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0000225375 tsr:C000018184Member tsr:bench202409274050_8448Member 2026-08-31 0000225375 tsr:C000018184Member tsr:bench202409274052_8448Member 2026-08-31 0000225375 tsr:C000018184Member tsr:bench202409274054_8448Member 2026-08-31

 

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, 2026

 

 

 

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, 2026
image
This semi-annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2026, to August 31, 2026.
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, 2026)
Total Net Assets
$12,887,073,142
Total Number of Portfolio Holdings
1,132
Portfolio Turnover Rate
4.77%
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
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-1026
23.713.112.410.69.29.17.76.72.62.31.70.9
 
Franklin California Tax-Free Income Fund
image
Class A1   [FKTFX]
Semi-Annual Shareholder Report | August 31, 2026
image
This semi-annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2026, to August 31, 2026.
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, 2026)
Total Net Assets
$12,887,073,142
Total Number of Portfolio Holdings
1,132
Portfolio Turnover Rate
4.77%
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
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-1026
23.713.112.410.69.29.17.76.72.62.31.70.9
 
Franklin California Tax-Free Income Fund
image
Class C   [FRCTX]
Semi-Annual Shareholder Report | August 31, 2026
image
This semi-annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2026, to August 31, 2026.
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, 2026)
Total Net Assets
$12,887,073,142
Total Number of Portfolio Holdings
1,132
Portfolio Turnover Rate
4.77%
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
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-1026
23.713.112.410.69.29.17.76.72.62.31.70.9
 
Franklin California Tax-Free Income Fund
image
Class R6   [FKTQX]
Semi-Annual Shareholder Report | August 31, 2026
image
This semi-annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2026, to August 31, 2026.
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, 2026)
Total Net Assets
$12,887,073,142
Total Number of Portfolio Holdings
1,132
Portfolio Turnover Rate
4.77%
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
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-1026
23.713.112.410.69.29.17.76.72.62.31.70.9
 
Franklin California Tax-Free Income Fund
image
Advisor Class   [FCAVX]
Semi-Annual Shareholder Report | August 31, 2026
image
This semi-annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2026, to August 31, 2026.
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
$26
0.51%
† Annualized.
KEY FUND STATISTICS (as of August 31, 2026)
Total Net Assets
$12,887,073,142
Total Number of Portfolio Holdings
1,132
Portfolio Turnover Rate
4.77%
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
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-1026
23.713.112.410.69.29.17.76.72.62.31.70.9
 

(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 HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Franklin
California
Tax-Free
Income
Fund
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
August 31, 2026
If
you
need
assistance
accessing
this
content,
please
reach
out
to
your
sales
representative
or
send
an
email
to
accessibility@franklintempleton.com
.
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information—Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
36
Notes
to
Financial
Statements
40
Changes
In
and
Disagreements
with
Accountants
48
Results
of
Meeting(s)
of
Shareholders
48
Remuneration
Paid
to
Directors,
Officers
and
Others
48
Board
Approval
of
Management
and
Subadvisory
Agreements
48
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,
2026
(unaudited)
Year
Ended
February
28,
Year
Ended
February
28,
2022
b
Year
Ended
March
31,
2021
2026
2025
2024
a
2023
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
............
$6.89
$6.86
$6.89
$6.73
$7.44
$7.71
$7.50
Income
from
investment
operations
c
:
Net
investment
income
d
.
0.13
0.25
0.24
0.24
0.22
0.18
0.22
Net
realized
and
unrealized
gains
(losses)
...........
(0.26)
0.02
(0.03)
0.16
(0.71)
(0.28)
0.20
Total
from
investment
operations
...........
(0.13)
0.27
0.21
0.40
(0.49)
(0.10)
0.42
Less
distributions
from:
Net
investment
income
..
(0.12)
(0.24)
(0.24)
(0.24)
(0.22)
(0.17)
(0.21)
Net
asset
value,
end
of
period
..............
$6.64
$6.89
$6.86
$6.89
$6.73
$7.44
$7.71
Total
return
e
...........
(1.83)%
4.15%
3.06%
6.02%
(6.62)%
(1.30)%
5.66%
Ratios
to
average
net
assets
f
Expenses
.............
0.76%
0.77%
0.76%
g
0.76%
g
0.77%
g
0.75%
g
0.75%
g
Net
investment
income
...
3.78%
3.72%
3.48%
3.57%
3.27%
2.52%
2.79%
Supplemental
data
Net
assets,
end
of
period
(000’s)
..............
$2,920,515
$2,990,950
$2,853,539
$2,554,655
$2,282,254
$2,412,285
$2,074,343
Portfolio
turnover
rate
....
4.77%
11.93%
7.96%
14.01%
42.30%
19.33%
14.41%
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,
2026
(unaudited)
Year
Ended
February
28,
Year
Ended
February
28,
2022
b
Year
Ended
March
31,
2021
2026
2025
2024
a
2023
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
............
$6.88
$6.85
$6.88
$6.72
$7.43
$7.70
$7.49
Income
from
investment
operations
c
:
Net
investment
income
d
.
0.13
0.26
0.25
0.25
0.23
0.19
0.23
Net
realized
and
unrealized
gains
(losses)
...........
(0.25)
0.02
(0.03)
0.16
(0.71)
(0.27)
0.20
Total
from
investment
operations
...........
(0.12)
0.28
0.22
0.41
(0.48)
(0.08)
0.43
Less
distributions
from:
Net
investment
income
..
(0.13)
(0.25)
(0.25)
(0.25)
(0.23)
(0.19)
(0.22)
Net
asset
value,
end
of
period
..............
$6.63
$6.88
$6.85
$6.88
$6.72
$7.43
$7.70
Total
return
e
...........
(1.75)%
4.32%
3.22%
6.18%
(6.48)%
(1.17)%
5.83%
Ratios
to
average
net
assets
f
Expenses
.............
0.61%
0.61%
0.60%
g
0.61%
g
0.62%
g
0.59%
g
0.60%
g
Net
investment
income
...
3.94%
3.88%
3.64%
3.73%
3.42%
2.68%
2.97%
Supplemental
data
Net
assets,
end
of
period
(000’s)
..............
$5,864,142
$6,303,627
$6,986,725
$7,640,302
$8,130,315
$10,201,944
$11,084,478
Portfolio
turnover
rate
....
4.77%
11.93%
7.96%
14.01%
42.30%
19.33%
14.41%
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,
2026
(unaudited)
Year
Ended
February
28,
Year
Ended
February
28,
2022
b
Year
Ended
March
31,
2021
2026
2025
2024
a
2023
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
............
$6.86
$6.84
$6.87
$6.71
$7.41
$7.69
$7.47
Income
from
investment
operations
c
:
Net
investment
income
d
.
0.12
0.22
0.21
0.21
0.20
0.15
0.19
Net
realized
and
unrealized
gains
(losses)
...........
(0.25)
0.02
(0.03)
0.16
(0.71)
(0.28)
0.21
Total
from
investment
operations
...........
(0.13)
0.24
0.18
0.37
(0.51)
(0.13)
0.40
Less
distributions
from:
Net
investment
income
..
(0.11)
(0.22)
(0.21)
(0.21)
(0.19)
(0.15)
(0.18)
Net
asset
value,
end
of
period
..............
$6.62
$6.86
$6.84
$6.87
$6.71
$7.41
$7.69
Total
return
e
...........
(1.88)%
3.61%
2.65%
5.61%
(6.88)%
(1.80)%
5.40%
Ratios
to
average
net
assets
f
Expenses
.............
1.16%
1.17%
1.16%
g
1.16%
g
1.17%
g
1.15%
g
1.16%
g
Net
investment
income
...
3.39%
3.33%
3.09%
3.19%
2.86%
2.13%
2.42%
Supplemental
data
Net
assets,
end
of
period
(000’s)
..............
$214,168
$246,506
$324,192
$395,396
$502,065
$723,593
$1,018,197
Portfolio
turnover
rate
....
4.77%
11.93%
7.96%
14.01%
42.30%
19.33%
14.41%
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,
2026
(unaudited)
Year
Ended
February
28,
Year
Ended
February
28,
2022
b
Year
Ended
March
31,
2021
2026
2025
2024
a
2023
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
............
$6.87
$6.84
$6.87
$6.71
$7.42
$7.69
$7.48
Income
from
investment
operations
c
:
Net
investment
income
d
.
0.14
0.27
0.26
0.26
0.24
0.20
0.24
Net
realized
and
unrealized
gains
(losses)
...........
(0.26)
0.02
(0.03)
0.15
(0.71)
(0.28)
0.20
Total
from
investment
operations
...........
(0.12)
0.29
0.23
0.41
(0.47)
(0.08)
0.44
Less
distributions
from:
Net
investment
income
..
(0.13)
(0.26)
(0.26)
(0.25)
(0.24)
(0.19)
(0.23)
Net
asset
value,
end
of
period
..............
$6.62
$6.87
$6.84
$6.87
$6.71
$7.42
$7.69
Total
return
e
...........
(1.69)%
4.47%
3.36%
6.33%
(6.37)%
(1.05)%
5.97%
Ratios
to
average
net
assets
f
Expenses
.............
