
California
Municipal
Finance
Authority
,
e
Revenue
,
144A,
2025
A
,
6.375
%
,
8/01/37
...............................
28,300,000
28,313,663
Revenue,
Senior
Lien
,
2017
A
,
Refunding
,
4
%
,
8/15/52
.....................
27,350,000
22,524,426
Special
Tax
,
2024
C
,
5
%
,
9/01/44
......................................
1,100,000
1,099,743
Special
Tax
,
2024
C
,
5
%
,
9/01/54
......................................
1,000,000
964,499
Special
Tax
,
2024
E
,
5
%
,
9/01/55
......................................
2,500,000
2,391,586
Special
Tax
,
2025
A
,
5
%
,
9/01/50
......................................
1,350,000
1,310,075
Special
Tax
,
2025
B
,
5.125
%
,
9/01/50
..................................
1,275,000
1,233,486
f
1717
University
Associates
LLC
,
Revenue
,
2020
A
,
4.5
%
,
6/01/52
.............
11,413,000
8,962,082
f
1717
University
Associates
LLC
,
Revenue
,
2020
A-T
,
5.25
%
,
6/01/52
...........
3,407,000
2,589,274
e
Ascent
613
,
Revenue
,
144A,
2025
A
,
5.25
%
,
1/01/45
.......................
2,500,000
2,329,930
e
Ascent
613
,
Revenue
,
144A,
2025
A
,
5.375
%
,
1/01/55
......................
3,500,000
3,180,282
e
Ascent
613
,
Revenue
,
144A,
2025
A
,
5.5
%
,
1/01/60
........................
2,850,000
2,608,858
Bethany
Home
Society
of
San
Joaquin
County,
Inc.
,
Revenue
,
2023
,
California
Mortgage
Insured
,
5
%
,
11/15/52
.....................................
26,465,000
26,637,864
California
Institute
of
the
Arts
,
Revenue
,
2021
,
4
%
,
10/01/51
.................
2,355,000
1,850,482
Caritas
Corp.
CMFA
Mobile
Home
Park
Financing
2024
Portfolio
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
8/15/49
............................................
1,235,000
1,221,362
Caritas
Corp.
CMFA
Mobile
Home
Park
Financing
2024
Portfolio
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
8/15/54
............................................
1,800,000
1,757,055
Caritas
Corp.
CMFA
Mobile
Home
Park
Financing
2024
Portfolio
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
8/15/59
............................................
2,600,000
2,509,423
Carmel
Valley
Manor
Obligated
Group
,
Revenue
,
2022
,
California
Mortgage
Insured
,
5
%
,
5/15/52
....................................................
17,775,000
17,889,832
e
Century
CityView
LP
,
Revenue
,
144A,
2021
A
,
4
%
,
11/01/36
..................
10,375,000
9,561,828
CHF-Davis
I
LLC
,
Revenue
,
2018
,
5
%
,
5/15/51
...........................
10,000,000
9,359,237
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
......................................
580,000
592,823
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
......................................
900,000
902,268
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
785,000
774,200
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
750,000
721,213
Community
Facilities
District
No.
2020-6
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........
1,000,000
963,664
Community
Facilities
District
No.
2020-6
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........
1,500,000
1,415,613
Community
Facilities
District
No.
2021-13
,
Special
Tax
,
2025
,
5
%
,
9/01/45
.......
1,085,000
1,064,898
Community
Facilities
District
No.
2021-13
,
Special
Tax
,
2025
,
5
%
,
9/01/50
.......
1,250,000
1,204,580
Community
Facilities
District
No.
2021-13
,
Special
Tax
,
2025
,
5
%
,
9/01/55
.......
1,400,000
1,323,226
Community
Facilities
District
No.
2021-9
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5.125
%
,
9/01/50
.................................................
1,725,000
1,678,089
Community
Facilities
District
No.
2021-9
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5.25
%
,
9/01/55
..................................................
2,425,000
2,374,804
Community
Facilities
District
No.
2022-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
1,000,000
1,000,614
Community
Facilities
District
No.
2022-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
1,250,000
1,227,711
Community
Facilities
District
No.
2022-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
4,025,000
3,779,558
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Municipal
Finance
Authority,
(continued)
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/01/42
............................................
$
15,900,000
$
15,910,087
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/01/47
............................................
19,145,000
18,849,051
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
2/01/51
........................................................
7,000,000
5,704,557
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/37
....................
1,040,000
955,647
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/38
....................
1,000,000
901,879
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/39
....................
1,040,000
918,477
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/40
....................
1,175,000
1,015,621
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/41
....................
1,140,000
963,938
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/15/42
....
450,000
384,892
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/15/52
....
1,000,000
766,328
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/15/56
....
1,100,000
822,240
Eisenhower
Medical
Center
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/47
.........
9,100,000
8,660,603
Eskaton
Properties,
Inc.
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
5
%
,
11/15/44
1,500,000
1,468,384
e
IH
Citrus
Whittier
LLC
,
Revenue
,
144A,
2023
,
I-A
,
6.25
%
,
1/01/60
.............
29,830,000
27,619,925
e
IH
Citrus
Whittier
LLC
,
Revenue
,
144A,
2023
,
I-B
,
9
%
,
7/01/42
................
1,800,000
1,815,510
e
IH
Lakes
Concord
LLC
,
Revenue
,
144A,
2022
A-1
,
4.375
%
,
12/01/32
...........
22,510,000
21,828,571
e
IH
Parkside
Fairfield
LLC
,
Revenue
,
144A,
2023
A-1
,
6.75
%
,
9/01/53
...........
51,750,000
51,810,485
e
IH
Parkside
Fairfield
LLC
,
Revenue
,
144A,
2023
A-2
,
8
%
,
9/01/27
.............
565,000
579,122
Inland
Christian
Home,
Inc.
,
Revenue
,
2020
,
California
Mortgage
Insured
,
4
%
,
12/01/49
.......................................................
2,670,000
2,372,249
Inland
Counties
Regional
Center,
Inc.
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/15/45
...
23,300,000
23,299,995
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
........
81,985,000
68,711,973
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/37
8,500,000
8,550,595
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/38
5,000,000
5,019,586
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/43
46,895,000
45,694,816
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/47
55,745,000
53,230,382
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
B
,
5
%
,
6/01/48
14,325,000
13,623,271
e
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.25
%
,
7/01/40
........................................................
7,065,000
7,204,494
e
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.5
%
,
7/01/50
21,145,000
21,260,693
e
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
A
,
Refunding
,
6
%
,
7/01/53
12,485,000
13,103,725
e
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
B
,
Refunding
,
6.5
%
,
7/01/32
........................................................
2,470,000
2,487,386
Northbay
Healthcare
Corp.
Obligated
Group
,
Revenue
,
2017
A
,
5.25
%
,
11/01/41
..
5,500,000
5,409,088
Northbay
Healthcare
Corp.
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
11/01/47
.....
8,650,000
7,695,515
Northern
California
Retired
Officers
Community
,
Revenue
,
2019
A
,
California
Mortgage
Insured
,
5
%
,
1/01/43
......................................
10,000,000
10,188,636
Northern
California
Retired
Officers
Community
,
Revenue
,
2019
A
,
California
Mortgage
Insured
,
5
%
,
1/01/49
......................................
18,990,000
19,212,973
Palomar
Health
Obligated
Group
,
COP
,
2022
A
,
Refunding
,
AG
Insured
,
5.25
%
,
11/01/52
.......................................................
43,040,000
43,144,269
Samuel
Merritt
University
,
Revenue
,
2022
,
5.25
%
,
6/01/53
...................
39,750,000
40,785,440
Scripps
College
,
Revenue
,
2025
,
5.5
%
,
7/01/60
...........................
8,500,000
8,680,574
e
Sierra
Ridge
3600
LLC
,
Revenue
,
144A,
2024
A
,
5.75
%
,
11/01/39
.............
48,675,000
46,158,955
University
of
La
Verne
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
6/01/47
.............
10,500,000
8,869,065
California
Pollution
Control
Financing
Authority
,
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
7/01/39
.
7,250,000
7,330,463
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
11/21/45
11,365,000
11,260,754
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/30
..........
5,200,000
5,535,836
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/31
..........
3,000,000
3,201,645
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/32
..........
5,500,000
5,890,282
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/33
..........
6,000,000
6,438,271
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/34
..........
3,250,000
3,479,092
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Pollution
Control
Financing
Authority,
(continued)
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/35
..........
$
3,250,000
$
3,443,556
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/36
..........
2,650,000
2,778,233
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/37
..........
2,300,000
2,394,405
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/38
..........
2,000,000
2,062,931
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
11/21/45
.........
2,200,000
2,179,820
San
Jose
Water
Co.
,
Revenue
,
2016
,
4.75
%
,
11/01/46
......................
15,000,000
13,698,163
California
Public
School
District
Financing
Authority
,
Southern
Kern
Unified
School
District
,
Revenue
,
1996
B
,
AG
Insured
,
ETM,
5.9
%
,
9/01/26
..................
430,000
436,779
e
California
School
Finance
Authority
,
Alliance
for
College
Ready
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
4
%
,
7/01/34
............................................
445,000
444,466
Alliance
for
College
Ready
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5
%
,
7/01/49
............................................
1,000,000
972,780
Alliance
for
College
Ready
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5
%
,
7/01/59
............................................
3,000,000
2,836,437
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
2.125
%
,
8/01/31
.
500,000
445,515
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/36
....
325,000
304,904
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/41
....
525,000
450,498
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/51
....
800,000
621,802
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2022
A
,
5
%
,
8/01/52
....
2,935,000
2,632,403
Camino
Nuevo
Charter
Academy
Obligated
Group
,
Revenue
,
144A,
2023
A
,
Refunding
,
5
%
,
6/01/43
............................................
1,000,000
950,458
Camino
Nuevo
Charter
Academy
Obligated
Group
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.25
%
,
6/01/53
.........................................
1,550,000
1,455,553
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5
%
,
10/01/42
.......................................................
1,325,000
1,282,095
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5
%
,
10/01/52
.......................................................
2,265,000
2,080,200
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5
%
,
10/01/61
.......................................................
3,905,000
3,543,493
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
7/01/29
............................................
200,000
203,798
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
7/01/38
............................................
465,000
433,491
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
7/01/48
............................................
675,000
538,597
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2024
A
,
5
%
,
7/01/64
........................................................
500,000
450,494
Green
Dot
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5.75
%
,
8/01/52
..................................................
1,500,000
1,530,069
KIPP
SoCal
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2020
A
,
4
%
,
7/01/40
800,000
714,685
STEM
Preparatory
Schools
-
Obligated
Group
,
Revenue
,
144A,
2023
A
,
5.125
%
,
6/01/53
........................................................
1,000,000
919,122
STEM
Preparatory
Schools
-
Obligated
Group
,
Revenue
,
144A,
2023
A
,
5.375
%
,
5/01/63
........................................................
1,000,000
933,712
Value
Schools
,
Revenue
,
144A,
2023
A
,
Refunding
,
5
%
,
7/01/40
..............
550,000
547,213
Value
Schools
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.25
%
,
7/01/48
............
725,000
708,437
California
State
Public
Works
Board
,
State
of
California
,
Revenue
,
2019
C
,
5
%
,
11/01/44
........................
5,000,000
5,099,098
State
of
California
,
Revenue
,
2021
D
,
4
%
,
11/01/35
........................
1,210,000
1,250,838
California
State
University
,
Revenue
,
2015
A
,
5
%
,
11/01/47
.......................................
150,000
150,000
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/01/47
..............................
10,850,000
10,896,533
Revenue
,
2016
A
,
Refunding
,
5
%
,
11/01/36
..............................
3,760,000
3,800,039
d
Revenue
,
2016
B-2
,
Refunding
,
Mandatory
Put
,
0.55
%
,
11/01/26
..............
12,000,000
11,692,759
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/01/42
..............................
12,310,000
12,412,780
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
State
University,
(continued)
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/01/47
..............................
$
26,185,000
$
26,271,099
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/01/39
..............................
3,675,000
3,788,025
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/01/43
..............................
3,330,000
3,382,516
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/01/48
..............................
17,385,000
17,502,502
Revenue
,
2019
A
,
5
%
,
11/01/44
.......................................
40,010,000
40,635,860
Revenue
,
2019
A
,
5
%
,
11/01/49
.......................................
31,915,000
32,091,410
Revenue
,
2019
A
,
5
%
,
11/01/51
.......................................
45,680,000
45,853,187
Revenue
,
2025
A
,
Refunding
,
4.625
%
,
11/01/56
...........................
32,800,000
31,772,110
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
11/01/56
............................
75,000,000
78,421,883
California
Statewide
Communities
Development
Authority
,
Revenue
,
2024
B-1
,
5
%
,
9/02/44
......................................
2,500,000
2,478,388
Revenue
,
2024
B-1
,
5
%
,
9/02/49
......................................
2,000,000
1,932,212
Revenue
,
2024
B-1
,
5
%
,
9/02/54
......................................
2,500,000
2,400,455
Special
Assessment
,
2024
A
,
5
%
,
9/02/54
...............................
1,290,000
1,264,941
Special
Tax
,
2023
A
,
5.25
%
,
9/01/51
...................................
3,305,000
3,316,455
Special
Tax
,
2024
C-2
,
4.375
%
,
9/02/40
.................................
1,000,000
957,166
Special
Tax
,
2024
C-2
,
4.5
%
,
9/02/45
...................................
1,050,000
979,138
Special
Tax
,
2024
C-2
,
4.625
%
,
9/02/50
.................................
2,135,000
2,011,876
Special
Tax
,
2024
C-2
,
4.75
%
,
9/02/55
..................................
2,000,000
1,861,176
Special
Tax
,
2025
A
,
5
%
,
9/02/55
......................................
10,075,000
9,726,167
899
Charleston
,
Revenue
,
2024
,
Refunding
,
California
Mortgage
Insured
,
4.25
%
,
11/01/44
.......................................................
4,320,000
4,145,605
899
Charleston
,
Revenue
,
2024
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
11/01/49
.......................................................
2,500,000
2,526,581
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
3/01/35
........................................................
9,250,000
9,278,302
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
3/01/48
........................................................
67,585,000
64,925,233
Cedars-Sinai
Medical
Center
Obligated
Group
,
Revenue
,
2018
,
5
%
,
7/01/48
.....
7,980,000
8,018,997
Community
Facilities
District
Improvement
Area
No.
4
,
Special
Tax
,
2024
,
5
%
,
9/01/45
........................................................
1,840,000
1,817,216
Community
Facilities
District
Improvement
Area
No.
4
,
Special
Tax
,
2024
,
5
%
,
9/01/55
........................................................
2,400,000
2,320,427
Community
Facilities
District
No.
2020-02
Improvement
Area
No.
2
,
Special
Tax
,
2022
,
5.25
%
,
9/01/52
.............................................
1,650,000
1,645,793
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/34
....................................................
350,000
376,681
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/39
....................................................
745,000
764,472
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
1,230,000
1,231,491
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
500,000
491,084
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
750,000
733,216
Community
Facilities
District
No.
2021-03
,
Special
Tax
,
2024
,
5
%
,
9/01/44
.......
875,000
854,921
Community
Facilities
District
No.
2021-03
,
Special
Tax
,
2024
,
5
%
,
9/01/49
.......
820,000
790,042
Community
Facilities
District
No.
2021-03
,
Special
Tax
,
2024
,
5
%
,
9/01/54
.......
850,000
814,937
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........
1,000,000
1,006,684
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
1,850,000
1,798,776
Community
Facilities
District
No.
20220
,
Special
Tax
,
2023
,
5
%
,
9/01/43
.........
1,030,000
1,034,178
Community
Facilities
District
No.
20220
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.........
1,120,000
1,101,197
Community
Facilities
District
No.
20220
,
Special
Tax
,
2023
,
5
%
,
9/01/53
.........
1,000,000
968,010
Community
Facilities
District
No.
2022-03
,
Special
Tax
,
2023
,
5
%
,
9/01/38
.......
1,700,000
1,749,831
Community
Facilities
District
No.
2022-03
,
Special
Tax
,
2023
,
5
%
,
9/01/43
.......
380,000
378,751
Community
Facilities
District
No.
2022-03
,
Special
Tax
,
2023
,
5
%
,
9/01/53
.......
1,250,000
1,210,013
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Statewide
Communities
Development
Authority,
(continued)
Community
Facilities
District
No.
2022-10
,
Special
Tax
,
2023
,
5.5
%
,
9/01/53
......
$
1,770,000
$
1,803,383
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AG
Insured
,
5
%
,
8/15/42
600,000
613,059
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AG
Insured
,
5.125
%
,
8/15/47
........................................................
880,000
888,535
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AG
Insured
,
5.25
%
,
8/15/52
........................................................
11,215,000
11,333,184
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AG
Insured
,
5.375
%
,
8/15/57
........................................................
17,930,000
18,100,253
Marin
General
Hospital
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
8/01/34
........
1,225,000
1,258,935
Sequoia
Living,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
7/01/50
........................................................
23,000,000
23,046,241
c
Carlsbad
Unified
School
District
,
GO
,
2011
C
,
6.444
%,
8/01/35
.................
33,000,000
38,834,073
Centinela
Valley
Union
High
School
District
,
GO
,
2004
A
,
Refunding
,
NATL
Insured
,
5.5
%
,
8/01/33
....................................................
14,035,000
15,205,804
d
Central
Valley
Energy
Authority
,
Revenue
,
2025
,
Mandatory
Put
,
5
%
,
8/01/35
......
50,000,000
53,744,915
Chaffey
Joint
Union
High
School
District
,
GO
,
B
,
5
%
,
8/01/44
..................
10,000,000
10,000,169
Chino
Community
Facilities
District
,
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
4
%
,
9/01/29
......................................
350,000
356,679
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/34
......................................
650,000
696,074
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/39
......................................
830,000
854,509
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/44
......................................
795,000
787,171
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
675,000
653,911
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
740,000
709,474
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8
,
Special
Tax
,
2021
,
4
%
,
9/01/41
......................................
1,710,000
1,547,073
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8
,
Special
Tax
,
2021
,
4
%
,
9/01/46
......................................
1,000,000
857,411
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8