0.47%
0.48%
0.47%
g
0.48%
g
0.49%
g
0.47%
g,h
0.47%
g,h
Net
investment
income
...
4.08%
4.02%
3.78%
3.87%
3.55%
2.81%
3.08%
Supplemental
data
Net
assets,
end
of
period
(000’s)
..............
$404,368
$404,787
$380,103
$316,077
$271,190
$345,058
$281,038
Portfolio
turnover
rate
....
4.77%
11.93%
7.96%
14.01%
42.30%
19.33%
14.41%
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,
2026
(unaudited)
Year
Ended
February
28,
Year
Ended
February
28,
2022
b
Year
Ended
March
31,
2021
2026
2025
2024
a
2023
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
............
$6.87
$6.84
$6.87
$6.71
$7.42
$7.69
$7.48
Income
from
investment
operations
c
:
Net
investment
income
d
.
0.14
0.27
0.26
0.26
0.24
0.20
0.24
Net
realized
and
unrealized
gains
(losses)
...........
(0.26)
0.02
(0.04)
0.15
(0.72)
(0.28)
0.20
Total
from
investment
operations
...........
(0.12)
0.29
0.22
0.41
(0.48)
(0.08)
0.44
Less
distributions
from:
Net
investment
income
..
(0.13)
(0.26)
(0.25)
(0.25)
(0.23)
(0.19)
(0.23)
Net
asset
value,
end
of
period
..............
$6.62
$6.87
$6.84
$6.87
$6.71
$7.42
$7.69
Total
return
e
...........
(1.57)%
4.28%
3.33%
6.30%
(6.40)%
(1.08)%
5.94%
Ratios
to
average
net
assets
f
Expenses
.............
0.51%
0.52%
0.51%
g
0.52%
g
0.52%
g
0.50%
g
0.51%
g
Net
investment
income
...
4.04%
3.99%
3.74%
3.84%
3.53%
2.78%
3.06%
Supplemental
data
Net
assets,
end
of
period
(000’s)
..............
$3,483,880
$3,338,223
$2,609,811
$2,425,421
$2,344,189
$2,619,688
$2,498,587
Portfolio
turnover
rate
....
4.77%
11.93%
7.96%
14.01%
42.30%
19.33%
14.41%
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,
2026
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
99.4%
California
96.5%
Alameda
Corridor
Transportation
Authority
,
c
Revenue,
Sub.
Lien
,
2004
A
,
Refunding
,
AMBAC
Insured
,
3.36
%,
10/01/29
......
$
20,000,000
18,062,832
c
Revenue,
Sub.
Lien
,
2004
A
,
Refunding
,
AMBAC
Insured
,
3.5
%,
10/01/30
.......
41,665,000
36,200,877
Revenue,
Sub.
Lien
,
2022
C
,
Refunding
,
AG
Insured
,
5
%
,
10/01/52
............
28,000,000
28,394,960
c
Alhambra
City
Elementary
School
District
,
Alhambra
Unified
School
District
,
GO
,
2004
B
,
NATL
Insured
,
2.7
%,
9/01/27
.......................................
3,035,000
2,954,943
Align
Capital
Trust
,
Revenue
,
2023-1
,
5.5
%
,
3/01/35
.........................
13,000,000
13,453,340
c
Alisal
Union
School
District
,
GO
,
2009
B
,
AG
Insured
,
3.45
%,
8/01/32
................................
3,355,000
2,744,976
GO
,
2009
B
,
AG
Insured
,
3.56
%,
8/01/33
................................
3,610,000
2,834,158
GO
,
2009
B
,
AG
Insured
,
3.62
%,
2/01/34
................................
3,345,000
2,569,504
Alta
Loma
School
District
,
GO
,
2019
B
,
5
%
,
8/01/44
.........................
7,375,000
7,443,978
Alvord
Unified
School
District
,
GO
,
2011
B
,
AG
Insured
,
7.35
%
,
8/01/46
................................
42,500,000
52,500,309
c
GO
,
2011
B
,
AG
Insured
,
4.19
%,
8/01/36
................................
15,000,000
9,987,060
Anaheim
Housing
&
Public
Improvements
Authority
,
City
of
Anaheim
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
10/01/52
.....
8,040,000
8,086,087
City
of
Anaheim
Water
System
,
Revenue
,
2022
A
,
5
%
,
10/01/52
...............
8,345,000
8,408,654
c
Anaheim
Public
Financing
Authority
,
City
of
Anaheim
,
Revenue,
Sub.
Lien
,
1997
C
,
AG
Insured
,
5.85
%,
9/01/26
.......
29,430,000
29,430,000
City
of
Anaheim
,
Revenue,
Sub.
Lien
,
1997
C
,
AG
Insured
,
2.83
%,
9/01/27
.......
22,860,000
22,228,479
City
of
Anaheim
,
Revenue,
Sub.
Lien
,
1997
C
,
AG
Insured
,
2.93
%,
9/01/28
.......
14,425,000
13,613,344
City
of
Anaheim
,
Revenue,
Sub.
Lien
,
1997
C
,
AG
Insured
,
3.09
%,
9/01/29
.......
24,810,000
22,643,139
City
of
Anaheim
,
Revenue,
Sub.
Lien
,
1997
C
,
AG
Insured
,
3.48
%,
9/01/32
.......
13,665,000
11,129,462
City
of
Anaheim
,
Revenue,
Sub.
Lien
,
1997
C
,
AG
Insured
,
3.59
%,
9/01/33
.......
37,070,000
28,960,530
City
of
Anaheim
,
Revenue,
Sub.
Lien
,
1997
C
,
AG
Insured
,
3.71
%,
9/01/34
.......
24,970,000
18,654,857
City
of
Anaheim
,
Revenue,
Sub.
Lien
,
1997
C
,
AG
Insured
,
ETM,
3.64
%,
3/01/37
..
15,080,000
10,361,326
Bay
Area
Toll
Authority
,
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/42
.............................
119,305,000
112,388,722
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/47
.............................
23,330,000
21,680,424
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/49
.............................
13,625,000
12,428,833
d
Revenue
,
2021
A
,
Refunding
,
Mandatory
Put
,
2
%
,
4/01/28
...................
12,000,000
11,804,477
Beaumont
Public
Improvement
Authority
,
Special
Tax
,
2025
B
,
5
%
,
9/01/55
........
1,250,000
1,196,883
Beaumont
Unified
School
District
,
c
GO
,
2011
C
,
AG
Insured
,
4.57
%,
8/01/40
................................
11,000,000
5,904,165
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
4.125
%
,
9/01/40
.................................................
280,000
263,148
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
4.375
%
,
9/01/45
.................................................
435,000
404,909
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
4.5
%
,
9/01/50
...................................................
640,000
590,623
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
4.5
%
,
9/01/55
...................................................
910,000
825,478
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
4.125
%
,
9/01/40
.................................................
310,000
291,342
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
4.375
%
,
9/01/45
.................................................
875,000
814,472
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/50
....................................................
1,000,000
993,262
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
,
5
%
,
9/01/55
....................................................
$
1,000,000
$
983,734
Burbank-Glendale-Pasadena
Airport
Authority
Brick
Campaign
,
Revenue
,
2026
B
,
AG
Insured
,
4.625
%
,
7/01/51
...........................
5,000,000
4,790,314
Revenue,
Senior
Lien
,
2024
B
,
5.25
%
,
7/01/49
............................
6,750,000
6,938,680
Revenue,
Senior
Lien
,
2024
B
,
5.25
%
,
7/01/54
............................
8,500,000
8,659,894
Revenue,
Senior
Lien
,
2026
B
,
AG
Insured
,
5.5
%
,
7/01/55
...................
10,500,000
10,971,074
California
Affordable
Housing
Agency
,
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
4
%
,
10/01/40
..............
1,580,000
1,531,510
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
4
%
,
10/01/45
..............
1,930,000
1,776,051
Butte
County
Housing
Authority
,
Revenue
,
2020
A
,
4
%
,
10/01/50
..............
1,855,000
1,636,833
California
Community
Choice
Financing
Authority
,
d
Revenue
,
2022
A-1
,
Mandatory
Put
,
4
%
,
8/01/28
..........................
100,000,000
100,938,610
d
Revenue
,
2023
C
,
Mandatory
Put
,
5.25
%
,
10/01/31
........................
122,575,000
128,651,263
d
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
3/01/31
..........................
38,855,000
40,461,141
d
Revenue
,
2023
G-1
,
Mandatory
Put
,
5.25
%
,
4/01/30
.......................
23,500,000
24,635,128
d
Revenue
,
2024
B
,
Mandatory
Put
,
5
%
,
12/01/32
...........................
28,340,000
28,796,659
d
Revenue
,
2024
D
,
Mandatory
Put
,
5
%
,
9/01/32
...........................
70,000,000
74,872,161
d
Revenue
,
2024
E
,
Mandatory
Put
,
5
%
,
9/01/32
............................
90,000,000
94,327,767
d
Revenue
,
2024
G
,
Mandatory
Put
,
5
%
,
8/01/32
...........................
40,660,000
41,349,016
d
Revenue
,
2025
A
,
Mandatory
Put
,
5
%
,
5/01/35
............................
6,000,000
6,117,403
d
Revenue
,
2025
B
,
Mandatory
Put
,
5
%
,
11/01/35
...........................
15,585,000
16,444,931
d
Revenue
,
2025
C
,
Mandatory
Put
,
5
%
,
10/01/33
...........................
47,500,000
49,251,325
Revenue
,
2025
G
,
5
%
,
12/01/35
.......................................
22,800,000
24,423,905
d
Revenue
,
2026
A-1
,
Mandatory
Put
,
5
%
,
2/01/36
..........................
55,000,000
57,904,072
Revenue
,
2026
B
,
5
%
,
3/01/36
........................................
109,940,000
112,988,361
Revenue
,
2026
F
,
5
%
,
6/01/36
........................................
65,000,000
69,528,537
California
Community
College
Financing
Authority
,
Revenue
,
2001
A
,
NATL
Insured
,
5.125
%
,
4/01/31
.........................
880,000
890,292
NCCD-Orange
Coast
Properties
LLC
,
Revenue
,
2018
,
5.25
%
,
5/01/53
..........
8,150,000
8,155,530
e
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
..........
5,235,000
4,264,032
Brio
Apartments
&
Next
on
Lex
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
....................................................
35,015,000
27,640,424
Exchange
at
Bayfront
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
2/01/57
........................................................
59,855,000
36,263,307
Exchange
at
Bayfront
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1-T
,
4.25
%
,
2/01/38
........................................................
7,095,000
6,165,214
Fountains
at
Emerald
Park
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/46
...
14,740,000
12,544,968
Fountains
at
Emerald
Park
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
8/01/56
..
46,440,000
31,072,242
K
Street
Flats
,
Revenue
,
144A,
2021
A-1
,
3
%
,
2/01/57
......................
47,500,000
32,049,343
Summit
at
Sausalito
Apartments
,
Revenue
,
144A,
2021
A-1
,
3
%
,
2/01/57
........
16,260,000
10,729,228
Twin
Creek
Apartments
,
Revenue
,
144A,
2022
A-1
,
4.5
%
,
8/01/52
.............
29,275,000
20,941,081
c
Twin
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-2
,
6.311
%,
8/01/65
..
79,990,000
2,678,393
Verdant
at
Green
Valley
Apartments
,
Revenue
,
144A,
2019
A
,
5
%
,
8/01/49
.......
15,765,000
14,376,408
California
County
Tobacco
Securitization
Agency
,
Gold
Country
Settlement
Funding
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/40
1,120,000
1,072,970
Gold
Country
Settlement
Funding
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/49
2,000,000
1,729,930
Kern
County
Tobacco
Funding
Corp.
,
Revenue
,
2014
,
Refunding
,
5
%
,
6/01/34
....
4,330,000
4,329,736
Kern
County
Tobacco
Funding
Corp.
,
Revenue
,
2014
,
Refunding
,
5
%
,
6/01/40
....
17,650,000
17,152,932
Los
Angeles
County
Securitization
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/49
....................................................
3,525,000
3,125,800
Merced
County
Tobacco
Funding
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/36
....................................................
470,000
468,099
Merced
County
Tobacco
Funding
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/38
....................................................
530,000
517,816
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
$
598,756
Merced
County
Tobacco
Funding
Corp.
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/42
....................................................
100,000
95,186
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/35
..
350,000
351,097
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/36
..
600,000
597,573
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/37
..
530,000
521,779
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/38
..
790,000
776,654
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/39
..
620,000
600,081
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/40
..
830,000
795,148
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/49
..
3,520,000
3,053,876
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
6/01/49
.
170,000
167,713
California
Educational
Facilities
Authority
,
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/40
................
1,295,000
1,170,795
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/41
................
1,345,000
1,193,493
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/42
................
1,400,000
1,231,616
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/46
................
3,000,000
2,607,989
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
4
%
,
12/01/50
................
2,675,000
2,226,005
Art
Center
College
of
Design
,
Revenue
,
2022
A
,
3
%
,
12/01/51
................
650,000
439,119
Chapman
University
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
4/01/31
...............
475,000
521,414
Leland
Stanford
Junior
University
(The)
,
Revenue
,
T-1
,
5
%
,
3/15/39
............
2,815,000
3,222,912
Leland
Stanford
Junior
University
(The)
,
Revenue
,
U-1
,
5.25
%
,
4/01/40
.........
5,000,000
5,839,652
Leland
Stanford
Junior
University
(The)
,
Revenue
,
U-6
,
5
%
,
5/01/45
............
7,000,000
7,903,714
Leland
Stanford
Junior
University
(The)
,
Revenue
,
V-1
,
5
%
,
5/01/49
............
20,850,000
22,928,747
Loma
Linda
University
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
4/01/47
.............
11,000,000
10,678,414
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
2.84
%,
10/01/26
..
7,620,000
7,601,687
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
2.92
%,
10/01/27
..
7,365,000
7,138,892
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
3.02
%,
10/01/28
..
4,120,000
3,872,224
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
3.32
%,
10/01/30
..
5,685,000
4,975,275
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
3.44
%,
10/01/31
..
7,615,000
6,410,436
c
Loyola
Marymount
University
,
Revenue
,
2001
A
,
NATL
Insured
,
3.56
%,
10/01/32
..
7,615,000
6,155,245
c
Santa
Clara
University
,
Revenue
,
1999
,
AMBAC
Insured
,
5.263
%,
9/01/26
.......
655,000
655,000
St.
Mary's
College
of
California
,
Revenue
,
2023
A
,
Refunding
,
5.5
%
,
10/01/53
....
10,850,000
10,247,350
University
of
Redlands
,
Revenue
,
2022
A
,
5
%
,
10/01/44
.....................
3,835,000
3,777,744
University
of
Redlands
,
Revenue
,
2022
A
,
5
%
,
10/01/52
.....................
18,790,000
17,848,516
University
of
San
Francisco
,
Revenue
,
2018
A
,
5
%
,
10/01/48
.................
10,000,000
9,652,125
University
of
Southern
California
,
Revenue
,
2025
A
,
5
%
,
10/01/55
.............
50,000,000
52,003,680
California
Enterprise
Development
Authority
,
Castilleja
School
Foundation
,
Revenue
,
2024
,
5
%
,
6/01/49
...................
2,800,000
2,863,990
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/40
..
650,000
656,236
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/45
..
650,000
652,253
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/50
..
650,000
641,158
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/55
..
3,175,000
3,132,730
Provident
Group-SDSU
Properties
LLC
,
Revenue,
First
Tier
,
2020
A
,
5
%
,
8/01/57
..
500,000
485,327
California
Health
Facilities
Financing
Authority
,
Cedars-Sinai
Medical
Center
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
8/15/41
........................................................
5,000,000
5,301,908
Children's
Hospital
Los
Angeles
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
8/15/42
........................................................
14,370,000
14,203,539
Children's
Hospital
Los
Angeles
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
8/15/47
........................................................
7,750,000
7,588,881
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/36
.
13,220,000
13,269,170
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/37
.
5,550,000
5,543,762
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/38
.
7,075,000
6,989,813
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
4/01/44
.
4,340,000
3,615,010
El
Camino
Hospital
LP
,
Revenue
,
2017
,
4.125
%
,
2/01/47
....................
11,000,000
10,270,835
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)
El
Camino
Hospital
LP
,
Revenue
,
2017
,
5
%
,
2/01/47
.......................
$
12,500,000
$
12,558,285
Episcopal
Communities
&
Services
for
Seniors
Obligated
Group
,
Revenue
,
2024
B
,
5.25
%
,
11/15/48
.................................................
1,905,000
1,935,900
Episcopal
Communities
&
Services
for
Seniors
Obligated
Group
,
Revenue
,
2024
B
,
5.25
%
,
11/15/53
.................................................
1,945,000
1,955,008
Episcopal
Communities
&
Services
for
Seniors
Obligated
Group
,
Revenue
,
2024
B
,
5.25
%
,
11/15/58
.................................................
3,100,000
3,106,867
Kaiser
Foundation
Hospitals
,
Revenue
,
2017
A-2
,
4
%
,
11/01/38
...............
25,000,000
24,447,258
Kaiser
Foundation
Hospitals
,
Revenue
,
2017
A-2
,
4
%
,
11/01/44
...............
411,225,000
386,299,296
Kaiser
Foundation
Hospitals
,
Revenue
,
2017
A-2
,
5
%
,
11/01/47
...............
12,500,000
13,358,449
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
11/15/56
.............................................
10,300,000
10,343,314
On
Lok
Senior
Health
Services
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
8/01/40
........................................................
1,450,000
1,475,837
On
Lok
Senior
Health
Services
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
8/01/50
........................................................
2,375,000
2,336,246
On
Lok
Senior
Health
Services
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
8/01/55
........................................................
850,000
819,984
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2014
A
,
5
%
,
10/01/38
..
5,110,000
5,113,529
Scripps
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
11/15/42
.....
2,500,000
2,616,754
Sutter
Health
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
11/15/46
...............
42,105,000
42,320,498
Sutter
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
11/15/48
......
10,585,000
9,298,538
Sutter
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/15/48
......
21,690,000
21,901,185
Sutter
Health
Obligated
Group
,
Revenue
,
2018
A
,
4
%
,
11/15/42
...............