,
Special
Tax
,
2021
,
4
%
,
9/01/51
......................................
1,250,000
1,019,594
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5
%
,
9/01/37
......................................
2,740,000
2,861,484
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5.25
%
,
9/01/42
...................................
2,000,000
2,047,001
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5.375
%
,
9/01/47
...................................
2,000,000
2,036,979
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5.375
%
,
9/01/52
...................................
2,695,000
2,725,862
City
of
Chino
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2025
,
5.25
%
,
9/01/55
........................................................
2,000,000
1,988,049
Chino
Valley
Unified
School
District
,
GO
,
2020
B
,
3.375
%
,
8/01/50
.........................................
20,500,000
15,458,363
GO
,
2020
B
,
5
%
,
8/01/55
............................................
10,000,000
10,094,946
City
&
County
of
San
Francisco
,
GO
,
2022
R-1
,
Refunding
,
5
%
,
6/15/26
.................................
5,000,000
5,115,396
e
District
No.
2020-1
Development
,
Special
Tax
,
144A,
2023
A
,
5.75
%
,
9/01/50
.....
850,000
872,275
e
District
No.
2020-1
Office
,
Special
Tax
,
144A,
2023
B
,
5.75
%
,
9/01/53
..........
1,835,000
1,880,019
City
of
Beaumont
,
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/38
........
500,000
522,493
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........
625,000
631,650
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........
745,000
735,465
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
City
of
Beaumont,
(continued)
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
$
950,000
$
914,203
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
........
400,000
410,455
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........
650,000
652,063
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
1,000,000
983,524
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,500,000
1,455,448
Community
Facilities
District
No.
93-1
Improvement
Area
No.
17D
,
Special
Tax
,
2024
,
5
%
,
9/01/45
....................................................
1,000,000
987,618
Community
Facilities
District
No.
93-1
Improvement
Area
No.
17D
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
1,000,000
979,466
Community
Facilities
District
No.
93-1
Improvement
Area
No.
17D
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
1,390,000
1,352,774
City
of
Corona
,
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/45
....................................................
650,000
564,741
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/50
....................................................
1,500,000
1,245,558
City
of
Dixon
,
Community
Facilities
District
No.
2019-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
.......................................
1,000,000
970,299
City
of
Dublin
,
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4
,
Special
Tax
,
2022
,
5.25
%
,
9/01/42
..................................................
2,005,000
2,053,313
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4
,
Special
Tax
,
2022
,
5.5
%
,
9/01/47
...................................................
2,630,000
2,697,799
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4
,
Special
Tax
,
2022
,
5.5
%
,
9/01/51
...................................................
3,040,000
3,095,336
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
5
,
Special
Tax
,
2023
,
5.125
%
,
9/01/43
.................................................
1,275,000
1,291,973
City
of
Fillmore
,
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/38
........................................................
1,000,000
1,029,988
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........................................................
1,100,000
1,101,582
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........................................................
2,375,000
2,341,439
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........................................................
3,740,000
3,636,444
City
of
Fontana
,
Community
Facilities
District
No.
85
,
Special
Tax
,
2020
,
4
%
,
9/01/45
...........
850,000
719,464
Community
Facilities
District
No.
85
,
Special
Tax
,
2020
,
4
%
,
9/01/50
...........
900,000
739,707
Community
Facilities
District
No.
88
,
Special
Tax
,
2020
,
4
%
,
9/01/45
...........
1,100,000
954,463
Community
Facilities
District
No.
88
,
Special
Tax
,
2020
,
4
%
,
9/01/51
...........
1,545,000
1,275,347
Community
Facilities
District
No.
89
,
Special
Tax
,
2020
,
4
%
,
9/01/40
...........
750,000
696,375
Community
Facilities
District
No.
89
,
Special
Tax
,
2020
,
4
%
,
9/01/51
...........
1,500,000
1,251,256
Community
Facilities
District
No.
90
,
Special
Tax
,
2021
,
4
%
,
9/01/41
...........
530,000
486,704
Community
Facilities
District
No.
90
,
Special
Tax
,
2021
,
4
%
,
9/01/46
...........
475,000
415,040
Community
Facilities
District
No.
90
,
Special
Tax
,
2021
,
4
%
,
9/01/51
...........
1,825,000
1,526,944
Community
Facilities
District
No.
99
,
Special
Tax
,
2023
,
5
%
,
9/01/45
...........
600,000
601,774
Community
Facilities
District
No.
99
,
Special
Tax
,
2023
,
5
%
,
9/01/53
...........
500,000
491,228
Community
Facilities
District
No.
109
,
Special
Tax
,
2024
,
5
%
,
9/01/44
..........
1,000,000
999,790
Community
Facilities
District
No.
109
,
Special
Tax
,
2024
,
5
%
,
9/01/49
..........
1,100,000
1,078,897
Community
Facilities
District
No.
109
,
Special
Tax
,
2024
,
5
%
,
9/01/54
..........
1,400,000
1,356,382
Community
Facilities
District
No.
112
,
Special
Tax
,
2024
,
5
%
,
9/01/39
...........
1,000,000
1,027,302
Community
Facilities
District
No.
112
,
Special
Tax
,
2024
,
5
%
,
9/01/44
...........
2,300,000
2,299,519
Community
Facilities
District
No.
112
,
Special
Tax
,
2024
,
5
%
,
9/01/54
...........
2,000,000
1,943,514
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
City
of
Laguna
Beach
,
Underground
Utility
Assessment
District
No.
2014-2
,
Special
Assessment
,
4.375
%
,
9/02/39
........................................................
$
1,685,000
$
1,658,793
Underground
Utility
Assessment
District
No.
2014-2
,
Special
Assessment
,
4.625
%
,
9/02/44
........................................................
1,000,000
949,473
City
of
Lake
Elsinore
,
Community
Facilities
District
No.
2006-6
,
Special
Tax
,
2022
,
4.75
%
,
9/01/52
......
1,000,000
912,447
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
1,000,000
979,466
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,000,000
968,844
City
of
Lincoln
,
Community
Facilities
District
No.
2006-1
Area
No.
1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/39
....................................................
290,000
270,890
Community
Facilities
District
No.
2006-1
Area
No.
1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/40
....................................................
160,000
146,614
Community
Facilities
District
No.
2006-1
Area
No.
1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/43
....................................................
320,000
282,037
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2022
,
5
%
,
9/01/42
........
2,015,000
1,999,080
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2022
,
5
%
,
9/01/47
........
3,430,000
3,368,082
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2022
,
5
%
,
9/01/52
........
2,090,000
2,021,538
City
of
Long
Beach
,
Harbor
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
5/15/47
.........................
15,660,000
15,734,183
Harbor
,
Revenue
,
2019
A
,
5
%
,
5/15/44
..................................
15,045,000
15,435,623
Harbor
,
Revenue
,
2019
A
,
5
%
,
5/15/49
..................................
8,705,000
8,835,674
City
of
Los
Angeles
,
Department
of
Airports
,
Revenue
,
2016
B
,
5
%
,
5/15/41
......................
10,000,000
10,005,828
Department
of
Airports
,
Revenue
,
2016
B
,
5
%
,
5/15/46
......................
15,265,000
15,136,067
Department
of
Airports
,
Revenue
,
2017
A
,
5
%
,
5/15/42
......................
3,680,000
3,680,327
Department
of
Airports
,
Revenue
,
2017
A
,
5
%
,
5/15/47
......................
51,110,000
50,453,604
Department
of
Airports
,
Revenue
,
2017
B
,
5
%
,
5/15/42
......................
4,000,000
4,040,015
Department
of
Airports
,
Revenue
,
2018
A
,
5
%
,
5/15/44
......................
32,985,000
32,739,417
Department
of
Airports
,
Revenue
,
2018
C
,
5
%
,
5/15/37
.....................
9,550,000
9,680,944
Department
of
Airports
,
Revenue
,
2018
C
,
5
%
,
5/15/44
.....................
39,405,000
39,111,618
Department
of
Airports
,
Revenue
,
2018
E
,
Refunding
,
5
%
,
5/15/43
.............
16,995,000
17,357,485
Department
of
Airports
,
Revenue
,
2018
E
,
Refunding
,
5
%
,
5/15/48
.............
33,145,000
33,504,965
Department
of
Airports
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/15/49
.............
10,000,000
9,862,559
Department
of
Airports
,
Revenue
,
2019
C
,
5
%
,
5/15/39
.....................
2,305,000
2,393,818
Department
of
Airports
,
Revenue
,
2019
E
,
5
%
,
5/15/44
......................
23,485,000
23,801,092
Department
of
Airports
,
Revenue
,
2019
E
,
5
%
,
5/15/49
......................
10,495,000
10,552,780
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/35
.............
10,005,000
10,720,697
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/36
.............
6,000,000
6,382,444
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/37
.............
5,000,000
5,286,998
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/38
.............
15,925,000
16,725,284
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/40
.............
22,485,000
23,329,492
Department
of
Airports
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/36
.............
3,665,000
3,829,145
Department
of
Airports
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/38
.............
4,920,000
5,060,499
Department
of
Airports
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/41
.............
7,005,000
7,058,412
Department
of
Airports
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/46
.............
25,965,000
25,745,692
Department
of
Airports
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/51
.............
26,450,000
26,047,463
Department
of
Airports
,
Revenue
,
2021
D
,
5
%
,
5/15/33
.....................
4,735,000
5,105,733
Department
of
Airports
,
Revenue
,
2021
D
,
5
%
,
5/15/34
.....................
2,500,000
2,668,714
Department
of
Airports
,
Revenue
,
2021
D
,
Pre-Refunded
,
5
%
,
5/15/34
..........
140,000
151,974
Department
of
Airports
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
5/15/45
.............
8,000,000
7,950,357
Department
of
Airports
,
Revenue,
Senior
Lien
,
2020
B
,
Refunding
,
4
%
,
5/15/39
...
2,000,000
1,985,045
Department
of
Airports
,
Revenue,
Senior
Lien
,
2020
C
,
5
%
,
5/15/37
............
6,595,000
6,787,134
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
G
,
5
%
,
5/15/29
............
2,000,000
2,156,926
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
G
,
4
%
,
5/15/42
............
16,575,000
15,116,143
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
G
,
4
%
,
5/15/47
............
11,325,000
9,878,463
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
City
of
Los
Angeles,
(continued)
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
H
,
5
%
,
5/15/42
............
$
1,415,000
$
1,423,899
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
H
,
5
%
,
5/15/47
............
25,000,000
24,776,125
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
H
,
5.25
%
,
5/15/47
.........
24,000,000
24,228,206
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
I
,
5
%
,
5/15/42
.............
2,360,000
2,452,880
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
I
,
4
%
,
5/15/48
.............
2,000,000
1,791,566
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
I
,
5
%
,
5/15/48
.............
6,265,000
6,373,072
Wastewater
System
,
Revenue
,
2018
A
,
5
%
,
6/01/43
........................
10,000,000
10,171,653
Wastewater
System
,
Revenue
,
2025
A
,
5
%
,
6/01/55
........................
5,000,000
5,096,284
City
of
Menifee
,
Community
Facilities
District
No.
2019-1
Meadow
Run
,
Special
Tax
,
2022
,
4
%
,
9/01/37
........................................................
320,000
308,152
Community
Facilities
District
No.
2019-1
Meadow
Run
,
Special
Tax
,
2022
,
3
%
,
9/01/43
........................................................
135,000
100,584
Community
Facilities
District
No.
2019-1
Meadow
Run
,
Special
Tax
,
2022
,
4
%
,
9/01/51
........................................................
565,000
458,806
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/38
......
500,000
519,069
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/43
......
600,000
604,405
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/48
......
700,000
692,911
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/53
......
1,000,000
963,737
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/54
......
1,000,000
963,056
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........
1,500,000
1,488,838
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
2,100,000
2,054,048
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2024
,
5
%
,
9/01/55
........
4,365,000
4,182,033
City
of
Mountain
House
,
Community
Facilities
District
No.
2024-1
Improvement
Area
No.
8
,
Special
Tax
,
2025
,
5.25
%
,
9/01/55
................................
1,000,000
979,301
City
of
Newport
Beach
,
Assessment
District
No.
113
,
1915
Act,
Special
Assessment
,
2021
A
,
2.25
%
,
9/02/41
.............................................
1,290,000
832,328
City
of
Ontario
,
Community
Facilities
District
No.
13
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/38
...
400,000
366,107
Community
Facilities
District
No.
45
,
Special
Tax
,
2020
,
4
%
,
9/01/43
...........
410,000
362,697
Community
Facilities
District
No.
45
,
Special
Tax
,
2020
,
4
%
,
9/01/51
...........
1,565,000
1,289,926
Community
Facilities
District
No.
55
,
Special
Tax
,
2022
,
5
%
,
9/01/42
...........
750,000
756,612
Community
Facilities
District
No.
55
,
Special
Tax
,
2022
,
5
%
,
9/01/47
...........
800,000
790,752
Community
Facilities
District
No.
55
,
Special
Tax
,
2022
,
5
%
,
9/01/53
...........
845,000
821,603
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.25
%
,
9/01/37
.........
415,000
407,328
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.625
%
,
9/01/42
........
650,000
621,598
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.75
%
,
9/01/47
.........
840,000
788,929
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.75
%
,
9/01/52
.........
825,000
759,377
Community
Facilities
District
No.
64
,
Special
Tax
,
2024
,
5
%
,
9/01/49
...........
2,225,000
2,152,533
Community
Facilities
District
No.
66
,
Special
Tax
,
2024
,
5
%
,
9/01/39
...........
1,410,000
1,461,100
Community
Facilities
District
No.
66
,
Special
Tax
,
2024
,
5
%
,
9/01/44
...........
1,795,000
1,798,683
Community
Facilities
District
No.
66
,
Special
Tax
,
2024
,
5
%
,
9/01/49
...........
1,000,000
984,882
Community
Facilities
District
No.
66
,
Special
Tax
,
2024
,
5
%
,
9/01/54
...........
1,000,000
973,219
City
of
Orange
,
Community
Facilities
District
No.
06-1
,
Special
Tax
,
2015
,
Refunding
,
AG
Insured
,
5
%
,
10/01/40
...........................................
7,500,000
7,506,187
City
of
Pasadena
,
Electric
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
6/01/46
............
22,625,000
20,486,125
City
of
Rancho
Cordova
,
Arista
Del
Sol
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5.125
%
,
9/01/43
...................................
525,000
531,369
Arista
Del
Sol
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5.375
%
,
9/01/53
...................................
1,100,000
1,111,259
City
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
1,790,000
1,736,835
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
......................................
885,000
877,349
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
City
of
Rancho
Cordova,
(continued)
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
$
550,000
$
535,750
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/53
......................................
525,000
506,708
City
of
Rialto
,
Community
Facilities
District
No.
2020-1
,
Special
Tax
,
2025
,
5.125
%
,
9/01/55
.........................................................
1,000,000
975,329
City
of
Riverside
,
Sewer
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
8/01/40
.............
25,000,000
25,046,757
City
of
Roseville
,
Creekview
Community
Facilities
District
No.
1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
................................................
2,165,000
2,063,354
Electric
System
,
COP
,
2004
,
AG
Insured
,
5
%
,
2/01/34
......................
5,000
5,008
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/38
........................................................
1,165,000
1,192,874
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........................................................
1,000,000
1,000,785
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........................................................
1,000,000
988,536
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........................................................
1,150,000
1,118,158
City
of
Sacramento
,
Transient
Occupancy
Tax
,
Revenue
,
2018
A
,
5
%
,
6/01/43
....................
13,555,000
13,760,989
Transient
Occupancy
Tax
,
Revenue
,
2018
A
,
5
%
,
6/01/48
....................
21,415,000
21,556,131
City
of
San
Francisco
,
Public
Utilities
Commission
Water
,
Revenue
,
2023
AB-A
,
5.25
%
,
11/01/48
.......
47,895,000
49,973,983
Public
Utilities
Commission
Water
,
Revenue
,
2023
AB-A
,
5.25
%
,
11/01/52
.......
40,170,000
41,629,537
Public
Utilities
Commission
Water
,
Revenue
,
2025
D
,
5
%
,
11/01/55
............
75,000,000
76,493,302
City
of
Santa
Paula
,
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2022
,
4
%
,
9/01/42
....................................................
575,000
509,077
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2022
,
4
%
,
9/01/47
....................................................
1,460,000
1,228,962
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2022
,
4
%
,
9/01/52
....................................................
3,530,000
2,850,044
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2023
,
5
%
,
9/01/49
....................................................
325,000
320,529
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2023
,
5
%
,
9/01/53
....................................................
1,345,000
1,311,636
City
of
Upland
,
San
Antonio
Regional
Hospital
Obligated
Group
,
COP
,
Refunding
,
5
%
,
1/01/47
.........................................................
14,400,000
14,125,124
City
of
Vernon
,
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/34
..................
1,350,000
1,459,191
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/39
..................
425,000
438,380
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/40
..................
365,000
373,811
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/41
..................
420,000
426,065
City
of
Wildomar
,
Community
Facilities
District
No.
2022-3
,
Special
Tax
,
2024
,
5
%
,
9/01/42
........
800,000
802,305
Community
Facilities
District
No.
2022-3
,
Special
Tax
,
2024
,
5
%
,
9/01/47
........
1,000,000
976,797
Community
Facilities
District
No.
2022-3
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,200,000
1,159,133
e
CMFA
Special
Finance
Agency
,
Latitude33
,
Revenue
,
144A,
2021
A-1
,
3
%
,
12/01/56
.......................
9,000,000
5,574,285
Solana
at
Grand
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
8/01/56
..........
54,800,000
44,451,184
e
CMFA
Special
Finance
Agency
Enclave
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
4
%
,
8/01/58
.........................................................
26,500,000
18,957,088
e
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-1
,
3
%
,
8/01/56
..............................................
94,250,000
61,255,017
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
e
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
8/01/56
.........................................
$
34,750,000
$
22,091,221
e
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
2/01/57
............................................
27,500,000
18,665,988
Coachella
Valley
Unified
School
District
,
GO
,
2016
F
,
BAM
Insured
,
5
%
,
8/01/46
.................................
7,135,000
7,161,250
c
GO
,
C
,
AG
Insured
,
3.93
%,
8/01/36
....................................
8,000,000
5,254,063
c
GO
,
C
,
AG
Insured
,
4.11
%,
8/01/37
....................................
8,000,000
4,952,328
c
GO
,
C
,
AG
Insured
,
4.58
%,
8/01/40
....................................
7,500,000
3,845,272
c
GO
,
C
,
AG
Insured
,
4.95
%,
8/01/43
....................................
10,000,000
4,209,734
c
Colton
Joint
Unified
School
District
,
GO
,
2010
B
,
AG
Insured
,
4.95
%,
8/01/42
......
16,365,000
7,221,686
Contra
Costa
Community
College
District
,
GO
,
2020
C
,
4
%
,
8/01/32
.............
1,200,000
1,270,012
Contra
Costa
Water
District
,
Revenue
,
V
,
Refunding
,
5
%
,
10/01/49
..............
7,500,000
7,609,598
Corona
Community
Facilities
District
,
City
of
Corona
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
1,600,000
1,577,988
City
of
Corona
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
1,600,000
1,568,918
c
Corona-Norco
Unified
School
District
,
GO
,
1998
C
,
NATL
Insured
,
5.688
%,
9/01/25
.............................
4,655,000
4,655,000
GO
,
1998
C
,
NATL
Insured
,
2.48
%,
9/01/26
..............................
6,080,000
5,932,302
County
of
El
Dorado
,
Community
Facilities
District
No.
2014-1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.........................................................
1,000,000
981,887
County
of
Los
Angeles
,
Community
Facilities
District
No.
2021-01
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/44
................................................
1,400,000
1,400,860
Community
Facilities
District
No.
2021-01
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
................................................
1,400,000
1,365,603
Community
Facilities
District
No.
2021-01
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
................................................
1,750,000
1,687,873
County
of
Orange
,
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/37
......
1,300,000
1,356,213
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/42
......
850,000
863,449
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/47
......
1,250,000
1,248,657
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/52
......
8,200,000
8,106,674
County
of
Placer
,
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/43
....................................................
900,000
887,609
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/48
....................................................
1,360,000
1,306,989
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/53
....................................................
1,000,000
945,536
County
of
Riverside
,
Community
Facilities
District
No.
07-2
,
Special
Tax
,
2020
,
AG
Insured
,
4
%
,
9/01/45
...............................................
2,730,000
2,509,598
County
of
Sacramento
,
Airport
System
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
7/01/41
...................
9,000,000
9,009,974
Airport
System
,
Revenue
,
2025
D
,
AG
Insured
,
5.25
%
,
7/01/50
...............
7,500,000
7,636,095
Airport
System
,
Revenue,
Senior
Lien
,
2016
A
,
Refunding
,
5
%
,
7/01/41
.........
10,000,000
10,011,082
Community
Facilities
District
No.
2014-2
,
Special
Tax
,
2021
,
4
%
,
9/01/41
........
325,000
289,369
Community
Facilities
District
No.
2014-2
,
Special
Tax
,
2021
,
4
%
,
9/01/46
........
325,000
274,574
e
CSCDA
Community
Improvement
Authority
,
1818
Platinum
Triangle-Anaheim
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.35
%
,
4/01/47
........................................................
9,600,000
7,652,581
777
Place-Pomona
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.6
%
,
5/01/47
.......
10,000,000
7,809,424
777
Place-Pomona
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3.25
%
,
5/01/57
......
12,500,000
8,059,499
Acacia
on
Santa
Rosa
Creek
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
10/01/56
.
13,000,000
10,094,785
Cameo/Garrison
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
3/01/57
............
7,000,000
4,835,492
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
e
CSCDA
Community
Improvement
Authority,
(continued)
Cameo/Garrison
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
2.8
%
,
3/01/47
$
20,800,000
$
15,495,665
Cameo/Garrison
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
3/01/57
.
7,430,000
4,704,027
Crescent
(The)
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
7/01/43
.........
6,530,000
4,841,834
Crescent
(The)
,
Revenue,
Senior
Lien
,
144A,
2022
A-2
,
4.3
%
,
7/01/59
..........
18,250,000
13,970,234
Dublin
,
Revenue
,
144A,
2021
A-1
,
2.45
%
,
2/01/47
.........................
36,700,000
29,560,995
Dublin
,
Revenue
,
144A,
2021
B
,
4
%
,
2/01/57
.............................
16,110,000
11,560,161
Dublin
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
2/01/57
..................
45,500,000
30,034,614
Escondido
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/48
........
10,000,000
6,798,567
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-1
,
2.875
%
,
8/01/41
17,470,000
15,376,949
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-2
,
3.125
%
,
8/01/56
54,465,000
38,610,473
Monterey
Station
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
7/01/43
.
8,000,000
5,914,098
Parallel-Anaheim
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/56
.....................
17,540,000
14,866,715
Park
Crossing
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3.25
%
,
12/01/58
.
18,750,000
12,114,709
Pasadena
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
2.65
%
,
12/01/46
.....
1,350,000
1,079,620
Pasadena
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
12/01/56
.......
39,820,000
26,542,252
Renaissance
at
City
Center
,
Revenue
,
144A,
2020
A
,
5
%
,
7/01/51
.............
18,625,000
16,657,919
Theo
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.5
%
,
5/01/47
........
5,000,000
4,006,331
c
Towne
at
Glendale
Apartments
,
Revenue
,
144A,
2022
A
,
1.199
%,
9/01/62
.......
53,000,000
31,864,459
Vineyard
Garden
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3.25
%
,
10/01/58
14,000,000
9,286,732
Waterscape
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3
%
,
9/01/56
......
5,000,000
3,209,327
Westgate
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/47
......
14,500,000
9,602,570
Wood
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
12/01/49
...
30,000,000
19,176,573
Wood
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
4
%
,
12/01/58
...
25,000,000
16,727,412
Daly
City
Housing
Development
Finance
Agency
,
Franciscan
Park
LLC
,
Revenue
,
2007
A
,
Refunding
,
5
%
,
12/15/47
..........................................
17,870,000
17,869,700
Day
Creek
Square
Public
Facilities
,
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2020
,
4
%
,
9/01/40
........
625,000
578,400
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2020
,
4
%
,
9/01/45
........
700,000
608,183
Delano
Joint
Union
High
School
District
,
GO
,
2003
A
,
Refunding
,
NATL
Insured
,
5.15
%
,
2/01/32
.........................................................
8,410,000
8,941,905
East
Bay
Municipal
Utility
District
,
Water
System
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/45
...................
4,240,000
4,281,847
Water
System
,
Revenue
,
2019
A
,
5
%
,
6/01/44
............................
4,000,000
4,103,566
East
County
Advanced
Water
Purification
Joint
Powers
Authority
,
Revenue
,
2024
A-1
,
3.125
%
,
9/01/26
...................................................
49,320,000
49,562,146
Eastern
Municipal
Water
District
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/28
...............................
2,480,000
2,617,282
Community
Facilities
District
No.
2013-63
Improvement
Area
B
,
Special
Tax
,
2024
,
4
%
,
9/01/43
....................................................
1,315,000
1,146,242
Community
Facilities
District
No.
2013-63
Improvement
Area
B
,
Special
Tax
,
2024
,
4.25
%
,
9/01/49
..................................................
1,095,000
937,232
Community
Facilities
District
No.
2017-77
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/45
....................................................
1,175,000
1,170,662
Community
Facilities
District
No.
2017-77
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
2,485,000
2,411,193
Community
Facilities
District
No.
2017-79
,
Special
Tax
,
2021
,
4
%
,
9/01/46
.......
2,815,000
2,391,018
Community
Facilities
District
No.
2017-79
,
Special
Tax
,
2021
,
4
%
,
9/01/51
.......
3,405,000
2,756,818
Community
Facilities
District
No.
2019-83
,
Special
Tax
,
2022
,
4
%
,
9/01/51
.......
2,790,000
2,258,890
Community
Facilities
District
No.
2019-86
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.......
855,000
842,918
Community
Facilities
District
No.
2019-86
,
Special
Tax
,
2023
,
5
%
,
9/01/54
.......
1,775,000
1,722,281
Community
Facilities
District
No.
2022-95
,
Special
Tax
,
2024
,
4
%
,
9/01/39
.......
1,250,000
1,154,265
Community
Facilities
District
No.
2022-95
,
Special
Tax
,
2024
,
4
%
,
9/01/44
.......
1,500,000
1,293,939
Community
Facilities
District
No.
2022-95
,
Special
Tax
,
2024
,
4.25
%
,
9/01/49
.....
2,030,000
1,737,518
Community
Facilities
District
No.
2022-95
,
Special
Tax
,
2024
,
4.375
%
,
9/01/54
....
1,280,000
1,088,951
Eastern
Municipal
Water
District
Financing
Authority
,
Revenue
,
2015
B
,
5
%
,
7/01/46
.
30,705,000
30,715,765
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Elk
Grove
Finance
Authority
,
Special
Tax
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/38
....................
$
1,500,000
$
1,500,000
Community
Facilities
District
No.
2005-1
Laguna
Ridge
,
Special
Tax
,
2024
,
5
%
,
9/01/51
........................................................
1,725,000
1,676,967
c
Fairfax
School
District
,
GO
,
2011
,
AG
Insured
,
5.34
%,
11/01/48
.................
10,380,000
3,107,306
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
Revenue
,
2019-ML06
,
ACA
,
2.493
%
,
7/25/35
...................................................
986,342
864,460
Folsom
Cordova
Unified
School
District
School
Facilities
Improvement
Dist
No.
5
,
GO
,
C
,
4
%
,
10/01/43
...................................................
5,000,000
4,562,439
Folsom
Ranch
Financing
Authority
,
City
of
Folsom
Community
Facilities
District
No.
18
,
Special
Tax
,
2024
,
5
%
,
9/01/44
1,000,000
991,354
City
of
Folsom
Community
Facilities
District
No.
18
,
Special
Tax
,
2024
,
5
%
,
9/01/49
1,250,000
1,222,648
City
of
Folsom
Community
Facilities
District
No.
18
,
Special
Tax
,
2024
,
5
%
,
9/01/54
5,535,000
5,346,500
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/39
............................................
715,000
727,465
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/44
............................................
775,000
770,168
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
............................................
425,000
413,420
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/53
............................................
485,000
466,038
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue
,
2013
A
,
Refunding
,
AG
Insured
,
5.5
%
,
1/15/31
....................
35,000,000
40,114,974
Revenue
,
2013
A
,
Refunding
,
AG
Insured
,
5.625
%
,
1/15/32
..................
37,260,000
42,602,156
Revenue
,
2013
A
,
Refunding
,
6.85
%
,
1/15/42
.............................
98,000,000
110,212,123
c
Revenue
,
2013
A
,
Refunding
,
AG
Insured
,
3.98
%,
1/15/37
...................
41,250,000
26,469,692
c
Revenue
,
2013
A
,
Refunding
,
AG
Insured
,
4.17
%,
1/15/38
...................
77,650,000
46,851,952
c
Revenue
,
2013
A
,
Refunding
,
AG
Insured
,
4.35
%,
1/15/39
...................
56,100,000
31,753,531
c
Revenue
,
2013
A
,
Refunding
,
4.87
%,
1/15/42
.............................
130,000,000
59,710,079
c
Revenue,
Senior
Lien
,
1995
A
,
ETM,
2.31
%,
1/01/26
.......................
23,475,000
23,293,585
c
Revenue,
Senior
Lien
,
1995
A
,
ETM,
2.29
%,
1/01/27
.......................
15,000,000
14,551,828
c
Revenue,
Senior
Lien
,
1995
A
,
ETM,
2.27
%,
1/01/28
.......................
2,000,000
1,897,771
c
Revenue,
Senior
Lien
,
1995
A
,
ETM,
2.33
%,
1/01/29
.......................
35,310,000
32,697,198
Revenue,
Senior
Lien
,
2021
A
,
Refunding
,
4
%
,
1/15/46
.....................
17,500,000
15,913,695
c
Fowler
Unified
School
District
,
GO
,
2010
C
,
AG
Insured
,
4.71
%,
8/01/41
................................
3,095,000
1,488,327
GO
,
2010
C
,
AG
Insured
,
4.74
%,
8/01/42
................................
3,005,000
1,373,550
Fremont
Unified
School
District
,
GO
,
2024
A
,
4
%
,
8/01/45
.....................
5,000,000
4,636,308
Fresno
Unified
School
District
,
GO
,
2020
B
,
5
%
,
8/01/46
............................................
2,635,000
2,698,732
GO
,
2020
B
,
4
%
,
8/01/48
............................................
3,205,000
2,779,389
GO
,
2020
B
,
4
%
,
8/01/52
............................................
6,585,000
5,581,149
GO
,
2020
B
,
4
%
,
8/01/55
............................................
4,000,000
3,359,937
c
Glendale
Community
College
District
,
GO
,
2003
C
,
NATL
Insured
,
3.55
%,
8/01/28
...
6,570,000
5,933,584
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2022
A-1
,
Refunding
,
5
%
,
6/01/51
.........................................................
21,350,000
20,396,342
Golden
Valley
Unified
School
District
Financing
Authority
,
Community
Facilities
District
No.
2017-1
,
Revenue
,
2021
A
,
4
%
,
9/01/46
........
250,000
214,065
Community
Facilities
District
No.
2017-1
,
Revenue
,
2021
A
,
4
%
,
9/01/51
........
500,000
408,445
Community
Facilities
District
No.
2017-1
,
Revenue
,
2021
A
,
4
%
,
9/01/56
........
745,000
595,508
Grossmont-Cuyamaca
Community
College
District
,
GO
,
2018
B
,
4
%
,
8/01/47
......
10,000,000
9,014,092
Hacienda
La
Puente
Unified
School
District
,
GO
,
2017
A
,
4
%
,
8/01/47
............
655,000
590,423
Hartnell
Community
College
District
,
GO
,
2009
C
,
6.125
%
,
8/01/33
..............
20,000,000
23,900,784
c
Hawthorne
School
District
,
GO
,
2008
C
,
AG
Insured
,
5.19
%,
8/01/48
.............
37,665,000
11,811,646
Hemet
Unified
School
District
,
Community
Facilities
District
No.
2021-1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/55
....................................................
1,000,000
963,911
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Hemet
Unified
School
District,
(continued)
Community
Facilities
District
No.
2021-5  Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/45
................................................
$
1,000,000
$
1,001,472
Community
Facilities
District
No.
2021-5  Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/50
................................................
1,070,000
1,053,044
Community
Facilities
District
No.
2021-5  Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/54
................................................
1,000,000
976,151
Community
Facilities
District
No.
2021-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
1,000,000
1,001,333
Community
Facilities
District
No.
2021-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
1,000,000
987,606
Community
Facilities
District
No.
2021-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
1,700,000
1,659,456
Community
Facilities
District
No.
2021-7
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........
1,500,000
1,472,830
Community
Facilities
District
No.
2021-7
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
1,000,000
968,010
Community
Facilities
District
No.
2021-7
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
1,000,000
987,606
Community
Facilities
District
No.
2022-2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,000,000
976,151
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2025
,
5
%
,
9/01/45
........
1,000,000
983,924
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........
900,000
873,383
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........
1,000,000
962,449
g
Community
Facilities
District
No.
2023-3
,
Special
Tax
,
2025
,
5.125
%
,
9/01/55
.....
1,300,000
1,273,649
Hesperia
Unified
School
District
,
Community
Facilities
District
No.
2015-1
,
Special
Tax
,
2015-1
,
5
%
,
9/01/55
................................................
1,000,000
960,990
c
Huntington
Beach
City
School
District
,
GO
,
2003
A
,
NATL
Insured
,
3.41
%,
8/01/28
..
7,190,000
6,520,565
Imperial
Irrigation
District
,
Electric
System
,
Revenue
,
2016
B-2
,
Refunding
,
5
%
,
11/01/27
........................................................
1,000,000
1,032,547
Independent
Cities
Finance
Authority
,
Augusta
Communities
LLC
,
Revenue
,
2022
A
,
Refunding
,
5.25
%
,
5/15/56
.......
4,000,000
4,028,884
e
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AG
Insured
,
4
%
,
6/01/36
......
700,000
693,244
e
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AG
Insured
,
4
%
,
6/01/41
......
900,000
867,974
e
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AG
Insured
,
4
%
,
6/01/46
......
925,000
833,796
e
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AG
Insured
,
4
%
,
6/01/51
......
1,250,000
1,095,190
Millennium
Housing
LLC
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
9/15/46
...........
1,000,000
731,413
Millennium
Housing
LLC
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
9/15/56
...........
2,000,000
1,292,131
Millennium
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
4
%
,
9/15/42
.............
2,000,000
1,768,236
Millennium
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
4.25
%
,
9/15/50
...........
2,000,000
1,717,372
Millennium
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
5
%
,
9/15/50
.............
2,000,000
1,951,692
Irvine
Unified
School
District
,
Special
Tax
,
2020
A
,
4
%
,
9/01/40
......................................
2,945,000
2,725,422
Special
Tax
,
2020
A
,
4
%
,
9/01/44
......................................
6,215,000
5,443,558
Special
Tax
,
2020
A
,
BAM
Insured
,
4
%
,
9/01/50
...........................
7,960,000
6,959,481
Community
Facilities
District
No.
09-1
,
Special
Tax
,
2017
D
,
5
%
,
3/01/57
........
14,155,000
13,718,749
Jefferson
Union
High
School
District
,
GO
,
2000
A
,
Refunding
,
NATL
Insured
,
6.45
%
,
8/01/29
.........................................................
3,075,000
3,265,139
Jurupa
Community
Services
District
,
Community
Facilities
District
No.
52
,
Special
Tax
,
2021
A
,
4
%
,
9/01/39
..........
135,000
125,972
Community
Facilities
District
No.
52
,
Special
Tax
,
2021
A
,
4
%
,
9/01/40
..........
140,000
128,711
Community
Facilities
District
No.
52
,
Special
Tax
,
2021
A
,
4
%
,
9/01/50
..........
1,000,000
819,498
Community
Facilities
District
No.
54
,
Special
Tax
,
2021
A
,
4
%
,
9/01/46
..........
900,000
764,446
Community
Facilities
District
No.
54
,
Special
Tax
,
2021
A
,
4
%
,
9/01/51
..........
875,000
708,433
La
Mirada
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2010
A
,
Refunding
,
AG
Insured
,
5
%
,
8/15/28
....................................
1,855,000
1,859,081
Lake
Elsinore
Unified
School
District
,
Community
Facilities
District
No.
2006-3
Area
B
,
Special
Tax
,
2022
,
5
%
,
9/01/47
..
350,000
345,498
Community
Facilities
District
No.
2006-3
Area
B
,
Special
Tax
,
2022
,
5
%
,
9/01/52
..
500,000
487,149
Community
Facilities
District
No.
2017-2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
1,250,000
1,220,966
Community
Facilities
District
No.
2017-2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
850,000
819,824
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
c
Lakeside
Union
School
District
,
GO
,
2010
B
,
5.01
%,
8/01/45
...................
$
11,540,000
$
4,359,961
Lammersville
Joint
Unified
School
District
,
GO
,
2016
A
,
4
%
,
8/01/46
.............
41,340,000
37,418,967
c
Lancaster
School
District
,
GO
,
2001
,
NATL
Insured
,
2.79
%,
7/01/26
.............
5,965,000
5,829,724
Lassen
Municipal
Utility
District
,
COP
,
2021
,
4
%
,
5/01/51
......................
3,000,000
2,413,513
Lawndale
Redevelopment
Agency
,
Tax
Allocation
,
2009
,
AG
Insured
,
5.5
%
,
8/01/39
...........................
9,875,000
9,896,297
Tax
Allocation
,
2009
,
AG
Insured
,
5.5
%
,
8/01/44
...........................
6,085,000
6,097,095
c
Lemon
Grove
School
District
,
GO
,
2010
B
,
AG
Insured
,
5.05
%,
8/01/50
...........
20,990,000
6,154,020
Lodi
Unified
School
District
,
GO
,
2017
,
4
%
,
8/01/41
..........................
15,000,000
14,205,164
Long
Beach
Bond
Finance
Authority
,
Revenue
,
2007
A
,
5.5
%
,
11/15/28
.....................................
8,000,000
8,564,638
Revenue
,
2007
A
,
5
%
,
11/15/29
.......................................
17,465,000
18,662,531
Revenue
,
2007
A
,
5.5
%
,
11/15/30
.....................................
5,000,000
5,529,649
Revenue
,
2007
A
,
5
%
,
11/15/35
.......................................
69,855,000
74,662,994
Revenue
,
2007
A
,
5.5
%
,
11/15/37
.....................................
35,000,000
38,610,982
Los
Angeles
County
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A
,
5
%
,
6/01/26
........................................
4,000,000
4,090,336
Sales
Tax
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/35
.......................
17,655,000
17,899,820
Sales
Tax
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/37
.......................
10,970,000
11,118,691
Sales
Tax
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/38
.......................
7,705,000
7,790,703
Sales
Tax
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/39
.......................
5,000,000
5,050,364
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/38
...............................
10,455,000
10,685,921
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/39
...............................
7,860,000