11,680,000
10,856,400
Sutter
Health
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/48
...............
24,500,000
24,758,686
Sutter
Health
Obligated
Group
,
Revenue
,
2026
A
,
Refunding
,
5
%
,
11/15/56
......
50,000,000
50,589,080
California
Housing
Finance
Agency
,
Revenue
,
2019-1
,
A
,
4.25
%
,
1/15/35
...................................
41,353,085
42,176,677
Revenue
,
2019-2
,
A
,
4
%
,
3/20/33
......................................
12,331,913
12,426,044
e
Foothill
San
Regis
Apartments
LLC
,
Revenue
,
144A,
2026
U-1
,
I
,
5.8
%
,
4/01/36
...
42,300,000
41,515,805
e
Found
Middle
LP
,
Revenue
,
144A,
2024
L
,
5.2
%
,
12/01/27
...................
5,000,000
5,044,211
d,e
Shermanair
Apartments
Owner
LP
,
Revenue
,
144A,
2021
Q-1
,
Mandatory
Put
,
3
%
,
9/01/36
........................................................
22,535,000
19,969,661
e
Shermanair
Apartments
Owner
LP
,
Revenue
,
144A,
2021
Q-2
,
5
%
,
9/01/36
......
1,940,000
1,614,462
California
Infrastructure
&
Economic
Development
Bank
,
California
State
Teachers'
Retirement
System
,
Revenue
,
2019
,
5
%
,
8/01/44
......
12,750,000
13,040,106
California
State
Teachers'
Retirement
System
,
Revenue
,
2019
,
5
%
,
8/01/49
......
16,040,000
16,312,261
California
State
Water
Resources
Control
Board
Water
Pollution
Control
Revolving
Fund
,
Revenue
,
2018
,
5
%
,
10/01/43
..................................
10,000,000
10,185,417
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
11/01/45
.......................................................
850,000
776,284
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
11/01/50
.......................................................
860,000
743,488
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
11/01/56
.......................................................
1,000,000
827,281
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
B
,
5
%
,
11/01/47
.......................................................
2,300,000
2,339,706
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
B
,
4.125
%
,
11/01/52
.......................................................
3,100,000
2,698,771
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
B
,
5
%
,
11/01/57
.......................................................
5,500,000
5,498,453
Los
Angeles
County
Museum
of
Natural
History
Foundation
,
Revenue
,
2020
,
Refunding
,
3
%
,
7/01/50
............................................
18,995,000
13,341,287
Los
Angeles
County
Museum
of
Natural
History
Foundation
,
Revenue
,
2026
,
5
%
,
7/01/56
........................................................
31,000,000
31,725,608
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)
Los
Angeles
County
Museum
of
Natural
History
Foundation
,
Revenue
,
2026
,
5.5
%
,
7/01/56
........................................................
$
29,250,000
$
31,194,271
d
Museum
Associates
,
Revenue
,
2021
A
,
Refunding
,
Mandatory
Put
,
1.2
%
,
6/01/28
.
15,000,000
14,360,910
University
of
California
,
Revenue
,
2017
,
5
%
,
5/15/52
.......................
31,305,000
31,573,246
California
Municipal
Finance
Authority
,
e
Revenue
,
144A,
2025
A
,
6.375
%
,
8/01/37
...............................
28,300,000
28,771,478
Revenue
,
2025
A
,
6.1
%
,
12/01/37
.....................................
23,875,000
23,541,875
d,e
Revenue
,
144A,
2026-1
,
Mandatory
Put
,
5.67
%
,
7/01/44
....................
4,500,000
4,466,527
Revenue,
Senior
Lien
,
2017
A
,
Refunding
,
4
%
,
8/15/52
.....................
27,350,000
22,606,479
Special
Tax
,
2024
C
,
5
%
,
9/01/44
......................................
1,100,000
1,083,672
Special
Tax
,
2024
C
,
5
%
,
9/01/54
......................................
1,000,000
959,831
Special
Tax
,
2024
E
,
5
%
,
9/01/55
......................................
2,485,000
2,415,292
Special
Tax
,
2025
A
,
5
%
,
9/01/50
......................................
1,350,000
1,333,504
Special
Tax
,
2025
B
,
5.125
%
,
9/01/50
..................................
1,275,000
1,280,501
Special
Tax
,
2025
C
,
5
%
,
9/01/50
......................................
1,275,000
1,259,420
Special
Tax
,
2025
C
,
5
%
,
9/01/55
......................................
1,090,000
1,051,509
f
1717
University
Associates
LLC
,
Revenue
,
2020
A
,
8.5
%
,
6/01/52
.............
11,413,000
9,019,912
f
1717
University
Associates
LLC
,
Revenue
,
2020
A-T
,
9.25
%
,
6/01/52
...........
3,407,000
2,544,480
e
Ascent
613
,
Revenue
,
144A,
2025
A
,
5.25
%
,
1/01/45
.......................
2,500,000
2,493,458
e
Ascent
613
,
Revenue
,
144A,
2025
A
,
5.375
%
,
1/01/55
......................
3,500,000
3,442,102
e
Ascent
613
,
Revenue
,
144A,
2025
A
,
5.5
%
,
1/01/60
........................
3,100,000
3,071,037
Bethany
Home
Society
of
San
Joaquin
County,
Inc.
,
Revenue
,
2023
,
California
Mortgage
Insured
,
5
%
,
11/15/52
.....................................
26,465,000
27,027,056
BOLD
Program
,
Special
Tax
,
2026
A
,
5
%
,
9/01/56
.........................
2,015,000
1,904,096
Boone
534
LLC
,
Revenue
,
2026
A
,
6
%
,
2/01/38
...........................
33,820,000
33,033,049
California
Institute
of
the
Arts
,
Revenue
,
2021
,
4
%
,
10/01/51
.................
2,355,000
1,907,864
Caritas
Corp.
CMFA
Mobile
Home
Park
Financing
2024
Portfolio
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
8/15/49
............................................
1,235,000
1,232,240
Caritas
Corp.
CMFA
Mobile
Home
Park
Financing
2024
Portfolio
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
8/15/54
............................................
1,800,000
1,766,406
Caritas
Corp.
CMFA
Mobile
Home
Park
Financing
2024
Portfolio
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
8/15/59
............................................
2,600,000
2,529,797
e
Century
CityView
LP
,
Revenue
,
144A,
2021
A
,
4
%
,
11/01/36
..................
10,375,000
9,796,459
CHF-Davis
I
LLC
,
Revenue
,
2018
,
5
%
,
5/15/51
...........................
10,000,000
9,888,881
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
......................................
580,000
587,489
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
......................................
900,000
902,251
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
785,000
777,976
City
of
Elk
Grove
Community
Facilities
District
No.
2023-7
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
750,000
736,011
Community
Facilities
District
No.
2020-6
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........
1,000,000
987,780
Community
Facilities
District
No.
2020-6
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........
1,500,000
1,453,552
Community
Facilities
District
No.
2021-13
,
Special
Tax
,
2025
,
5
%
,
9/01/45
.......
1,085,000
1,083,617
Community
Facilities
District
No.
2021-13
,
Special
Tax
,
2025
,
5
%
,
9/01/50
.......
1,250,000
1,234,726
Community
Facilities
District
No.
2021-13
,
Special
Tax
,
2025
,
5
%
,
9/01/55
.......
1,400,000
1,356,648
Community
Facilities
District
No.
2021-9
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5.125
%
,
9/01/50
.................................................
1,725,000
1,724,025
Community
Facilities
District
No.
2021-9
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5.25
%
,
9/01/55
..................................................
2,425,000
2,428,431
Community
Facilities
District
No.
2022-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
1,000,000
1,000,178
Community
Facilities
District
No.
2022-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
1,250,000
1,233,800
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
Facilities
District
No.
2022-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
$
4,025,000
$
3,932,382
Community
Facilities
District
No.
2023-5
Area
No.
2
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/50
............................................
1,000,000
987,780
Community
Facilities
District
No.
2023-5
Area
No.
2
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/55
............................................
1,120,000
1,090,219
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/01/42
............................................
15,900,000
15,914,749
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/01/47
............................................
19,145,000
18,882,530
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
2/01/51
........................................................
7,000,000
5,904,281
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/37
....................
975,000
902,588
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/38
....................
815,000
743,045
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/39
....................
1,040,000
931,868
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/40
....................
1,025,000
894,259
Concordia
University
Irvine
,
Revenue
,
2021
,
4
%
,
1/01/41
....................
1,030,000
876,373
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/15/42
....
450,000
413,034
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/15/52
....
1,000,000
820,436
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/15/56
....
1,100,000
881,294
Eisenhower
Medical
Center
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/47
.........
9,100,000
8,877,005
Eskaton
Properties,
Inc.
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
5
%
,
11/15/44
1,500,000
1,528,564
e
IH
Citrus
Whittier
LLC
,
Revenue
,
144A,
2023
,
I-A
,
6.25
%
,
1/01/60
.............
29,830,000
28,575,717
e
IH
Citrus
Whittier
LLC
,
Revenue
,
144A,
2023
,
I-B
,
9
%
,
7/01/42
................