8,013,076
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/41
...............................
12,350,000
12,529,885
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/42
...............................
26,910,000
27,236,811
Sales
Tax
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/32
.......................
6,700,000
7,454,969
Sales
Tax
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/35
.......................
18,960,000
20,621,725
Sales
Tax
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/36
.......................
5,375,000
5,796,168
Sales
Tax
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/37
.......................
10,330,000
11,051,319
Sales
Tax
,
Revenue,
Senior
Lien
,
2021
A
,
5
%
,
7/01/28
......................
3,830,000
4,151,327
Sales
Tax
,
Revenue,
Senior
Lien
,
2021
A
,
5
%
,
7/01/36
......................
2,500,000
2,747,661
Sales
Tax
,
Revenue,
Senior
Lien
,
2021
A
,
5
%
,
7/01/38
......................
3,875,000
4,185,878
Los
Angeles
County
Sanitation
Districts
Financing
Authority
,
Los
Angeles
County
Sanitation
District
No.
20
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
10/01/42
..........
16,430,000
14,994,202
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/46
...................
15,000,000
14,683,999
Power
System
,
Revenue
,
2016
B
,
5
%
,
7/01/35
............................
11,995,000
12,031,737
Power
System
,
Revenue
,
2016
B
,
5
%
,
7/01/42
............................
4,495,000
4,469,406
Power
System
,
Revenue
,
2017
A
,
5
%
,
7/01/42
............................
22,375,000
22,387,738
Power
System
,
Revenue
,
2017
A
,
5
%
,
7/01/47
............................
81,890,000
81,368,656
Power
System
,
Revenue
,
2017
C
,
5
%
,
7/01/42
............................
5,500,000
5,504,391
Power
System
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/38
...................
12,870,000
13,030,222
Power
System
,
Revenue
,
2018
D
,
Refunding
,
5
%
,
7/01/39
...................
4,305,000
4,354,947
Power
System
,
Revenue
,
2018
D
,
Refunding
,
5
%
,
7/01/43
...................
5,000,000
4,989,154
Power
System
,
Revenue
,
2019
A
,
5.25
%
,
7/01/49
.........................
12,555,000
12,618,713
Power
System
,
Revenue
,
2019
D
,
Refunding
,
5
%
,
7/01/49
...................
12,960,000
12,781,454
Power
System
,
Revenue
,
2020
B
,
Refunding
,
5
%
,
7/01/40
...................
9,020,000
9,178,706
Power
System
,
Revenue
,
2020
B
,
Refunding
,
5
%
,
7/01/50
...................
11,650,000
11,644,251
Power
System
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
7/01/48
...................
3,245,000
3,242,537
Power
System
,
Revenue
,
2021
C
,
5
%
,
7/01/51
............................
17,555,000
17,537,468
Power
System
,
Revenue
,
2022
A
,
5
%
,
7/01/51
............................
8,500,000
8,491,511
Power
System
,
Revenue
,
2022
B
,
5
%
,
7/01/40
............................
5,000,000
5,181,522
Power
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/42
...................
5,500,000
5,619,330
Power
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/43
...................
6,250,000
6,358,787
Power
System
,
Revenue
,
2024
B
,
Refunding
,
5
%
,
7/01/39
...................
6,000,000
6,309,973
Water
System
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/41
...................
29,820,000
29,785,609
Water
System
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/46
...................
24,610,000
24,153,118
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Los
Angeles
Department
of
Water
&
Power,
(continued)
Water
System
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/41
...................
$
34,330,000
$
34,431,043
Water
System
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/44
...................
36,615,000
36,606,183
Water
System
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
7/01/43
...................
9,495,000
9,494,850
Water
System
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
7/01/48
...................
10,000,000
9,898,445
Water
System
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
7/01/39
...................
6,455,000
6,639,595
Water
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/41
...................
2,970,000
3,069,739
Los
Angeles
Unified
School
District
,
GO
,
2020
C
,
4
%
,
7/01/33
............................................
7,000,000
7,306,285
GO
,
2020
C
,
4
%
,
7/01/36
............................................
8,975,000
9,128,965
GO
,
2020
RYQ
,
4
%
,
7/01/44
.........................................
10,730,000
9,810,958
GO
,
2023
QRR
,
5.25
%
,
7/01/48
.......................................
25,000,000
26,103,405
Manteca
Unified
School
District
,
Community
Facilities
District
No.
2018-5
,
Special
Tax
,
2024
A
,
5
%
,
9/01/44
......
5,755,000
5,636,547
Community
Facilities
District
No.
2018-5
,
Special
Tax
,
2024
A
,
5
%
,
9/01/54
......
6,230,000
5,955,217
Marin
Municipal
Water
District
,
Revenue
,
2022
,
Refunding
,
4
%
,
6/15/52
..........
27,295,000
23,512,205
Marina
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2023
A
,
5
%
,
9/01/43
....................................
1,000,000
980,472
Tax
Allocation
,
2023
B
,
5
%
,
9/01/43
....................................
2,100,000
2,058,992
Menifee
Union
School
District
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.......................................
500,000
494,268
Special
Tax
,
2023
,
5
%
,
9/01/54
.......................................
1,230,000
1,193,468
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5
,
Special
Tax
,
2021
,
4
%
,
9/01/45
....................................................
875,000
756,253
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
6
,
Special
Tax
,
2021
,
4
%
,
9/01/26
....................................................
75,000
75,747
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
6
,
Special
Tax
,
2021
,
4
%
,
9/01/27
....................................................
140,000
142,801
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
6
,
Special
Tax
,
2021
,
4
%
,
9/01/28
....................................................
105,000
107,987
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7
,
Special
Tax
,
2022
,
5
%
,
9/01/42
....................................................
1,000,000
1,008,816
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7
,
Special
Tax
,
2022
,
5.125
%
,
9/01/47
.................................................
2,000,000
2,007,820
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7
,
Special
Tax
,
2022
,
5.25
%
,
9/01/52
..................................................
2,000,000
2,007,220
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2021
,
4
%
,
9/01/35
........
200,000
199,628
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2021
,
4
%
,
9/01/44
........
565,000
497,397
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2021
,
4
%
,
9/01/51
........
675,000
559,697
Metropolitan
Water
District
of
Southern
California
,
Revenue
,
2020
A
,
5
%
,
10/01/45
..
15,665,000
16,029,948
Middle
Fork
Project
Finance
Authority
,
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/30
.................................
2,505,000
2,681,151
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/32
.................................
4,095,000
4,322,413
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/34
.................................
1,150,000
1,199,716
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/35
.................................
1,200,000
1,245,355
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/36
.................................
4,980,000
5,137,393
Midpeninsula
Regional
Open
Space
District
,
Field
Employees
Corp.
,
GO
,
2018
,
4
%
,
9/01/48
.........................................................
11,220,000
10,212,646
c
Modesto
High
School
District
,
GO
,
2002
A
,
NATL
Insured
,
2.49
%,
5/01/27
.........
12,770,000
12,258,261
Monterey
Peninsula
Unified
School
District
,
GO
,
2016
C
,
Refunding
,
5
%
,
8/01/41
...
11,190,000
11,400,401
c
Moorpark
Unified
School
District
,
GO
,
2009
A
,
AG
Insured
,
3.25
%,
8/01/32
........
5,870,000
4,704,897
Moreno
Valley
Unified
School
District
,
c
GO
,
2004
A
,
AG
Insured
,
ETM,
2.4
%,
8/01/27
............................
6,315,000
6,033,754
c
GO
,
2004
A
,
AG
Insured
,
ETM,
2.41
%,
8/01/28
...........................
6,625,000
6,180,201
GO
,
2018
B
,
AG
Insured
,
5
%
,
8/01/47
..................................
6,075,000
6,119,251
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2025
,
5.125
%
,
9/01/55
.....
1,500,000
1,441,219
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........
1,205,000
1,166,095
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Moreno
Valley
Unified
School
District,
(continued)
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........
$
1,650,000
$
1,578,447
c
Mount
San
Antonio
Community
College
District
,
GO
,
2013
A
,
5.904
%,
8/01/43
......
55,000,000
52,849,033
Mount
San
Jacinto
Community
College
District
,
GO
,
2014
B
,
4
%
,
8/01/43
.........
7,200,000
6,621,162
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.5
%
,
11/01/39
....................
25,000,000
29,715,813
Murrieta
Valley
Unified
School
District
,
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2021
,
4
%
,
9/01/44
........
500,000
431,313
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2021
,
4
%
,
9/01/51
........
1,000,000
809,638
Newport
Mesa
Unified
School
District
,
GO
,
2011
,
6.3
%
,
8/01/42
................
20,000,000
22,333,680
Norman
Y
Mineta
San
Jose
International
Airport
SJC
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/36
...............................
4,590,000
4,643,510
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/37
...............................
4,475,000
4,517,544
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/41
...............................
12,685,000
12,695,125
Revenue
,
2017
B
,
Refunding
,
5
%
,
3/01/47
...............................
10,000,000
10,013,120
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/32
...............................
1,800,000
1,929,014
Northern
California
Sanitation
Agencies
Financing
Authority
,
Sacramento
Area
Sewer
District
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/27
........................
2,960,000
3,155,901
Oceanside
Unified
School
District
,
c
GO
,
2010
B
,
AG
Insured
,
4.36
%,
8/01/38
................................
10,590,000
6,101,198
c
GO
,
2010
B
,
AG
Insured
,
4.5
%,
8/01/39
.................................
7,860,000
4,257,349
GO
,
2022
,
Refunding
,
5
%
,
8/01/39
.....................................
1,005,000
1,069,083
GO
,
G
,
5
%
,
8/01/40
................................................
1,020,000
1,076,054
GO
,
G
,
5
%
,
8/01/43
................................................
1,000,000
1,033,117
Orange
County
Community
Facilities
District
,
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2023
A
,
5.5
%
,
8/15/48
.....
1,550,000
1,584,474
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2023
A
,
5.5
%
,
8/15/53
.....
1,200,000
1,219,373
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2023
A
,
5.75
%
,
8/15/53
....
1,085,000
1,120,679
Orange
County
Water
District
,
COP
,
2003
B
,
NATL
Insured
,
ETM,
5
%
,
8/15/28
...........................
10,590,000
11,116,305
COP
,
2003
B
,
NATL
Insured
,
ETM,
5
%
,
8/15/34
...........................
3,305,000
3,662,471
COP
,
2003
B
,
Pre-Refunded
,
NATL
Insured
,
5
%
,
8/15/34
....................
4,140,000
4,750,338
Palomar
Community
College
District
,
GO
,
2010
B
,
6.2
%
,
8/01/39
...............
69,410,000
82,204,609
Palomar
Health
,
Obligated
Group
,
GO
,
2009
A
,
AG
Insured
,
7
%
,
8/01/38
.....................
36,000,000
39,257,032
Obligated
Group
,
GO
,
2010
A
,
6.75
%
,
8/01/40
............................
60,000,000
62,798,244
Palomar
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
AG
Insured
,
5
%
,
11/01/47
.......................................................
35,000,000
34,092,159
Panoche
Financing
Authority
,
Panoche
Water
District
,
Revenue
,
2021
A
,
4
%
,
9/01/43
.....................
1,120,000
985,857
Panoche
Water
District
,
Revenue
,
2021
A
,
4
%
,
9/01/51
.....................
6,070,000
4,973,274
Panoche
Water
District
,
Revenue
,
2021
B
,
1.553
%
,
9/01/25
..................
130,000
130,000
Panoche
Water
District
,
Revenue
,
2021
B
,
2.006
%
,
9/01/27
..................
395,000
379,115
Panoche
Water
District
,
Revenue
,
2021
B
,
2.456
%
,
9/01/29
..................
415,000
387,622
Panoche
Water
District
,
Revenue
,
2021
B
,
2.756
%
,
9/01/31
..................
435,000
392,834
Panoche
Water
District
,
Revenue
,
2021
B
,
3.106
%
,
9/01/35
..................
880,000
751,541
Panoche
Water
District
,
Revenue
,
2021
B
,
3.571
%
,
9/01/40
..................
1,155,000
922,032
c
Patterson
Joint
Unified
School
District
,
GO
,
2001
A
,
NATL
Insured
,
2.53
%,
8/01/26
..
2,265,000
2,213,530
Perris
Joint
Powers
Authority
,
Special
Tax
,
2025
,
5
%
,
9/01/50
.......................................
2,820,000
2,713,742
Special
Tax
,
2025
,
5
%
,
9/01/54
.......................................
3,310,000
3,164,008
Community
Facilities
District
No.
2007-2
,
Special
Tax
,
2021
,
4
%
,
9/01/43
........
1,445,000
1,253,394
Community
Facilities
District
No.
2007-2
,
Special
Tax
,
2021
,
4
%
,
9/01/48
........
1,250,000
1,039,090
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/50
....................................................
1,125,000
905,084
Perris
Union
High
School
District
,
COP
,
2019
,
Refunding
,
BAM
Insured
,
5
%
,
10/01/48
........................
10,000,000
10,103,426
GO
,
2019
A
,
AG
Insured
,
4
%
,
9/01/43
..................................
5,540,000
5,086,291
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Pittsburg
Unified
School
District
,
GO
,
2016
,
Refunding
,
4
%
,
8/01/44
.............
$
11,000,000
$
10,122,119
c
Placentia-Yorba
Linda
Unified
School
District
,
GO
,
2008
D
,
4.78
%,
8/01/43
.........................................
27,955,000
12,113,668
GO
,
2008
D
,
5.08
%,
8/01/46
.........................................
89,200,000
31,666,419
GO
,
2008
D
,
5.1
%,
8/01/49
..........................................
85,000,000
25,839,660
Port
of
Oakland
,
Revenue
,
2021
H
,
Refunding
,
5
%
,
11/01/29
...................
2,000,000
2,150,103
Poway
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2015
A
,
Refunding
,
5
%
,
12/15/31
..........................
10,180,000
11,414,430
Tax
Allocation
,
2015
A
,
Refunding
,
5
%
,
12/15/32
..........................
11,215,000
12,652,736
Tax
Allocation
,
2015
A
,
Refunding
,
5
%
,
6/15/33
...........................
5,835,000
6,629,818
Poway
Unified
School
District
,
Community
Facilities
District
No.
16
Area
A
,
Special
Tax
,
2020
,
AG
Insured
,
4
%
,
9/01/50
........................................................
7,500,000
6,549,817
c
Facilities
Improvement
District
No.
2007-1
,
GO
,
B
,
5.16
%,
8/01/46
.............
45,000,000
15,701,152
Rancho
Mirage
Community
Facilities
District
,
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C
,
Special
Tax
,
2022
,
5
%
,
9/01/42
........................................................
300,000
297,630
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C
,
Special
Tax
,
2022
,
5
%
,
9/01/47
........................................................
500,000
494,220
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C
,
Special
Tax
,
2022
,
5
%
,
9/01/53
........................................................
1,000,000
972,311
Regents
of
the
University
of
California
,
Medical
Center
,
Revenue
,
2016
L
,
Refunding
,
5
%
,
5/15/47
...................
39,575,000
39,592,916
Medical
Center
,
Revenue
,
2022
P
,
5
%
,
5/15/47
...........................
106,410,000
107,167,639
Medical
Center
,
Revenue
,
2022
P
,
4
%
,
5/15/53
...........................
84,305,000
71,558,084
Regents
of
the
University
of
California
Medical
Center
,
Medical
Center
,
Revenue
,
2016
L
,
Refunding
,
5
%
,
5/15/41
...........................................
10,000,000
10,046,481
c
Rialto
Unified
School
District
,
GO
,
2011
A
,
AG
Insured
,
7.146
%,
8/01/41
..........
27,000,000
32,208,999
c
Rio
Hondo
Community
College
District
,
GO
,
2010
C
,
3.79
%,
8/01/35
.............
10,000,000
6,911,663
River
Islands
Public
Financing
Authority
,
Community
Facilities
District
No
2003-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
A-1
,
Refunding
,
AG
Insured
,
5
%
,
9/01/42
..............................
4,000,000
4,143,104
Community
Facilities
District
No
2003-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
A-1
,
Refunding
,
AG
Insured
,
4.25
%
,
9/01/47
............................
6,000,000
5,496,516
Community
Facilities
District
No
2003-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
A-1
,
Refunding
,
AG
Insured
,
5.25
%
,
9/01/52
............................
11,000,000
11,279,520
Riverside
County
Transportation
Commission
,
Sales
Tax
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
6/01/31
......................................................
3,685,000
3,900,207
Riverside
Unified
School
District
,
Community
Facilities
District
No.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
........................................................
375,000
382,789
Community
Facilities
District
No.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........................................................
700,000
697,328
Community
Facilities
District
No.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........................................................
1,050,000
1,027,024
Community
Facilities
District
No.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........................................................
1,270,000
1,245,329
Community
Facilities
District
No.
19
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........................................................
480,000
478,168
Community
Facilities
District
No.
19
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........................................................
730,000
714,026
Community
Facilities
District
No.
19
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........................................................
775,000
759,945
Community
Facilities
District
No.
21
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........................................................
1,160,000
1,128,854
Community
Facilities
District
No.
21
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........................................................
1,480,000
1,422,266
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Riverside
Unified
School
District,
(continued)
Community
Facilities
District
No.
29
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/45
........................................................
$
700,000
$
687,888
Community
Facilities
District
No.
29
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........................................................
1,000,000
973,150
Community
Facilities
District
No.
29
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........................................................
1,400,000
1,345,387
Community
Facilities
District
No.
37
,
Special
Tax
,
2023
A
,
5
%
,
9/01/47
..........
1,150,000
1,144,238
Community
Facilities
District
No.
37
,
Special
Tax
,
2023
A
,
5
%
,
9/01/52
..........
2,135,000
2,086,198
Community
Facilities
District
No.
40
,
Special
Tax
,
2025
A
,
5
%
,
9/01/50
..........
2,500,000
2,432,874
Community
Facilities
District
No.
40
,
Special
Tax
,
2025
A
,
5
%
,
9/01/55
..........
2,510,000
2,412,086
e
RMA
Capital
Series
Trust
,
Revenue
,
144A,
2022-1
,
A
,
5.67
%
,
8/01/58
............
15,491,000
14,582,083
RNR
School
Financing
Authority
,
Community
Facilities
District
No.
92-1
,
Special
Tax
,
2015
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/36
............................
11,145,000
11,145,000
c
Rocklin
Unified
School
District
,
GO
,
2003
,
NATL
Insured
,
2.45
%,
8/01/26
................................
8,695,000
8,503,552
GO
,
2003
,
NATL
Insured
,
2.51
%,
8/01/27
................................
9,080,000
8,659,146
GO
,
2003
,
NATL
Insured
,
2.57
%,
8/01/28
................................
16,615,000
15,431,020
Rohnert
Park
Community
Development
Commission
Successor
Agency
,
Tax
Allocation
,
2007
R
,
NATL
Insured
,
ETM,
5
%
,
8/01/37
...............................
1,380,000
1,442,041
Romoland
School
District
,
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........
750,000
756,494
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........
1,000,000
993,901
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
1,500,000
1,464,960
Community
Facilities
District
No.
2016-2
,
Special
Tax
,
2022
,
4.5
%
,
9/01/42
.......
360,000
340,739
Community
Facilities
District
No.
2016-2
,
Special
Tax
,
2022
,
4.625
%
,
9/01/47
.....
750,000
698,719
Community
Facilities
District
No.
2016-2
,
Special
Tax
,
2022
,
4.75
%
,
9/01/52
......
1,000,000
924,499
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
,
5
%
,
9/01/42
....................................................
750,000
757,942
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
,
5.125
%
,
9/01/47
.................................................
1,200,000
1,206,798
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
,
5.25
%
,
9/01/53
..................................................
2,500,000
2,511,817
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/46
....................................................
370,000
370,102
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/54
....................................................
1,600,000
1,559,493
Community
Facilities
District
No.
2020-1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,000,000
970,299
Community
Facilities
District
No.
2022-2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,500,000
1,435,980
Community
Facilities
District
No.
91-1
,
Special
Tax
,
2022
,
3.75
%
,
9/01/42
........
1,695,000
1,409,863
Community
Facilities
District
No.
91-1
,
Special
Tax
,
2022
,
4
%
,
9/01/46
..........
5,085,000
4,365,809
Roseville
Natural
Gas
Financing
Authority
,
Revenue
,
2007
,
5
%
,
2/15/26
..........
5,000,000
5,039,183
Sacramento
Area
Flood
Control
Agency
,
Consolidated
Capital
Assessment
District
No.
2
,
Special
Assessment
,
2016
A
,
Refunding
,
5
%
,
10/01/41
...........................................
13,740,000
13,852,307
Consolidated
Capital
Assessment
District
No.
2
,
Special
Assessment
,
2016
A
,
Refunding
,
5
%
,
10/01/43
...........................................
20,000,000
20,115,134
Sacramento
City
Unified
School
District
,
GO
,
2017
E
,
4
%
,
5/01/47
...............
20,000,000
17,232,078
Sacramento
County
Water
Financing
Authority
,
Sacramento
County
Water
Agency
,
Revenue
,
2019
,
Refunding
,
5
%
,
6/01/27
.................................
2,000,000
2,107,318
Sacramento
Municipal
Utility
District
,
Revenue
,
2022
J
,
Refunding
,
5
%
,
8/15/26
....
2,615,000
2,688,813
Sacramento
Transportation
Authority
,
Sales
Tax
,
Revenue
,
2023
,
Refunding
,
5
%
,
10/01/37
........................................................
2,500,000
2,798,218
c
San
Bernardino
Community
College
District
,
GO
,
2009
B
,
4.98
%,
8/01/48
.........
66,390,000
21,796,229
San
Diego
Community
College
District
,
GO
,
2009
B
,
Pre-Refunded
,
6
%
,
8/01/33
................................
26,880,000
28,844,009
GO
,
2024
A-1
,
4
%
,
8/01/50
..........................................
10,000,000
8,893,951
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
29
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
San
Diego
County
Regional
Airport
Authority
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/47
...............................
$
5,000,000
$
5,025,875
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/44
...............................
4,000,000
4,063,580
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/49
...............................
5,000,000
4,999,636
Revenue
,
2019
B
,
Refunding
,
4
%
,
7/01/44
...............................
5,000,000
4,343,768
Revenue
,
2021
A
,
5
%
,
7/01/56
........................................
10,000,000
10,069,703
Revenue
,
2021
B
,
5
%
,
7/01/33
........................................
4,000,000
4,253,233
Revenue
,
2021
B
,
4
%
,
7/01/36
........................................
3,610,000
3,508,026
Special
Facilities
,
Revenue
,
2014
A
,
5
%
,
7/01/44
..........................
5,645,000
5,644,761
San
Diego
County
Regional
Transportation
Commission
,
Revenue
,
2016
A
,
5
%
,
4/01/48
.........................................................
25,000,000
25,108,397
San
Diego
County
Water
Authority
,
Revenue,
Sub.
Lien
,
2021
S-1
,
Refunding
,
5
%
,
5/01/28
......................................................
2,335,000
2,500,947
San
Diego
Unified
School
District
,
c
GO
,
2010
C
,
6.03
%,
7/01/48
.........................................
29,840,000
27,054,305
c
GO
,
2012
E
,
5.105
%,
7/01/47
.........................................
74,270,000
55,680,145
GO
,
2019
L
,
4
%
,
7/01/49
............................................
30,000
26,267
GO
,
2023
ZR-4B
,
Refunding
,
5
%
,
7/01/40
...............................
62,225,000
67,377,317
GO
,
2023
ZR-4B
,
Refunding
,
5
%
,
7/01/45
...............................
31,605,000
32,955,229
c
GO
,
R-2
,
Refunding
,
6.372
%,
7/01/40
..................................
79,760,000
79,828,474
San
Francisco
Bay
Area
Rapid
Transit
District
,
GO
,
2017
A-1
,
5
%
,
8/01/47
..........................................
11,480,000
11,567,370
GO
,
2020
C-1
,
4
%
,
8/01/33
..........................................
1,560,000
1,606,033
GO
,
2022
D-1
,
5
%
,
8/01/39
..........................................
1,500,000
1,607,216
GO
,
2022
D-1
,
3
%
,
8/01/41
..........................................
23,605,000
19,580,860
GO
,
2022
D-1
,
3
%
,
8/01/42
..........................................
20,000,000
16,228,448
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue
,
2016
B
,
5
%
,
5/01/41
........................................
65,645,000
65,660,092
Revenue
,
2016
B
,
5
%
,
5/01/46
........................................
28,825,000
28,328,296
Revenue
,
2016
C
,
5
%
,
5/01/46
........................................
67,880,000
67,907,973
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/01/44
...............................
30,720,000
30,726,642
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/01/49
...............................
8,000,000
7,847,081
Revenue,
Second
Series
,
2017
A
,
5
%
,
5/01/42
............................
48,155,000
48,159,411
Revenue,
Second
Series
,
2017
A
,
5
%
,
5/01/47
............................
28,625,000
28,110,609
Revenue,
Second
Series
,
2017
B
,
5
%
,
5/01/47
............................
200,000
199,993
Revenue,
Second
Series
,
2018
D
,
5
%
,
5/01/43
...........................
106,295,000
106,189,332
Revenue,
Second
Series
,
2018
D
,
5
%
,
5/01/48
...........................
33,675,000
33,111,728
Revenue,
Second
Series
,
2018
D
,
Pre-Refunded
,
5
%
,
5/01/48
................
25,000
26,102
Revenue,
Second
Series
,
2018
D
,
5.25
%
,
5/01/48
.........................
50,145,000
50,233,636
Revenue,
Second
Series
,
2018
E
,
5
%
,
5/01/48
............................
46,990,000
47,073,713
Revenue,
Second
Series
,
2019
B
,
5
%
,
5/01/49
............................
15,955,000
16,033,392
Revenue,
Second
Series
,
2019
E
,
5
%
,
5/01/45
............................
33,570,000
33,486,589
Revenue,
Second
Series
,
2019
E
,
5
%
,
5/01/50
............................
5,000,000
4,886,691
Revenue,
Second
Series
,
2021
A
,
Refunding
,
5
%
,
5/01/31
...................
1,405,000
1,534,908
Revenue,
Second
Series
,
2021
A
,
Refunding
,
5
%
,
5/01/34
...................
5,000,000
5,304,676
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation,
Third
Lien
,
2017
B
,
AG
Insured
,
5
%
,
8/01/46
.....................
10,000,000
10,024,620
San
Francisco
Unified
School
District
,
GO
,
2022
C
,
5
%
,
6/15/35
................
6,640,000
7,141,565
c
San
Gabriel
Unified
School
District
,
GO
,
2002
A
,
AG
Insured
,
2.42
%,
8/01/26
................................
3,530,000
3,453,211
GO
,
2002
A
,
AG
Insured
,
2.44
%,
2/01/27
................................
1,850,000
1,787,608
San
Jacinto
Unified
School
District
,
Community
Facilities
District
No.
2003-1
,
Special
Tax
,
2022
,
4
%
,
9/01/50
........
875,000
703,620
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5.25
%
,
9/01/54
..................................................
1,000,000
997,126
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue
,
1997
A
,
Refunding
,
5.9
%
,
1/15/38
..............................
106,465,000
130,167,388
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
San
Joaquin
Hills
Transportation
Corridor
Agency,
(continued)
Revenue
,
1997
A
,
Refunding
,
5.95
%
,
1/15/40
.............................
$
142,645,000
$
172,147,452
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/43
...............................
161,250,000
193,703,965
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/45
...............................
143,336,000
172,605,871
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/46
...............................
143,336,000
173,409,756
c
Revenue
,
1997
A
,
Refunding
,
NATL
Insured
,
2.97
%,
1/15/26
.................
13,155,000
13,009,857
c
Revenue,
Senior
Lien
,
1993
,
ETM,
2.15
%,
1/01/28
.........................
33,545,000
31,918,527
c
Revenue,
Senior
Lien
,
1993
,
ETM,
2.21
%,
1/01/29
.........................
37,050,000
34,444,300
Revenue,
Senior
Lien
,
2021
A
,
Refunding
,
AG
Insured
,
4
%
,
1/15/44
............
130,746,000
119,089,680
Revenue,
Senior
Lien
,
2021
A
,
Refunding
,
AG
Insured
,
4
%
,
1/15/50
............
191,775,000
167,789,432
d
San
Joaquin
Valley
Clean
Energy
Authority
,
Revenue
,
2025
A
,
Mandatory
Put
,
5.5
%
,
7/01/35
.........................................................
21,250,000
23,579,835
c
San
Jose
Unified
School
District
,
COP
,
2002
,
AG
Insured
,
ETM,
2.53
%,
1/01/27
............................
7,105,000
6,871,905
COP
,
2002
,
AG
Insured
,
ETM,
2.61
%,
1/01/29
............................
7,105,000
6,518,927
c
San
Juan
Unified
School
District
,
GO
,
2003
B
,
NATL
Insured
,
2.34
%,
8/01/26
..............................
4,945,000
4,841,052
GO
,
2003
B
,
NATL
Insured
,
2.38
%,
8/01/27
..............................
18,605,000
17,782,970
GO
,
2003
B
,
NATL
Insured
,
2.44
%,
8/01/28
..............................
19,470,000
18,145,133
San
Luis
Obispo
County
Financing
Authority
,
Revenue
,
2015
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/37
...............................................
10,000,000
10,002,886
San
Rafael
City
High
School
District
,
GO
,
2018
B
,
4
%
,
8/01/47
.................
17,060,000
15,378,041
Sanger
Unified
School
District
,
GO
,
A
,
BAM
Insured
,
4
%
,
8/01/41
...............
10,000,000
9,469,806
Santa
Cruz
County
Redevelopment
Successor
Agency
,
Tax
Allocation
,
2015
A
,
Refunding
,
AG
Insured
,
5
%
,
9/01/35
....................................
20,000,000
20,000,000
c
School
Facilities
Financing
Authority
,
Twin
Rivers
Unified
School
District
,
Revenue
,
A
,
AG
Insured
,
4.76
%,
8/01/42
..........................................
49,000,000
22,312,557
Semitropic
Improvement
District
of
the
Semitropic
Water
Storage
District
,
Revenue,
Second
Lien
,
2015
A
,
Refunding
,
AG
Insured
,
5
%
,
12/01/45
..................
10,000,000
10,013,835
Southern
California
Public
Power
Authority
,
Revenue
,
2007
A
,
5.25
%
,
11/01/27
.....................................
9,855,000
10,266,875
Revenue
,
2007
A
,
5
%
,
11/01/33
.......................................
17,500,000
18,612,293
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/31
...............................
10,000,000
11,134,906
d
City
of
Anaheim
Electric
System
,
Revenue
,
2024
A
,
Mandatory
Put
,
5
%
,
9/01/30
..
47,875,000
50,743,163
Los
Angeles
Department
of
Water
&
Power
Power
System
,
Revenue
,
2023-1
A
,
5.25
%
,
7/01/53
..................................................
28,975,000
29,440,153
c
Southern
Mono
Health
Care
District
,
GO
,
A
,
NATL
Insured
,
2.92
%,
8/01/28
...................................
2,340,000
2,151,496
GO
,
A
,
NATL
Insured
,
3.03
%,
8/01/29
...................................
2,440,000
2,170,860
GO
,
A
,
NATL
Insured
,
3.2
%,
8/01/30
...................................
2,550,000
2,184,074
GO
,
A
,
NATL
Insured
,
3.46
%,
8/01/31
...................................
2,660,000
2,175,460
State
of
California
,
GO
,
Refunding
,
5
%
,
8/01/27
.........................................
4,000,000
4,221,477
GO
,
Refunding
,
5
%
,
4/01/28
.........................................
2,930,000
3,141,817
GO
,
Refunding
,
5
%
,
8/01/28
.........................................
12,020,000
12,658,889
GO
,
Refunding
,
5
%
,
9/01/30
.........................................
5,000,000
5,631,198
GO
,
Refunding
,
5
%
,
11/01/30
.........................................
5,320,000
6,009,718
GO
,
5.75
%
,
10/01/31
...............................................
28,805,000
31,605,448
GO
,
Refunding
,
5
%
,
10/01/32
.........................................
4,125,000
4,484,603
GO
,
5
%
,
4/01/33
..................................................
5,000,000
5,370,089
GO
,
5
%
,
3/01/35
..................................................
55,020,000
59,220,051
GO
,
Pre-Refunded
,
5
%
,
3/01/35
.......................................
1,165,000
1,294,067
GO
,
Refunding
,
5
%
,
9/01/35
.........................................
9,000,000
9,155,183
GO
,
Refunding
,
4
%
,
3/01/37
.........................................
10,000,000
10,103,714
GO
,
Refunding
,
5
%
,
8/01/37
.........................................
2,900,000
3,015,495
GO
,
5
%
,
10/01/39
.................................................
15,000,000
15,096,859
GO
,
5
%
,
8/01/45
..................................................
10,085,000
10,090,369
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
31
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
State
of
California,
(continued)
GO
,
5
%
,
9/01/45
..................................................
$
5,000,000
$
5,044,067
GO
,
5
%
,
8/01/46
..................................................
57,200,000
57,498,132
GO
,
5
%
,
9/01/46
..................................................
8,930,000
8,980,937
GO
,
5
%
,
10/01/47
.................................................
11,000,000
11,028,327
GO
,
5
%
,
10/01/48
.................................................
5,000,000
5,060,211
GO
,
1996
,
FGIC
Insured
,
5.375
%
,
6/01/26
...............................
270,000
271,968
GO
,
1997
,
NATL,
FGIC
Insured
,
5.625
%
,
10/01/26
.........................
3,335,000
3,343,647
GO
,
2004
,
5.2
%
,
4/01/26
............................................
20,000
20,041
GO
,
2017
,
5
%
,
11/01/27
.............................................
2,380,000
2,526,630
GO
,
2017
,
5
%
,
11/01/47
.............................................
23,370,000
23,627,166
GO
,
2022
,
Refunding
,
5
%
,
4/01/35
.....................................
12,985,000
13,681,397
GO
,
2022
,
Refunding
,
5
%
,
4/01/35
.....................................
38,600,000
42,817,236
Stockton
Community
Facilities
District
,
City
of
Stockton
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/39
......................................
370,000
377,916
City
of
Stockton
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/44
......................................
380,000
377,172
City
of
Stockton
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
525,000
519,210
City
of
Stockton
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
650,000
637,373
Sulphur
Springs
Union
School
District
,
COP
,
2010
,
AG
Insured
,
6.5
%
,
12/01/37
.................................
1,430,000
1,443,118
COP
,
2010
,
Pre-Refunded
,
AG
Insured
,
6.5
%
,
12/01/37
.....................
9,695,000
9,793,960
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/39
......
1,175,000
1,207,951
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/44
......
1,900,000
1,883,573
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/49
......
4,360,000
4,194,968
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/54
......
2,000,000
1,906,101
Sunnyvale
School
District
,
GO
,
2015
,
Refunding
,
4
%
,
9/01/42
..................
17,500,000
16,500,624
Temecula
Public
Financing
Authority
,
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/39
.........
330,000
343,102
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/44
.........
925,000
929,149
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/49
.........
975,000
973,642
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/54
.........
900,000
891,908
Temescal
Valley
Water
District
,
Community
Facilities
District
No.
4
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
4
%
,
9/01/49
........................................................
1,415,000
1,183,718
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/36
................................................
930,000
906,222
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/41
................................................
785,000
711,834
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/46
................................................
1,040,000
889,312
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/51
................................................
930,000
759,708
Three
Rivers
Levee
Improvement
Authority
,
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/25
.............................
280,000
280,000
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/36
.............................
2,025,000
1,954,269
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/41
.............................
1,895,000
1,681,489
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/46
.............................
2,700,000
2,262,846
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/51
.............................
5,065,000
4,082,624
Tobacco
Securitization
Authority
of
Northern
California
,
Sacramento
County
Tobacco
Securitization
Corp.
,
Revenue,
Senior
Lien
,
2021
A
,
1
,
Refunding
,
4
%
,
6/01/49
....
8,000,000
6,663,578
Tobacco
Securitization
Authority
of
Southern
California
,
San
Diego
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2019
B-1
,
2
,
Refunding
,
5
%
,
6/01/48
.......
11,340,000
10,469,926
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Town
of
Tiburon
,
Assessment
District
No.
2017-1
,
1915
Act,
Special
Assessment
,
2021
A
,
2.375
%
,
9/02/41
........................................................
$
495,000
$
322,512
Assessment
District
No.
2017-1
,
1915
Act,
Special
Assessment
,
2021
A
,
2.5
%
,
9/02/51
........................................................
1,105,000
618,051
Tracy
Community
Facilities
District
,
City
of
Tracy
Community
Facilities
District
No.
2016-01
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5.75
%
,
9/01/48
...................................
1,750,000
1,814,664
City
of
Tracy
Community
Facilities
District
No.
2016-01
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5.875
%
,
9/01/53
...................................
2,900,000
3,013,833
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/25
......................................
115,000
115,000
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/28
......................................
120,000
122,653
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/30
......................................
110,000
112,752
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/36
......................................
430,000
419,374
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/41
......................................
665,000
596,843
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/46
......................................
885,000
751,706
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/51
......................................
2,210,000
1,789,300
Transbay
Joint
Powers
Authority
,
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project
,
Tax
Allocation,
Senior
Lien
,
2020
A
,
5
%
,
10/01/45
...........................
8,830,000
8,505,181
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project
,
Tax
Allocation,
Senior
Lien
,
2020
A
,
5
%
,
10/01/49
...........................
10,990,000
10,330,618
Truckee-Donner
Public
Utility
District
,
Water
System
,
Revenue
,
2022
A
,
5
%
,
11/15/47
3,230,000
3,334,639
Turlock
Irrigation
District
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/44
...............
9,060,000
9,289,124
c
Union
Elementary
School
District
,
GO
,
2001
B
,
NATL
Insured
,
5.76
%,
9/01/25
..............................
5,500,000
5,500,000
GO
,
2001
B
,
NATL
Insured
,
2.22
%,
9/01/26
..............................
5,850,000
5,722,535
University
of
California
,
Revenue
,
2016
K
,
4
%
,
5/15/46
........................................
19,850,000
17,752,016
Revenue
,
2017
AV
,
5.25
%
,
5/15/47
.....................................
6,775,000
6,838,343
Revenue
,
2017
M
,
5
%
,
5/15/42
.......................................
15,410,000
15,561,637
Revenue
,
2017
M
,
5
%
,
5/15/47
.......................................
54,015,000
54,266,488
Revenue
,
2018
AZ
,
Refunding
,
5
%
,
5/15/43
..............................
28,000,000
28,409,091
Revenue
,
2018
AZ
,
Refunding
,
5
%
,
5/15/48
..............................
47,230,000
47,303,202
Revenue
,
2018
AZ
,
Refunding
,
5.25
%
,
5/15/58
............................
9,110,000
9,177,660
Revenue
,
2018
O
,
Refunding
,
5
%
,
5/15/39
...............................
14,400,000
14,786,417
Revenue
,
2018
O
,
Refunding
,
5
%
,
5/15/48
...............................
11,445,000
11,457,006
Revenue
,
2018
O
,
Refunding
,
5
%
,
5/15/58
...............................
5,805,000
5,806,028
Revenue
,
2021
Q
,
Refunding
,
4
%
,
5/15/37
...............................
1,500,000
1,521,530
Revenue
,
2022
BK
,
5
%
,
5/15/52
.......................................
48,195,000
48,744,543
Revenue
,
2023
BN
,
Refunding
,
5
%
,
5/15/43
..............................
9,000,000
9,398,038
Revenue
,
2023
BQ
,
5
%
,
5/15/35
......................................
30,000,000
33,817,548
Revenue
,
2024
BV
,
Refunding
,
5
%
,
5/15/36
..............................
17,300,000
19,411,114
Revenue
,
2025
BZ
,
Refunding
,
5.25
%
,
5/15/38
...........................
5,750,000
6,452,464
Revenue
,
2025
CB
,
5
%
,
5/15/36
......................................
10,000,000
11,339,167
Revenue
,
2025
CB
,
5
%