1,800,000
1,802,230
e
IH
Lakes
Concord
LLC
,
Revenue
,
144A,
2022
A-1
,
4.375
%
,
12/01/32
...........
22,510,000
21,995,491
e
IH
Parkside
Fairfield
LLC
,
Revenue
,
144A,
2023
A-1
,
6.75
%
,
9/01/53
...........
51,750,000
53,218,774
e
IH
Parkside
Fairfield
LLC
,
Revenue
,
144A,
2023
A-2
,
8
%
,
9/01/27
.............
565,000
570,709
Inland
Counties
Regional
Center,
Inc.
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/15/45
...
23,300,000
23,307,097
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
........
81,985,000
68,226,843
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/37
8,500,000
8,622,476
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/38
5,000,000
5,060,806
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/43
46,895,000
47,148,993
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/47
55,745,000
55,068,986
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
B
,
5
%
,
6/01/48
14,325,000
14,011,616
e
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.25
%
,
7/01/40
........................................................
7,065,000
7,344,933
e
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.5
%
,
7/01/50
21,145,000
21,808,598
e
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
A
,
Refunding
,
6
%
,
7/01/53
12,485,000
13,335,650
e
NCCD-Claremont
Properties
LLC
,
Revenue
,
144A,
2023
B
,
Refunding
,
6.5
%
,
7/01/32
........................................................
2,470,000
2,460,538
Northbay
Healthcare
Corp.
Obligated
Group
,
Revenue
,
2017
A
,
5.25
%
,
11/01/41
..
5,500,000
5,483,164
Northbay
Healthcare
Corp.
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
11/01/47
.....
8,650,000
8,078,203
Northern
California
Retired
Officers
Community
,
Revenue
,
2019
A
,
California
Mortgage
Insured
,
5
%
,
1/01/43
......................................
10,000,000
10,214,299
Palomar
Health
Obligated
Group
,
COP
,
2022
A
,
Refunding
,
AG
Insured
,
5.25
%
,
11/01/52
.......................................................
43,040,000
42,264,811
Porter
1107
LLC
,
Revenue
,
2025
A
,
6.2
%
,
11/01/37
........................
43,500,000
43,418,324
PRG
-
Potrero
Properties
LLC
,
Revenue
,
2026
A
,
5.25
%
,
9/01/51
..............
5,500,000
5,725,800
PRG
-
Potrero
Properties
LLC
,
Revenue
,
2026
A
,
5.5
%
,
9/01/56
...............
7,000,000
7,407,906
Samuel
Merritt
University
,
Revenue
,
2022
,
5.25
%
,
6/01/53
...................
39,750,000
40,547,667
Scripps
College
,
Revenue
,
2025
,
5.5
%
,
7/01/60
...........................
8,500,000
8,873,065
e
Sierra
Ridge
3600
LLC
,
Revenue
,
144A,
2024
A
,
5.75
%
,
11/01/39
.............
48,085,000
46,648,605
University
of
La
Verne
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
6/01/47
.............
10,500,000
9,297,990
e
Verner
6430
LLC
,
Revenue
,
144A,
2026
A
,
6
%
,
6/01/38
.....................
36,050,000
35,473,813
California
Pollution
Control
Financing
Authority
,
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
7/01/39
.
7,250,000
7,390,773
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,
2019
,
Refunding
,
5
%
,
11/21/45
$
11,365,000
$
11,506,994
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/30
..........
5,200,000
5,499,381
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/31
..........
3,000,000
3,201,672
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/32
..........
5,500,000
5,925,196
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/33
..........
6,000,000
6,527,018
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/34
..........
3,250,000
3,521,772
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/35
..........
3,250,000
3,507,479
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/36
..........
2,650,000
2,841,268
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/37
..........
2,300,000
2,455,021
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
7/01/38
..........
2,000,000
2,119,611
e
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2023
,
5
%
,
11/21/45
.........
2,200,000
2,278,656
San
Jose
Water
Co.
,
Revenue
,
2016
,
4.75
%
,
11/01/46
......................
15,000,000
14,679,700
California
Public
School
District
Financing
Authority
,
Southern
Kern
Unified
School
District
,
Revenue
,
1996
B
,
AG
Insured
,
ETM,
5.9
%
,
9/01/26
..................
220,000
220,000
e
California
School
Finance
Authority
,
Alliance
for
College
Ready
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
4
%
,
7/01/34
............................................
400,000
397,349
Alliance
for
College
Ready
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5
%
,
7/01/49
............................................
1,000,000
972,556
Alliance
for
College
Ready
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5
%
,
7/01/59
............................................
3,000,000
2,824,366
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
2.125
%
,
8/01/31
.
500,000
451,043
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/36
....
325,000
306,801
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/41
....
525,000
460,717
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/51
....
800,000
623,837
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2022
A
,
5
%
,
8/01/52
....
2,935,000
2,658,963
Camino
Nuevo
Charter
Academy
Obligated
Group
,
Revenue
,
144A,
2023
A
,
Refunding
,
5
%
,
6/01/43
............................................
1,000,000
960,010
Camino
Nuevo
Charter
Academy
Obligated
Group
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.25
%
,
6/01/53
.........................................
1,550,000
1,466,433
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5
%
,
10/01/42
.......................................................
1,325,000
1,295,339
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5
%
,
10/01/52
.......................................................
2,265,000
2,068,546
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5
%
,
10/01/61
.......................................................
3,905,000
3,485,883
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
7/01/29
............................................
150,000
151,343
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2024
A
,
5
%
,
7/01/64
........................................................
500,000
436,098
Green
Dot
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2022
A
,
Refunding
,
5.75
%
,
8/01/52
..................................................
1,500,000
1,508,982
KIPP
SoCal
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2020
A
,
4
%
,
7/01/40
800,000
732,921
STEM
Preparatory
Schools
-
Obligated
Group
,
Revenue
,
144A,
2023
A
,
5.125
%
,
6/01/53
........................................................
1,000,000
926,339
STEM
Preparatory
Schools
-
Obligated
Group
,
Revenue
,
144A,
2023
A
,
5.375
%
,
5/01/63
........................................................
1,000,000
939,766
Value
Schools
,
Revenue
,
144A,
2023
A
,
Refunding
,
5
%
,
7/01/40
..............
550,000
547,360
Value
Schools
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.25
%
,
7/01/48
............
725,000
718,618
California
State
Public
Works
Board
,
Revenue
,
2025
A
,
5
%
,
4/01/50
........................................
23,775,000
24,632,034
State
of
California
,
Revenue
,
2019
C
,
5
%
,
11/01/44
........................
5,000,000
5,145,972
State
of
California
,
Revenue
,
2021
D
,
4
%
,
11/01/35
........................
1,210,000
1,240,157
State
of
California
,
Revenue
,
2025
C
,
5
%
,
11/01/50
........................
13,750,000
14,272,687
California
State
University
,
Revenue
,
2015
A
,
5
%
,
11/01/47
.......................................
120,000
120,086
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)
d
Revenue
,
2016
B-2
,
Refunding
,
Mandatory
Put
,
0.55
%
,
11/01/26
..............
$
12,000,000
$
11,961,197
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/01/42
..............................
12,310,000
12,416,496
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/01/47
..............................
26,185,000
26,353,569
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/01/39
..............................
3,675,000
3,797,415
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/01/43
..............................
3,330,000
3,419,587
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/01/48
..............................
17,385,000
17,684,311
Revenue
,
2019
A
,
5
%
,
11/01/44
.......................................
40,010,000
41,250,150
Revenue
,
2019
A
,
5
%
,
11/01/49
.......................................
31,915,000
32,561,974
Revenue
,
2019
A
,
5
%
,
11/01/51
.......................................
45,680,000
46,453,673
Revenue
,
2025
A
,
Refunding
,
4.625
%
,
11/01/56
...........................
32,800,000
33,099,999
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
11/01/56
............................
75,000,000
79,289,955
Revenue
,
2026
A
,
Refunding
,
5
%
,
11/01/57
..............................
75,000,000
77,833,507
California
Statewide
Communities
Development
Authority
,
Revenue
,
2024
B-1
,
5
%
,
9/02/44
......................................
2,500,000
2,513,543
Revenue
,
2024
B-1
,
5
%
,
9/02/49
......................................
2,000,000
1,968,751
Revenue
,
2024
B-1
,
5
%
,
9/02/54
......................................
2,500,000
2,428,043
e
Revenue
,
144A,
2026
E-1
,
I
,
5.8
%
,
6/01/36
..............................
41,100,000
39,937,515
Special
Assessment
,
2024
A
,
5
%
,
9/02/54
...............................
1,290,000
1,247,331
Special
Assessment
,
2025
C-1
,
5
%
,
9/02/50
..............................
4,830,000
4,844,318
Special
Assessment
,
2025
C-1
,
5
%
,
9/02/55
..............................
4,260,000
4,197,035
Special
Assessment
,
2026
A-1
,
4.75
%
,
9/02/56
...........................
2,800,000
2,678,677
Special
Assessment
,
2026
A-2
,
5
%
,
9/02/56
..............................
1,800,000
1,718,967
Special
Tax
,
2023
A
,
5.25
%
,
9/01/51
...................................