,
5/15/39
......................................
13,460,000
14,712,608
Revenue
,
2025
CC
,
5
%
,
5/15/37
......................................
5,250,000
5,875,688
Revenue
,
2025
CC
,
5
%
,
5/15/38
......................................
8,975,000
9,890,271
Revenue
,
2025
CC
,
5
%
,
5/15/53
......................................
10,000,000
10,232,001
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
33
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Upland
Community
Facilities
District
,
City
of
Upland
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
2
,
Special
Tax
,
2021
A
,
4
%
,
9/01/40
....................................
$
260,000
$
236,169
City
of
Upland
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
2
,
Special
Tax
,
2021
A
,
4
%
,
9/01/45
....................................
165,000
137,474
City
of
Upland
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
2
,
Special
Tax
,
2021
A
,
4
%
,
9/01/51
....................................
260,000
205,710
c
Upland
Unified
School
District
,
GO
,
2011
C
,
5.04
%,
8/01/45
...................
62,900,000
23,635,405
Val
Verde
Unified
School
District
,
GO
,
2010
B
,
AG
Insured
,
6.125
%
,
8/01/34
...............................
1,000,000
1,162,136
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2022
,
4
%
,
9/01/52
........
7,000,000
5,668,749
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
....................................................
1,230,000
1,236,635
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
....................................................
1,755,000
1,737,228
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
....................................................
2,445,000
2,384,350
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2025
,
5
%
,
9/01/50
....................................................
1,230,000
1,202,024
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2025
,
5
%
,
9/01/55
....................................................
1,785,000
1,725,817
Vallejo
Public
Financing
Authority
,
City
of
Vallejo
Hiddenbrooke
Improvement
District
No.
1
,
Revenue
,
2004
A
,
5.8
%
,
9/01/31
.................................
2,615,000
2,646,180
Valley
Center
Municipal
Water
District
,
Community
Facility
District
No.
2020-1
,
Special
Tax
,
2024
,
4
%
,
9/01/43
.........
1,265,000
1,116,300
Community
Facility
District
No.
2020-1
,
Special
Tax
,
2024
,
4.375
%
,
9/01/54
......
2,210,000
1,894,529
Vista
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2015
B-1
,
Refunding
,
AG
Insured
,
5
%
,
9/01/37
............................................
3,020,000
3,022,850
c
Vista
Unified
School
District
,
GO
,
2002
A
,
AG
Insured
,
2.47
%,
8/01/26
................................
7,150,000
6,991,308
GO
,
2002
A
,
AG
Insured
,
2.49
%,
2/01/27
................................
4,795,000
4,630,050
Washington
Township
Health
Care
District
,
GO
,
2015
B
,
5
%
,
8/01/45
............................................
15,000,000
14,999,087
Revenue
,
2023
A
,
5.75
%
,
7/01/48
.....................................
1,300,000
1,347,512
Revenue
,
2023
A
,
5.75
%
,
7/01/53
.....................................
1,000,000
1,020,835
West
Patterson
Financing
Authority
,
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
........
300,000
307,841
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2024
,
4.375
%
,
9/01/44
.....
830,000
753,439
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2024
,
4.625
%
,
9/01/49
.....
780,000
707,003
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
2,430,000
2,357,827
West
Sacramento
Area
Flood
Control
Agency
,
Special
Assessment
,
2015
,
AG
Insured
,
5
%
,
9/01/40
.......................
3,000,000
3,002,582
Special
Assessment
,
2015
,
AG
Insured
,
5
%
,
9/01/45
.......................
7,500,000
7,503,413
West
Sacramento
Financing
Authority
,
Special
Tax
,
A
,
AG
Insured
,
5
%
,
9/01/34
.....
4,940,000
5,428,394
Westside
Union
School
District
,
Community
Facilities
District
No.
2016-1
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/43
....................................................
1,175,000
1,108,672
Community
Facilities
District
No.
2016-1
Improvement
Area
B
,
Special
Tax
,
2023
,
5.25
%
,
9/01/52
..................................................
1,890,000
1,756,878
William
S
Hart
Union
High
School
District
,
Community
Facilities
District
No.
2021-1
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
385,000
381,672
Community
Facilities
District
No.
2021-1
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
750,000
728,564
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
34
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
William
S
Hart
Union
High
School
District,
(continued)
Community
Facilities
District
No.
2021-1
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
$
885,000
$
848,493
12,001,153,376
Florida
0.7%
c
,e
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.31
%,
3/01/29
...........................................
108,100,000
90,208,153
Wisconsin
0.2%
e
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
..............
30,400,000
23,306,996
U.S.
Territories
1.9%
Guam
0.2%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2021
A
,
Refunding
,
2.899
%
,
10/01/27
...........................
470,000
455,867
Revenue
,
2024
A
,
5
%
,
10/01/27
.......................................
160,000
164,524
Revenue
,
2024
A
,
5
%
,
10/01/28
.......................................
750,000
780,979
Revenue
,
2024
A
,
5
%
,
10/01/29
.......................................
1,330,000
1,398,064
Revenue
,
2024
A
,
5
%
,
10/01/30
.......................................
1,110,000
1,174,750
Revenue
,
2024
A
,
5
%
,
10/01/31
.......................................
935,000
988,915
Revenue
,
2024
A
,
5
%
,
10/01/33
.......................................
660,000
696,036
Revenue
,
2024
A
,
5.25
%
,
10/01/37
....................................
1,375,000
1,437,949
Revenue
,
2024
A
,
5.25
%
,
10/01/38
....................................
1,325,000
1,376,411
Revenue
,
2024
B
,
5
%
,
10/01/27
.......................................
410,000
424,930
Revenue
,
2024
B
,
5
%
,
10/01/28
.......................................
380,000
400,235
Revenue
,
2024
B
,
5
%
,
10/01/29
.......................................
1,010,000
1,077,476
Revenue
,
2024
B
,
5
%
,
10/01/30
.......................................
560,000
603,410
Revenue
,
2024
B
,
5
%
,
10/01/31
.......................................
510,000
551,148
Revenue
,
2024
B
,
5
%
,
10/01/32
.......................................
1,455,000
1,571,994
Revenue
,
2024
B
,
5
%
,
10/01/33
.......................................
305,000
330,344
Revenue
,
2024
B
,
5
%
,
10/01/34
.......................................
435,000
470,116
Revenue
,
2024
B
,
5
%
,
10/01/35
.......................................
520,000
557,321
Revenue
,
2024
B
,
5
%
,
10/01/36
.......................................
250,000
266,572
Revenue
,
2024
B
,
5
%
,
10/01/37
.......................................
1,095,000
1,158,306
Revenue
,
2024
B
,
5
%
,
10/01/38
.......................................
1,125,000
1,181,133
Revenue
,
2024
B
,
5
%
,
10/01/39
.......................................
1,125,000
1,172,824
Revenue
,
2024
B
,
5
%
,
10/01/40
.......................................
420,000
434,797
Revenue
,
2024
B
,
5
%
,
10/01/41
.......................................
1,150,000
1,176,413
Revenue
,
2024
B
,
5
%
,
10/01/42
.......................................
495,000
501,885
Revenue
,
2024
B
,
5
%
,
10/01/43
.......................................
500,000
504,142
Antonio
B.
Won
Pat
International
Airport
Authority
,
Revenue
,
2024
A
,
5
%
,
10/01/32
..
1,600,000
1,688,845
22,545,386
Puerto
Rico
1.7%
Children's
Trust
Fund
,
Revenue
,
2002
,
5.5
%
,
5/15/39
........................................
3,775,000
3,824,185
Revenue
,
2002
,
5.625
%
,
5/15/43
......................................
16,000,000
16,250,940
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Revenue
,
2000
B
,
6.625
%
,
1/01/27
....................................
471,227
469,607
Revenue
,
2000
B
,
6.625
%
,
1/01/28
....................................
3,593,968
3,584,677
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
29,500,000
26,491,832
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
35
See
Abbreviations
on
page
48
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.,
(continued)
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
$
184,264,000
$
169,017,665
219,638,906
Total
U.S.
Territories
....................................................................
242,184,292
Total
Municipal
Bonds
(Cost
$
12,330,001,163
)
..................................
12,356,852,817
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a
,b
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
4,167,132
1,041,783
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
1,041,783
Total
Long
Term
Investments
(Cost
$
12,330,001,163
)
............................
12,357,894,600
a
a
a
a
a
Short
Term
Investments
0.9%
Principal
Amount
Municipal
Bonds
0.9%
California
0.9%
h
Irvine
Ranch
Water
District
,
Special
Assessment
,
2009
B
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
3.58
%
,
10/01/41
..................................
300,000
300,000
h
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2023
F-1
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
2.75
%
,
7/01/48
.................................
55,260,000
55,260,000
Power
System
,
Revenue
,
2023
F-2
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3
%
,
7/01/47
....................................
57,100,000
57,100,000
h
University
of
California
,
Revenue
,
2013
AL-1
,
Daily
VRDN
and
Put
,
3.55
%
,
5/15/48
..
1,200,000
1,200,000
113,860,000
Total
Municipal
Bonds
(Cost
$
113,860,000
)
.....................................
113,860,000
Total
Short
Term
Investments
(Cost
$
113,860,000
)
...............................
113,860,000
a
Total
Investments
(Cost
$
12,443,861,163
)
99.1
%
................................
$12,471,754,600
Other
Assets,
less
Liabilities
0.9
%
.............................................
110,911,318
Net
Assets
100.0%
...........................................................
$12,582,665,918
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
10
regarding
fair
value
measurements.
b
Non-income
producing.
c
The
rate
shown
represents
the
yield
at
period
end.
d
The
maturity
date
shown
represents
the
mandatory
put
date.
e
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
August
31,
2025,
the
aggregate
value
of
these
securities
was
$1,226,038,932,
representing
9.7%
of
net
assets.
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
36
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
7.
g
Security
purchased
on
a
when-issued
basis.
See
Note
1(b).
h
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
California
Tax-Free
Income
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
August
31,
2025
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
37
Franklin
California
Tax-
Free
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$12,443,861,163
Value
-
Unaffiliated
issuers
..................................................................
$12,471,754,600
Cash
....................................................................................
172,464
Receivables:
Capital
shares
sold
........................................................................
9,735,431
Interest
.................................................................................
136,350,288
Unrealized
appreciation
on
unfunded
commitments
(Note
1
b
)
..........................................
2,211,045
Total
assets
..........................................................................
12,620,223,828
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
1,269,801
Capital
shares
redeemed
...................................................................
24,553,846
Management
fees
.........................................................................
4,658,816
Distribution
fees
..........................................................................
1,252,608
Transfer
agent
fees
........................................................................
1,754,103
Trustees'
fees
and
expenses
.................................................................
19,858
Distributions
to
shareholders
.................................................................
3,828,653
Accrued
expenses
and
other
liabilities
...........................................................
220,225
Total
liabilities
.........................................................................
37,557,910
Net
assets,
at
value
.................................................................
$12,582,665,918
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$13,630,661,188
Total
distributable
earnings
(losses)
.............................................................
(1,047,995,270)
Net
assets,
at
value
.................................................................
$12,582,665,918
Franklin
California
Tax-Free
Income
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
August
31,
2025
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
38
Franklin
California
Tax-
Free
Income
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$2,730,950,074
Shares
outstanding
........................................................................
416,613,311
Net
asset
value
per
share
a
,b
..................................................................
$6.56
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96
.25
%
)
b
................................
$6.82
Class
A1:
Net
assets,
at
value
.......................................................................
$6,321,893,800
Shares
outstanding
........................................................................
965,793,941
Net
asset
value
per
share
a
,b
..................................................................
$6.55
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96
.25
%
)
b
................................
$6.81
Class
C:
Net
assets,
at
value
.......................................................................
$263,321,287
Shares
outstanding
........................................................................
40,306,316
Net
asset
value
and
maximum
offering
price
per
share
a
,b
............................................
$6.53
Class
R6:
Net
assets,
at
value
.......................................................................
$370,437,137
Shares
outstanding
........................................................................
56,666,017
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$6.54
Advisor
Class:
Net
assets,
at
value
.......................................................................
$2,896,063,620
Shares
outstanding
........................................................................
443,195,121
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$6.53
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
California
Tax-Free
Income
Fund
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
August
31,
2025
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
39
Franklin
California
Tax-
Free
Income
Fund
Investment
income:
Interest:
Unaffiliated
issuers
........................................................................
$286,457,043
Expenses:
Management
fees
(Note
3
a
)
...................................................................
28,015,079
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
3,461,544
Class
A1
...............................................................................
3,238,603
Class
C
................................................................................
954,730
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
747,336
Class
A1
...............................................................................
1,783,717
Class
C
................................................................................
79,283
Class
R6
...............................................................................
26,407
Advisor
Class
............................................................................
714,251
Custodian
fees
(Note
4
)
......................................................................
37,973
Reports
to
shareholders
fees
..................................................................
83,009
Registration
and
filing
fees
....................................................................
23,071
Professional
fees
...........................................................................
152,417
Trustees'
fees
and
expenses
..................................................................
78,784
Other
....................................................................................
414,343
Total
expenses
.........................................................................
39,810,547
Net
investment
income
................................................................
246,646,496
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(26,050,386)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(559,119,327)
Net
realized
and
unrealized
gain
(loss)
............................................................
(585,169,713)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(338,523,217)
Franklin
California
Tax-Free
Income
Fund
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
40
Franklin
California
Tax-Free
Income
Fund
Six
Months
Ended
August
31,
2025
(unaudited)
Year
Ended
February
28,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$246,646,496
$478,165,560
Net
realized
gain
(loss)
.................................................
(26,050,386)
(52,075,399)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(559,119,327)
(23,108,760)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(338,523,217)
402,981,401
Distributions
to
shareholders:
Class
A
.............................................................
(51,052,902)
(93,221,630)
Class
A1
............................................................
(126,966,067)
(262,375,944)
Class
C
.............................................................
(4,836,800)
(10,818,814)
Class
R6
............................................................
(7,345,178)
(12,919,299)
Advisor
Class
........................................................
(52,361,339)
(91,934,360)
Total
distributions
to
shareholders
..........................................
(242,562,286)
(471,270,047)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
4,293,554
314,261,887
Class
A1
............................................................
(357,049,671)
(617,006,575)
Class
C
.............................................................
(46,729,039)
(69,301,820)
Class
R6
............................................................
6,970,492
65,742,344
Advisor
Class
........................................................
401,895,599
197,113,306
Total
capital
share
transactions
............................................
9,380,935
(109,190,858)
Net
increase
(decrease)
in
net
assets
...................................
(571,704,568)
(177,479,504)
Net
assets:
Beginning
of
period
.....................................................
13,154,370,486
13,331,849,990
End
of
period
..........................................................
$12,582,665,918
$13,154,370,486
Franklin
California
Tax-Free
Income
Fund
41
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
1.
Organization
and
Significant
Accounting
Policies
Franklin
California
Tax-Free
Income
Fund (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
Fund
offers
five classes
of
shares:
Class
A,
Class
A1,
Class
C,
Class
R6
and
Advisor
Class.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
b.
Securities
Purchased
on
a
When-Issued,
Forward
Commitment or
Delayed
Delivery
Basis
The
Fund
may purchase
securities
on
a when-issued,
forward
commitment 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
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
These
types
of
securities
may
be
considered
unfunded
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
42
franklintempleton.com
Semiannual
Report
and
the
Fund
may
be
obligated
to
perform
on
such
agreements
at
a
future
date.
Unfunded
commitments
are
marked
to
market
daily
and
any
unrealized
appreciation
or
depreciation
is
included
in
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations.
At
August
31,
2025,
unfunded
commitments
were
as
follows:
c.
Income
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
August
31,
2025, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the Fund
invests.
d.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income.
Dividends
from
net
investment
income
are
normally
declared
daily;
these
dividends
may
be
reinvested
or
paid
monthly
to
shareholders.
Distributions
from
realized
capital
gains
and
other
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
e.
Insurance
The
scheduled
payments
of
interest
and
principal
for
each
insured
municipal
security
in
the
Fund are
insured
by
either
a
new
issue
insurance
policy
or
a
secondary
insurance
policy.
Some
municipal
securities
in
the
Fund
are
secured
by
collateral
guaranteed
by
an
agency
of
the
U.S.
government.
Depending
on
the
type
of
coverage,
premiums
for
insurance