3,300,000
3,332,914
Special
Tax
,
2024
C-2
,
4.375
%
,
9/02/40
.................................
1,000,000
953,334
Special
Tax
,
2024
C-2
,
4.5
%
,
9/02/45
...................................
1,050,000
989,708
Special
Tax
,
2024
C-2
,
4.625
%
,
9/02/50
.................................
2,135,000
2,004,298
Special
Tax
,
2024
C-2
,
4.75
%
,
9/02/55
..................................
2,000,000
1,880,740
Special
Tax
,
2025
A
,
5
%
,
9/02/55
......................................
10,075,000
9,926,087
Special
Tax
,
2025
B
,
5
%
,
9/02/50
......................................
2,840,000
2,848,419
Special
Tax
,
2025
B
,
5
%
,
9/02/55
......................................
2,000,000
1,970,439
Special
Tax
,
2025
C-2
,
5
%
,
9/02/51
....................................
2,300,000
2,301,829
Special
Tax
,
2025
C-2
,
5
%
,
9/02/56
....................................
3,180,000
3,130,753
899
Charleston
,
Revenue
,
2024
,
Refunding
,
California
Mortgage
Insured
,
4.25
%
,
11/01/44
.......................................................
4,320,000
4,243,965
899
Charleston
,
Revenue
,
2024
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
11/01/49
.......................................................
2,500,000
2,537,761
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
3/01/35
........................................................
9,250,000
9,255,334
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
3/01/48
........................................................
67,585,000
67,646,881
Cedars-Sinai
Medical
Center
Obligated
Group
,
Revenue
,
2018
,
5
%
,
7/01/48
.....
7,980,000
8,063,792
Community
Facilities
District
2022-09
,
Special
Tax
,
2026
,
5
%
,
9/01/56
..........
1,300,000
1,268,171
Community
Facilities
District
Improvement
Area
No.
4
,
Special
Tax
,
2024
,
5
%
,
9/01/45
........................................................
1,840,000
1,849,581
Community
Facilities
District
Improvement
Area
No.
4
,
Special
Tax
,
2024
,
5
%
,
9/01/55
........................................................
2,400,000
2,315,250
Community
Facilities
District
No.
20-02
Improvement
Area
No.
5
,
Special
Tax
,
2026
,
5
%
,
9/01/56
....................................................
1,200,000
1,139,085
Community
Facilities
District
No.
2020-02
Improvement
Area
No.
2
,
Special
Tax
,
2022
,
5.25
%
,
9/01/52
.............................................
1,650,000
1,655,175
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/34
....................................................
345,000
364,848
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/39
....................................................
745,000
764,422
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
1,230,000
1,241,039
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.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
$
500,000
$
497,543
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
750,000
725,195
Community
Facilities
District
No.
2021-03
,
Special
Tax
,
2024
,
5
%
,
9/01/44
.......
875,000
880,315
Community
Facilities
District
No.
2021-03
,
Special
Tax
,
2024
,
5
%
,
9/01/49
.......
820,000
811,564
Community
Facilities
District
No.
2021-03
,
Special
Tax
,
2024
,
5
%
,
9/01/54
.......
850,000
821,887
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........
1,000,000
1,011,531
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
1,850,000
1,827,791
Community
Facilities
District
No.
2022-01
,
Special
Tax
,
2023
,
5
%
,
9/01/43
.......
1,030,000
1,040,657
Community
Facilities
District
No.
2022-01
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.......
1,120,000
1,121,439
Community
Facilities
District
No.
2022-01
,
Special
Tax
,
2023
,
5
%
,
9/01/53
.......
1,000,000
969,433
Community
Facilities
District
No.
2022-03
,
Special
Tax
,
2023
,
5
%
,
9/01/38
.......
1,675,000
1,717,478
Community
Facilities
District
No.
2022-03
,
Special
Tax
,
2023
,
5
%
,
9/01/43
.......
380,000
382,138
Community
Facilities
District
No.
2022-03
,
Special
Tax
,
2023
,
5
%
,
9/01/53
.......
1,250,000
1,211,792
Community
Facilities
District
No.
2022-10
,
Special
Tax
,
2023
,
5.5
%
,
9/01/53
......
1,770,000
1,809,966
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AG
Insured
,
5
%
,
8/15/42
600,000
607,167
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AG
Insured
,
5.125
%
,
8/15/47
........................................................
880,000
884,534
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AG
Insured
,
5.25
%
,
8/15/52
........................................................
11,215,000
11,226,898
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AG
Insured
,
5.375
%
,
8/15/57
........................................................
17,930,000
18,023,433
Odd
Fellows
Home
of
California
,
Revenue
,
2026
A
,
California
Mortgage
Insured
,
5
%
,
4/01/56
........................................................
2,750,000
2,733,053
Sequoia
Living,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
California
Mortgage
Insured
,
5
%
,
7/01/50
........................................................
23,000,000
23,126,047
Carlsbad
Unified
School
District
,
GO
,
2011
C
,
6.625
%
,
8/01/35
.................
33,000,000
40,600,887
Centinela
Valley
Union
High
School
District
,
GO
,
2004
A
,
Refunding
,
NATL
Insured
,
5.5
%
,
8/01/33
....................................................
12,475,000
13,455,537
Central
Valley
Energy
Authority
,
d
Revenue
,
2025
,
Mandatory
Put
,
5
%
,
8/01/35
.............................
50,000,000
52,800,460
Revenue
,
2026
,
5
%
,
8/01/34
.........................................
32,660,000
34,048,834
Cerritos
Community
College
District
,
GO
,
2026
B
,
5
%
,
8/01/51
............................................
11,100,000
11,796,298
GO
,
2026
B
,
5
%
,
8/01/56
............................................
35,385,000
37,187,331
Chino
Community
Facilities
District
,
Special
Tax
,
2026
,
5
%
,
9/01/56
.......................................
1,160,000
1,128,150
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
4
%
,
9/01/29
......................................
285,000
287,948
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/34
......................................
650,000
689,256
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/39
......................................
830,000
858,144
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/44
......................................
795,000
800,876
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
675,000
669,866
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
10
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
740,000
724,045
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8
,
Special
Tax
,
2021
,
4
%
,
9/01/41
......................................
1,710,000
1,568,545
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8
,
Special
Tax
,
2021
,
4
%
,
9/01/46
......................................
1,000,000
892,395
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8
,
Special
Tax
,
2021
,
4
%
,
9/01/51
......................................
1,250,000
1,049,336
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)
Chino
Community
Facilities
District,
(continued)
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5
%
,
9/01/37
......................................
$
2,740,000
$
2,852,225
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5.25
%
,
9/01/42
...................................
2,000,000
2,054,116
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5.375
%
,
9/01/47
...................................
2,000,000
2,050,613
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9
,
Special
Tax
,
2022
,
5.375
%
,
9/01/52
...................................
2,695,000
2,733,105
City
of
Chino
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2025
,
5.25
%
,
9/01/55
........................................................
2,000,000
2,013,097
Chino
Valley
Unified
School
District
,
GO
,
2020
B
,
3.375
%
,
8/01/50
..............
20,500,000
16,082,305
e
City
&
County
of
San
Francisco
,
District
No.
2020-1
Development
,
Special
Tax
,
144A,
2023
A
,
5.75
%
,
9/01/50
.....
850,000
875,695
District
No.
2020-1
Office
,
Special
Tax
,
144A,
2023
B
,
5.75
%
,
9/01/53
..........
1,835,000
1,885,769
City
of
Beaumont
,
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/38
........
500,000
518,743
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........
625,000
635,178
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........
745,000
746,830
Community
Facilities
District
No.
2016-3
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
950,000
926,336
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
........
400,000
408,985
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........
650,000
657,372
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
1,000,000
999,134
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,500,000
1,474,212
Community
Facilities
District
No.
93-1
Improvement
Area
No.
17D
,
Special
Tax
,
2024
,
5
%
,
9/01/45
....................................................
1,000,000
1,004,550
Community
Facilities
District
No.
93-1
Improvement
Area
No.
17D
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
1,000,000
995,086
Community
Facilities
District
No.
93-1
Improvement
Area
No.
17D
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
1,390,000
1,370,173
City
of
Corona
,
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/45
....................................................
650,000
580,390
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/50
....................................................
1,500,000
1,269,624
City
of
Desert
Hot
Springs
,
Community
Facilities
District
2025-1
Improvement
Area
No.
1
,
Special
Tax
,
2026
,
5
%
,
9/01/56
.....................................
1,300,000
1,245,242
City
of
Dixon
,
Community
Facilities
District
No.
2019-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
.......................................
1,000,000
966,926
City
of
Dublin
,
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4
,
Special
Tax
,
2022
,
5.25
%
,
9/01/42
..................................................
2,005,000
2,055,043
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4
,
Special
Tax
,
2022
,
5.5
%
,
9/01/47
...................................................
2,630,000
2,713,477
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4
,
Special
Tax
,
2022
,
5.5
%
,
9/01/51
...................................................
3,040,000
3,103,925
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
5
,
Special
Tax
,
2023
,
5.125
%
,
9/01/43
.................................................
1,275,000
1,297,440
City
of
Fillmore
,
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/38
........................................................
1,000,000
1,026,565
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........................................................
1,100,000
1,104,249
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........................................................
2,375,000
2,353,717
Community
Facilities
District
No.
5
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........................................................
3,740,000
3,662,825
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
Fontana
,
Community
Facilities
District
No.
85
,
Special
Tax
,
2020
,
4
%
,
9/01/45
...........
$
850,000
$
753,169
Community
Facilities
District
No.
85
,
Special
Tax
,
2020
,
4
%
,
9/01/50
...........
900,000
767,314
Community
Facilities
District
No.
88
,
Special
Tax
,
2020
,
4
%
,
9/01/45
...........
1,100,000
979,687
Community
Facilities
District
No.
88
,
Special
Tax
,
2020
,
4
%
,
9/01/51
...........
1,545,000
1,298,895
Community
Facilities
District
No.
89
,
Special
Tax
,
2020
,
4
%
,
9/01/40
...........
750,000
701,919
Community
Facilities
District
No.
89
,
Special
Tax
,
2020
,
4
%
,
9/01/51
...........
1,500,000
1,274,183
Community
Facilities
District
No.
90
,
Special
Tax
,
2021
,
4
%
,
9/01/41
...........
530,000
487,226
Community
Facilities
District
No.
90
,
Special
Tax
,
2021
,
4
%
,
9/01/46
...........
475,000
426,703
Community
Facilities
District
No.
90
,
Special
Tax
,
2021
,
4
%
,
9/01/51
...........
1,825,000
1,554,859
Community
Facilities
District
No.
99
,
Special
Tax
,
2023
,
5
%
,
9/01/45
...........
600,000
605,555
Community
Facilities
District
No.
99
,
Special
Tax
,
2023
,
5
%
,
9/01/53
...........
500,000
493,998
Community
Facilities
District
No.
109
,
Special
Tax
,
2024
,
5
%
,
9/01/44
..........
1,000,000
1,005,417
Community
Facilities
District
No.
109
,
Special
Tax
,
2024
,
5
%
,
9/01/49
..........
1,100,000
1,091,633
Community
Facilities
District
No.
109
,
Special
Tax
,
2024
,
5
%
,
9/01/54
..........
1,400,000
1,371,849
Community
Facilities
District
No.
112
,
Special
Tax
,
2024
,
5
%
,
9/01/39
...........
1,000,000
1,025,123
Community
Facilities
District
No.
112
,
Special
Tax
,
2024
,
5
%
,
9/01/44
...........
2,300,000
2,309,440
Community
Facilities
District
No.
112
,
Special
Tax
,
2024
,
5
%
,
9/01/54
...........
2,000,000
1,953,978
City
of
Laguna
Beach
,
Underground
Utility
Assessment
District
No.
2014-2
,
Special
Assessment
,
4.375
%
,
9/02/39
........................................................
1,685,000
1,652,823
Underground
Utility
Assessment
District
No.
2014-2
,
Special
Assessment
,
4.625
%
,
9/02/44
........................................................
1,000,000
957,283
City
of
Lake
Elsinore
,
Community
Facilities
District
No.
2006-6
,
Special
Tax
,
2022
,
4.75
%
,
9/01/52
......
1,000,000
925,713
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
1,000,000
981,727
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,000,000
976,989
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........
1,000,000
991,887
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........
1,500,000
1,473,374
City
of
Lincoln
,
Community
Facilities
District
No.
2006-1
Area
No.
1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/39
....................................................
290,000
267,999
Community
Facilities
District
No.
2006-1
Area
No.
1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/40
....................................................
160,000
146,337
Community
Facilities
District
No.
2006-1
Area
No.
1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/43
....................................................
320,000
286,213
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2022
,
5
%
,
9/01/42
........
2,015,000
2,017,400
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2022
,
5
%
,
9/01/47
........
3,430,000
3,436,458
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2022
,
5
%
,
9/01/52
........
2,090,000
2,037,026
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........
1,400,000
1,352,587
City
of
Long
Beach
,
Harbor
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
5/15/47
.........................
15,660,000
15,754,117
Harbor
,
Revenue
,
2019
A
,
5
%
,
5/15/44
..................................
15,045,000
15,548,807
Harbor
,
Revenue
,
2019
A
,
5
%
,
5/15/49
..................................
8,705,000
8,893,709
City
of
Los
Angeles
,
Department
of
Airports
,
Revenue
,
2018
C
,
5
%
,
5/15/37
.....................
9,550,000
9,689,716
Department
of
Airports
,
Revenue
,
2018
C
,
5
%
,
5/15/44
.....................
39,405,000
39,609,315
Department
of
Airports
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/15/49
.............
10,000,000
10,032,780
Department
of
Airports
,
Revenue
,
2019
C
,
5
%
,
5/15/39
.....................
2,305,000
2,393,376
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/35
.............
10,005,000
10,601,161
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/36
.............
6,000,000
6,335,789
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/37
.............
5,000,000
5,260,549
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/38
.............
15,925,000
16,693,515
Department
of
Airports
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/15/40
.............
22,485,000
23,392,020
Department
of
Airports
,
Revenue
,
2021
D
,
5
%
,
5/15/33
.....................
4,735,000
5,069,396
Department
of
Airports
,
Revenue
,
2021
D
,
5
%
,
5/15/34
.....................
2,500,000
2,661,629
Department
of
Airports
,
Revenue
,
2021
D
,
Pre-Refunded
,
5
%
,
5/15/34
..........
140,000
151,975
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
,
2020
B
,
Refunding
,
4
%
,
5/15/39
...
$
2,000,000
$
2,008,095
Department
of
Airports
,
Revenue,
Senior
Lien
,
2020
C
,
5
%
,
5/15/37
............
6,595,000
6,832,822
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
G
,
4
%
,
5/15/42
............
16,575,000
15,458,549
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
G
,
4
%
,
5/15/47
............
11,325,000
10,111,779
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
H
,
5
%
,
5/15/42
............
1,415,000
1,448,946
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
H
,
5
%
,
5/15/47
............
25,000,000
25,291,157
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
H
,
5.25
%
,
5/15/47
.........
24,000,000
24,608,952
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
I
,
5
%
,
5/15/42
.............
2,360,000
2,482,601
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
I
,
4
%
,
5/15/48
.............
2,000,000
1,849,693
Department
of
Airports
,
Revenue,
Senior
Lien
,
2022
I
,
5
%
,
5/15/48
.............
6,265,000
6,461,884
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2016
B
,
5
%
,
5/15/41
.............
10,000,000
10,001,286
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2016
B
,
Refunding
,
5
%
,
5/15/46
.....
15,265,000
15,266,963
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
5/15/42
.............
3,680,000
3,695,523
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
5/15/47
.............
51,110,000
51,178,763
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2017
B
,
5
%
,
5/15/42
.............
4,000,000
4,033,526
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2018
A
,
5
%
,
5/15/44
.............
32,985,000
33,209,031
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2018
E
,
Refunding
,
5
%
,
5/15/43
.....
16,995,000
17,498,681
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2018
E
,
Refunding
,
5
%
,
5/15/48
.....
33,145,000
33,629,656
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2019
E
,
5
%
,
5/15/44
.............
23,485,000
24,025,909
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2019
E
,
5
%
,
5/15/49
.............
10,495,000
10,599,726
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2021
A
,
Refunding
,
5
%
,
5/15/36
.....
3,665,000
3,843,125
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2021
A
,
Refunding
,
5
%
,
5/15/38
.....
4,920,000
5,106,033
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2021
A
,
Refunding
,
5
%
,
5/15/41
.....
7,005,000
7,172,809
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2021
A
,
Refunding
,
5
%
,
5/15/46
.....
25,965,000
26,270,847
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2021
A
,
Refunding
,
5
%
,
5/15/51
.....
26,450,000
26,515,162
Department
of
Airports
,
Revenue,
Sub.
Lien
,
2022
C
,
Refunding
,
5
%
,
5/15/45
.....
8,000,000
8,102,166
Wastewater
System
,
Revenue
,
2025
A
,
5
%
,
6/01/55
........................
5,000,000
5,186,846
Wastewater
System
,
Revenue,
Sub.
Lien
,
2018
A
,
5
%
,
6/01/43
...............
10,000,000
10,194,942
City
of
Menifee
,
Community
Facilities
District
No.
2019-1
Meadow
Run
,
Special
Tax
,
2022
,
4
%
,
9/01/37
........................................................
320,000
306,770
Community
Facilities
District
No.
2019-1
Meadow
Run
,
Special
Tax
,
2022
,
3
%
,
9/01/43
........................................................
135,000
103,879
Community
Facilities
District
No.
2019-1
Meadow
Run
,
Special
Tax
,
2022
,
4
%
,
9/01/51
........................................................
565,000
467,376
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/38
......
500,000
520,272
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/43
......
600,000
607,986
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/48
......
700,000
702,541
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2023
A
,
5
%
,
9/01/53
......
1,000,000
989,444
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/54
......
1,000,000
990,153
Community
Facilities
District
No.
2022-3
Improvement
Area
No.
1
,
Special
Tax
,
2026
A
,
5
%
,
9/01/56
..................................................
2,650,000
2,569,396
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........
1,500,000
1,511,086
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
2,100,000
2,098,140
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2024
,
5
%
,
9/01/55
........