are
either
added
to
the
cost
basis
of
the
security
or
paid
by
a
third
party.
Insurance
companies
typically
insure
municipal
bonds
that
tend
to
be
of
very
high
quality,
with
the
majority
of
underlying
municipal
bonds
rated
A
or
better.
However,
an
event
involving
an
insurer
could
have
an
adverse
effect
on
the
value
of
the
securities
insured
by
that
insurance
company.
There
can
be
no
assurance
the
insurer
will
be
able
to
fulfill
its
obligations
under
the
terms
of
the
policy.
f.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Borrower
Unfunded
Commitment
Franklin
California
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
$9,260,673
B-2,
7.125%,
7/01/59
44,974,968
$54,235,641
1.
Organization
and
Significant
Accounting
Policies
(continued)
b.
Securities
Purchased
on
a
When-Issued,
Forward
Commitment or
Delayed
Delivery
Basis
(continued)
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
43
franklintempleton.com
Semiannual
Report
g.
Guarantees
and
Indemnifications
Under
the Fund's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the
Fund against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Fund
that
have
not
yet
occurred.
Currently,
the Fund
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
August
31,
2025,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Six
Months
Ended
August
31,
2025
Year
Ended
February
28,
2025
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
47,168,744
$311,314,701
108,497,677
$747,163,818
Shares
issued
in
reinvestment
of
distributions
..........
7,040,676
46,451,195
12,449,826
85,467,488
Shares
redeemed
...............................
(53,592,950)
(353,472,342)
(75,533,750)
(518,369,419)
Net
increase
(decrease)
..........................
616,470
$4,293,554
45,413,753
$314,261,887
Class
A1
Shares:
Shares
sold
...................................
8,332,590
$54,978,223
23,074,570
$158,482,920
Shares
issued
in
reinvestment
of
distributions
..........
16,130,474
106,273,645
32,250,476
221,048,096
Shares
redeemed
...............................
(78,664,079)
(518,301,539)
(145,228,231)
(996,537,591)
Net
increase
(decrease)
..........................
(54,201,015)
$(357,049,671)
(89,903,185)
$(617,006,575)
Class
C
Shares:
Shares
sold
...................................
2,154,180
$14,168,648
7,085,082
$48,630,066
Shares
issued
in
reinvestment
of
distributions
..........
706,622
4,646,002
1,532,350
10,484,905
Shares
redeemed
a
..............................
(9,975,878)
(65,543,689)
(18,747,924)
(128,416,791)
Net
increase
(decrease)
..........................
(7,115,076)
$(46,729,039)
(10,130,492)
$(69,301,820)
Class
R6
Shares:
Shares
sold
...................................
13,630,212
$89,287,864
20,259,202
$138,862,484
Shares
issued
in
reinvestment
of
distributions
..........
1,019,487
6,706,661
1,839,250
12,591,170
Shares
redeemed
...............................
(13,548,038)
(89,024,033)
(12,510,954)
(85,711,310)
Net
increase
(decrease)
..........................
1,101,661
$6,970,492
9,587,498
$65,742,344
Advisor
Class
Shares:
Shares
sold
...................................
149,491,809
$979,909,005
107,532,859
$736,503,112
Shares
issued
in
reinvestment
of
distributions
..........
7,187,775
47,246,017
12,190,275
83,435,995
Shares
redeemed
...............................
(95,148,790)
(625,259,423)
(91,001,550)
(622,825,801)
Net
increase
(decrease)
..........................
61,530,794
$401,895,599
28,721,584
$197,113,306
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
44
franklintempleton.com
Semiannual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and trustees
of
the Fund are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Advisers
based
on
the
month-end
net
assets
of
the
Fund
as
follows:
For
the
period
ended
August
31,
2025,
the
annualized
gross
effective
investment
management
fee
rate
was 0.442%
of
the
Fund’s
average daily
net
assets.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by Advisers
based
on
the Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund's
Class
A
and
A1
reimbursement
distribution
plans,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
Under
the
Class
A
and
A1
reimbursement
distribution
plans,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund's
Class
C
compensation
distribution
plan,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.625%
Up
to
and
including
$100
million
0.500%
Over
$100
million,
up
to
and
including
$250
million
0.450%
Over
$250
million,
up
to
and
including
$7.5
billion
0.440%
Over
$7.5
billion,
up
to
and
including
$10
billion
0.430%
Over
$10
billion,
up
to
and
including
$12.5
billion
0.420%
Over
$12.5
billion,
up
to
and
including
$15
billion
0.400%
Over
$15
billion,
up
to
and
including
$17.5
billion
0.380%
Over
$17.5
billion,
up
to
and
including
$20
billion
0.360%
In
excess
of
$20
billion
Class
A
....................................................................................
0.25%
Class
A1
...................................................................................
0.10%
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
45
franklintempleton.com
Semiannual
Report
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
Fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
e.
Transfer
Agent
Fees
Each
class
of
shares
pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. The
fees
are based
on
a
fixed
margin
earned
by
Investor
Services
and
are allocated
to
the Fund
based
upon
relative
assets
and
relative
transactions. In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6, reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
paid
to
third
parties
are
accrued
and
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
allocated
specifically
to
that
class
based
upon
its
relative
assets
and
relative
transactions.
For
the
period
ended
August
31,
2025,
the Fund
paid
transfer
agent
fees
as
noted
in
the
Statement of
Operations,
of
which
$1,125,476
was
retained
by
Investor
Services.
f.
Waiver
and
Expense
Reimbursements
Advisers
has contractually
agreed
in
advance
to
waive
or
limit
its fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
operating expenses
(excluding
interest
expense,
distribution
fees,
acquired
fund
fees
and
expenses
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for
each
class
of
the
Fund
do
not
exceed 0.65%
based
on
the
average
net
assets
of
each
class
until
June
30,
2026.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
Transfer
agent
fees
on
Class
R6
shares
of
the
Fund have
been
capped
so
that
transfer
agent
fees
for
that
class
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
June
30,
2026.
g.
Interfund
Transactions
The
Fund
engaged
in
purchases
and
sales
of
investments
with
funds
or
other
accounts
that
have
common
investment
managers
(or
affiliated
investment
managers),
directors,
trustees
or
officers.
During
the
period
ended
August
31,
2025,
these
purchase
and
sale
transactions
aggregated
$222,960,000
and
$142,475,000,
respectively.
4.
Expense
Offset
Arrangement
The Fund has
entered
into
an
arrangement
with
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
custodian
expenses.
During
the
period
ended
August
31,
2025,
there
were
no
credits
earned.
Class
C
....................................................................................
0.65%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$20,900
CDSC
retained
..............................................................................
$266,827
3.
Transactions
with
Affiliates
(continued)
c.
Distribution
Fees
(continued)
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
46
franklintempleton.com
Semiannual
Report
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
February
28,
2025,
the
capital
loss
carryforwards
were
as
follows:
At
August
31,
2025,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
wash
sales
and
bond
discounts
and
premiums.
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
August
31,
2025,
aggregated
$873,554,086 and
$879,863,106,
respectively. 
7.
Defaulted
Securities
The
Fund held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
August
31,
2025,
the
aggregate
value
of
these
securities was
$11,551,356, representing 0.1%
of
the
Fund's
net
assets.
The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The
securities
have
been
identified
in
the
accompanying Schedule
of
Investments.
8.
Concentration
of
Risk
The
Fund
invests
a
large
percentage
of
its total
assets
in
obligations
of
issuers
within California
and
U.S.
territories.
Such
concentration
may
subject
the
Fund
to
risks
associated
with
industrial
or
regional
matters,
and
economic,
political
or
legal
developments
occurring
within California
and
U.S.
territories. Investments
in
these
securities
are
sensitive
to
interest
rate
changes
and
credit
risk
of
the
issuer
and
may
subject
the
Fund
to
increased
market
volatility.
The
market
for
these
investments
may
be
limited,
which
may
make
them
difficult
to
buy
or
sell.
9.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.995
billion
(Global
Credit
Facility)
which
matures
on
January
30,
2026.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
610,562,240
Long
term
................................................................................
473,101,953
Total
capital
loss
carryforwards
...............................................................
$1,083,664,193
Cost
of
investments
..........................................................................
$12,435,187,249
Unrealized
appreciation
........................................................................
$638,118,572
Unrealized
depreciation
........................................................................
(601,551,221)
Net
unrealized
appreciation
(depreciation)
..........................................................
$36,567,351
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
47
franklintempleton.com
Semiannual
Report
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
may,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
August
31,
2025,
the Fund
did
not
use
the
Global
Credit
Facility.
10.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of August
31,
2025,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
11.
Operating
Segments
The
Fund has adopted
the
FASB
Accounting
Standards
Update
(ASU)
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures.
The
update
is
limited
to
disclosure
requirements
and
does
not
impact
the Fund's
financial
position
or
results
of
operations.
Level
1
Level
2
Level
3
Total
Franklin
California
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
$
—
$
—
$
—
b
$
—
Municipal
Bonds
.........................
—
12,356,852,817
—
12,356,852,817
Escrows
and
Litigation
Trusts
...............
—
—
1,041,783
1,041,783
Short
Term
Investments
...................
—
113,860,000
—
113,860,000
Total
Investments
in
Securities
...........
$—
$12,470,712,817
$1,041,783
$12,471,754,600
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$2,211,045
$2,211,045
Total
Other
Financial
Instruments
.........
$—
$—
$2,211,045
$2,211,045
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
9.
Credit
Facility
(continued)
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
48
franklintempleton.com
Semiannual
Report
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
portfolio
managers
assigned
to
the
Fund
within
the
Fund’s
Investment
manager serve
as
the
Chief
Operating
Decision
Maker
(“CODM”)
and
are
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund’s
investment
strategy.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights. 
12.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Selected
Portfolio
1915
Act
Improvement
Bond
Act
of
1915
AG
Assured
Guaranty,
Inc.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
COP
Certificate
of
Participation
ETM
Escrowed
to
Maturity
FGIC
Financial
Guaranty
Insurance
Co.
FHLMC
Federal
Home
Loan
Mortgage
Corp.
GO
General
Obligation
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
SPA
Standby
Purchase
Agreement
11.
Operating
Segments
(continued)
Franklin
California
Tax-Free
Income
Fund
49
franklintempleton.com
Semiannual
Report
BOARD
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENTS
(unaudited)
FRANKLIN
CALIFORNIA
TAX-FREE
INCOME
FUND
(Fund)
At
an
in-person
meeting
held
on
April
15,
2025
(Meeting),
the
Board
of
Trustees
(Board)
of
the
Fund,
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Franklin
Advisers,
Inc.
(Manager)
and
the
Fund
(Management
Agreement)
for
an
additional
one-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
to
consider
the
renewal
of
the
Management
Agreement.
In
considering
the
continuance
of
the
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters,
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
also
considered
prior
to
and
at
the
Meeting.
On
several
occasions,
both
prior
to,
and
at
the
Meeting,
the
Independent
Trustees
met
with
senior
executives
of
Franklin
Resources,
Inc.
(FRI),
the
Manager’s
parent,
to
discuss
management’s
perspectives
on
and
ask
questions
regarding
the
performance
of
and
long-term
business
strategies
for
the
Municipal
and
Tax-Free
Funds,
including
on
topics
such
as
the
positioning
of
the
Municipal
and
Tax-Free
Funds
within
the
broader
Franklin
Templeton
product
offering
line
up,
management’s
assessment
of
the
overall
performance
of
the
Municipal
and
Tax-Free
Funds
compared
to
other
similar
suites
of
funds
in
the
marketplace,
and
the
appropriateness
of
the
Broadridge
Performance
Universe
selected
for
each
Municipal
and
Tax-Free
Fund.
The
Board
further
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
the
Management
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Remuneration
to
officers
is
paid
by
the
Fund’s
investment
manager
according
to
the
terms
of
the
agreement.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Franklin
California
Tax-Free
Income
Fund
50
franklintempleton.com
Semiannual
Report
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
the
Manager;
(ii)
the
investment
performance
of
the
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
the
Manager
and
its
affiliates
from
the
relationship
with
the
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
the
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors.
In
approving
the
continuance
of
the
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined,
through
the
exercise
of
its
business
judgment,
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
the
Management
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
the
information
it
received
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
the
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-
party
service
providers;
investment
performance
reports
and
related
financial
information
for
the
Fund;
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
the
Manager
and
its
affiliates;
and
management
fees
charged
by
the
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
also
reviewed
and
considered
an
annual
report
on
payments
made
by
Franklin
Templeton
(FT)
or
the
Fund
to
financial
intermediaries,
as
well
as
a
memorandum
relating
to
third-party
servicing
arrangements.
The
Board
acknowledged
the
ongoing
integration
of
acquired
third-party
fund
families
into
the
FT
family
of
funds
and
management’s
continued
development
of
strategies
to
address
evolving
changes
in
domestic
policy
and
continuing
geopolitical
concerns.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Manager’s
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
continued
reassessment
of
the
fund
offerings
in
response
to
FT
acquisitions
and
the
market
environment,
as
well
as
its
evaluation
of
ways
to
incorporate
private
assets
into
more
traditional
investment
vehicles.
The
Board
specifically
noted
FT’s
commitment
to
technological
innovation
and
advancement,
including
its
continued
focus
on
developing
potential
use
cases
for
tokenization
and
the
blockchain
and
the
use
of
artificial
intelligence
tools
to
help
streamline
day-to-day
tasks.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
December
31,
2024.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
the
Fund’s
performance
results
is
below.
The
class
Broadridge
used
to
calculate
the
performance
(and
expense)
data
for
the
Fund
was
changed
from
Class
A1
to
Class
A
this
year.
Class
A1
was
historically
used
to
calculate
the
performance
data
as
the
class
has
a
longer
track
record
than
Class
A;
however,
Class
A
has
a
Rule
12b-1
fee
that
is
more
aligned
with
the
fee
charged
by
a
majority
of
the
Fund’s
Performance
Universe
peers
and
is
available
for
new
investor
purchases,
unlike
Class
A1
which
is
only
available
to
existing
Class
A1
shareholders.
Franklin
California
Tax-Free
Income
Fund
51
franklintempleton.com
Semiannual
Report
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
California
municipal
debt
funds.
The
Board
noted
that
the
Fund’s
annualized
income
return
for
the
one-,
three-
and
five-year
periods
was
above
the
median
and
in
the
second
quintile
of
its
Performance
Universe.
The
Board
also
noted
that
the
Fund’s
annualized
total
return
for
the
one-
and
three-year
periods
was
below
the
median
of
its
Performance
Universe,
but
for
the
five-year
period
was
above
the
median
of
its
Performance
Universe.
The
Board
further
noted
that
the
Fund’s
annualized
total
return
for
the
three-year
period
was
in
the
third
quintile
and
only
one
basis
point
below
the
median
of
its
Performance
Universe.
The
Board
further
noted
management’s
view
regarding
the
income-related
attributes
of
the
Fund
(e.g.,
a
fund’s
investment
objective)
as
set
forth
in
the
Fund’s
registration
statement
and
that
the
evaluation
of
the
Fund’s
performance
relative
to
its
peers
on
an
income
return
basis
was
appropriate
given
these
attributes.
The
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
transfer
agent
expenses;
underlying
fund
expenses;
Rule
12b-1
and
non-Rule
12b-1
service
fees;
and
other
non-management
fees.
The
Board
also
noted
the
quarterly
and
annual
reports
it
receives
on
all
marketing
support
payments
made
by
FT
to
financial
intermediaries.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
and
the
actual
total
expense
ratio,
for
comparative
consistency,
was
shown
for
Class
A
shares
for
the
Fund
and
each
other
fund
in
its
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
an
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
11
other
California
municipal
debt
funds.
The
Board
noted
that
the
Management
Rate
and
actual
total
expense
ratio
for
the
Fund
were
above
the
medians
of
its
Expense
Group.
The
Board
further
noted
that
the
Management
Rate
was
2.1
basis
points
above
the
median
of
its
Expense
Group
and
the
actual
total
expense
ratio
was
within
one
basis
point
of
the
median
of
its
Expense
Group.
The
Board
also
noted
that
the
Fund’s
actual
total
expense
ratio
reflected
an
expense
cap
on
operating
expenses.
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
the
Manager
and
its
affiliates
in
connection
with
the
operation
of
the
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
provided
by
the
Manager
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2024,
being
the
most
recent
fiscal
year-end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Fund’s
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
an
independent
registered
public
accounting
firm
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund’s
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
the
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
the
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
Franklin
California
Tax-Free
Income
Fund
52
franklintempleton.com
Semiannual
Report
operations,
which
effort
has
required
considerable
up-front
expenditures
by
the
Manager,
but
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Fund,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
the
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
including
revenues
generated
from
transfer
agent
services,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
the
Manager
and
its
affiliates
from
providing
services
to
the
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
the
Manager
may
realize
economies
of
scale,
if
any,
as
the
Fund
grows
larger
and
whether
the
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
With
respect
to
possible
economies
of
scale,
the
Board
noted
the
existence
of
management
fee
breakpoints,
which
operate
generally
to
share
any
economies
of
scale
with
the
Fund’s
shareholders
by
reducing
the
Fund’s
effective
management
fees
as
the
Fund
grows
in
size.
The
Board
considered
the
Manager’s
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
the
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
noted
that
the
Fund
had
experienced
a
significant
decrease
in
assets
and
would
not
be
expected
to
demonstrate
additional
economies
of
scale
in
the
near
term,
but
concluded
that
to
the
extent
economies
of
scale
may
be
realized
by
the
Manager
and
its
affiliates,
the
Fund’s
management
fee
structure
provided
a
sharing
of
benefits
with
the
Fund
and
its
shareholders
as
the
Fund
grows.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuance
of
the
Management
Agreement
for
an
additional
one-year
period.
4312-SFSOI
10/25
©
2025
Franklin
Templeton.
All
rights
reserved.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

 

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

Not applicable.

 

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

 

ITEM 16. CONTROLS AND PROCEDURES.

 

(a) The Registrant’s chief executive officer and chief financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

 

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant’s internal control over financial reporting.

 

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

 

(a) Not applicable.

 

(b) Not applicable.

 

ITEM 19. EXHIBITS.

 

(a) (1) Not applicable

Exhibit 99.CODE ETH

 

(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

 

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

 

 

Franklin California Tax-Free Income Fund
     
By: /s/ Christopher Kings  
  Christopher Kings  
  Chief Executive Officer – Finance and Administration  
     
Date: October 29, 2025  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By: /s/ Christopher Kings  
  Christopher Kings  
  Chief Executive Officer – Finance and Administration  
     
Date: October 29, 2025  

 

By: /s/ Jeffrey White  
  Jeffrey White  
  Chief Financial Officer, Chief Accounting Officer and Treasurer  
     
Date: October 29, 2025  
 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

XBRL SCHEMA FILE

XBRL DEFINITION FILE

XBRL LABEL FILE

XBRL PRESENTATION FILE

IDEA: R1.htm

IDEA: R2.htm

IDEA: R3.htm

IDEA: R4.htm

IDEA: R5.htm

IDEA: R6.htm

IDEA: R7.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: fctfif-efp18072_ncsrs_htm.xml