4,365,000
4,281,052
Community
Facilities
District
No.
2023-2
Improvement
Area
No.
1
,
Special
Tax
,
2026
A
,
5
%
,
9/01/56
..................................................
1,920,000
1,861,600
Community
Facilities
District
No.
2024-1
,
Special
Tax
,
2026
A
,
5
%
,
9/01/56
......
2,155,000
2,089,453
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
994,376
City
of
Newport
Beach
,
Assessment
District
No.
113
,
1915
Act,
Special
Assessment
,
2021
A
,
2.25
%
,
9/02/41
.............................................
1,290,000
840,852
City
of
Ontario
,
Community
Facilities
District
No.
13
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/38
...
400,000
373,405
Community
Facilities
District
No.
45
,
Special
Tax
,
2020
,
4
%
,
9/01/43
...........
410,000
369,341
Community
Facilities
District
No.
45
,
Special
Tax
,
2020
,
4
%
,
9/01/51
...........
1,565,000
1,313,769
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
Ontario,
(continued)
Community
Facilities
District
No.
55
,
Special
Tax
,
2022
,
5
%
,
9/01/42
...........
$
750,000
$
758,644
Community
Facilities
District
No.
55
,
Special
Tax
,
2022
,
5
%
,
9/01/47
...........
800,000
803,153
Community
Facilities
District
No.
55
,
Special
Tax
,
2022
,
5
%
,
9/01/53
...........
845,000
832,415
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.25
%
,
9/01/37
.........
415,000
409,256
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.625
%
,
9/01/42
........
650,000
628,459
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.75
%
,
9/01/47
.........
840,000
808,310
Community
Facilities
District
No.
57
,
Special
Tax
,
2022
,
4.75
%
,
9/01/52
.........
825,000
769,229
Community
Facilities
District
No.
64
,
Special
Tax
,
2024
,
5
%
,
9/01/49
...........
2,225,000
2,187,289
Community
Facilities
District
No.
66
,
Special
Tax
,
2024
,
5
%
,
9/01/39
...........
1,410,000
1,437,863
Community
Facilities
District
No.
66
,
Special
Tax
,
2024
,
5
%
,
9/01/44
...........
1,795,000
1,809,449
Community
Facilities
District
No.
66
,
Special
Tax
,
2024
,
5
%
,
9/01/49
...........
1,000,000
992,394
Community
Facilities
District
No.
66
,
Special
Tax
,
2024
,
5
%
,
9/01/54
...........
1,000,000
979,892
Community
Facilities
District
No.
71
,
Special
Tax
,
2025
,
5
%
,
9/01/55
...........
1,500,000
1,468,935
City
of
Orange
,
Community
Facilities
District
No.
06-1
,
Special
Tax
,
2015
,
Refunding
,
AG
Insured
,
5
%
,
10/01/40
...........................................
7,500,000
7,515,139
City
of
Pasadena
,
Electric
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
6/01/46
............
22,625,000
21,111,501
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
533,693
Arista
Del
Sol
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5.375
%
,
9/01/53
...................................
1,100,000
1,114,775
City
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
1,790,000
1,738,484
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
......................................
885,000
888,772
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
550,000
544,342
Grantline
220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/53
......................................
525,000
513,417
City
of
Rialto
,
Community
Facilities
District
No.
2020-1
,
Special
Tax
,
2025
,
5.125
%
,
9/01/55
.........................................................
1,000,000
987,632
City
of
Roseville
,
Amoruso
Ranch
Community
Facilities
District
No.
1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/50
............................................
1,190,000
1,151,443
Amoruso
Ranch
Community
Facilities
District
No.
1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/55
............................................
1,750,000
1,663,207
Creekview
Community
Facilities
District
No.
1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
................................................
2,165,000
2,090,310
Electric
System
,
COP
,
2004
,
AG
Insured
,
5
%
,
2/01/34
......................
5,000
5,009
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/38
........................................................
1,165,000
1,197,354
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........................................................
1,000,000
1,007,393
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........................................................
1,000,000
1,003,043
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........................................................
1,150,000
1,132,872
City
of
Sacramento
,
Transient
Occupancy
Tax
,
Revenue
,
2018
A
,
5
%
,
6/01/43
....................
13,555,000
13,822,508
Transient
Occupancy
Tax
,
Revenue
,
2018
A
,
5
%
,
6/01/48
....................
21,415,000
21,722,515
City
of
San
Bernardino
,
Community
Facilities
District
No.
2022-2
,
Special
Tax
,
2026
,
5
%
,
9/01/56
......................................................
1,360,000
1,302,715
City
of
San
Francisco
,
Public
Utilities
Commission
Water
,
Revenue
,
2025
D
,
5
%
,
11/01/55
............
75,000,000
77,455,867
Public
Utilities
Commission
Water
,
Revenue,
Sub.
Lien
,
2023
AB-A
,
5.25
%
,
11/01/48
47,895,000
50,739,403
Public
Utilities
Commission
Water
,
Revenue,
Sub.
Lien
,
2023
AB-A
,
5.25
%
,
11/01/52
40,170,000
42,149,887
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)
City
of
Santa
Paula
,
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2022
,
4
%
,
9/01/42
....................................................
$
575,000
$
512,956
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2022
,
4
%
,
9/01/47
....................................................
1,460,000
1,245,496
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2022
,
4
%
,
9/01/52
....................................................
3,530,000
2,891,318
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2023
,
5
%
,
9/01/49
....................................................
325,000
323,841
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A
,
Special
Tax
,
2023
,
5
%
,
9/01/53
....................................................
1,345,000
1,324,968
City
of
Upland
,
San
Antonio
Regional
Hospital
Obligated
Group
,
COP
,
Refunding
,
5
%
,
1/01/47
.........................................................
14,400,000
14,405,753
City
of
Vernon
,
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/34
..................
1,350,000
1,453,143
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/39
..................
425,000
442,649
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/40
..................
365,000
378,062
Electric
System
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
8/01/41
..................
420,000
434,263
City
of
Wildomar
,
Community
Facilities
District
No.
2022-3
,
Special
Tax
,
2024
,
5
%
,
9/01/42
........
800,000
804,885
Community
Facilities
District
No.
2022-3
,
Special
Tax
,
2024
,
5
%
,
9/01/47
........
1,000,000
999,524
Community
Facilities
District
No.
2022-3
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,200,000
1,168,919
e
CMFA
Special
Finance
Agency
,
Latitude33
,
Revenue
,
144A,
2021
A-1
,
3
%
,
12/01/56
.......................
9,000,000
5,786,567
Solana
at
Grand
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
8/01/56
..........
54,800,000
45,596,263
e
CMFA
Special
Finance
Agency
Enclave
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
4
%
,
8/01/58
.........................................................
26,500,000
19,658,002
e
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-1
,
3
%
,
8/01/56
..............................................
94,250,000
63,492,587
e
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
8/01/56
.........................................
34,750,000
23,093,109
e
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
2/01/57
............................................
27,500,000
18,929,958
Coachella
Valley
Unified
School
District
,
GO
,
2016
F
,
BAM
Insured
,
5
%
,
8/01/46
.................................
7,135,000
7,137,838
c
GO
,
C
,
AG
Insured
,
3.86
%,
8/01/36
....................................
8,000,000
5,493,367
c
GO
,
C
,
AG
Insured
,
4
%,
8/01/37
.......................................
8,000,000
5,212,347
c
GO
,
C
,
AG
Insured
,
4.43
%,
8/01/40
....................................
7,500,000
4,100,399
c
GO
,
C
,
AG
Insured
,
4.68
%,
8/01/43
....................................
10,000,000
4,612,303
c
Colton
Joint
Unified
School
District
,
GO
,
2010
B
,
AG
Insured
,
4.67
%,
8/01/42
......
16,365,000
7,908,386
Contra
Costa
Water
District
,
Revenue
,
V
,
Refunding
,
5
%
,
10/01/49
..............
7,500,000
7,656,530
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
1,579,264
City
of
Corona
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
1,600,000
1,553,953
c
Corona-Norco
Unified
School
District
,
GO
,
1998
C
,
NATL
Insured
,
5.699
%,
9/01/26
..
6,080,000
6,080,000
County
of
El
Dorado
,
Community
Facilities
District
No.
2014-1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........
1,000,000
1,000,115
g
Community
Facilities
District
No.
2024-1
,
Special
Tax
,
2026
,
5
%
,
9/01/56
........
1,250,000
1,217,523
County
of
Los
Angeles
,
Community
Facilities
District
No.
2021-01
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/44
................................................
1,400,000
1,414,041
Community
Facilities
District
No.
2021-01
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
................................................
1,400,000
1,387,472
Community
Facilities
District
No.
2021-01
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
................................................
1,750,000
1,709,731
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)
County
of
Orange
,
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/37
......
$
1,300,000
$
1,347,016
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/42
......
850,000
861,913
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/47
......
1,250,000
1,256,146
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2022
A
,
5
%
,
8/15/52
......
8,200,000
8,130,894
Community
Facilities
District
No.
2025-1
Improvement
Area
No.
1
,
Special
Tax
,
2026
A
,
5
%
,
8/15/56
..................................................
3,430,000
3,387,213
County
of
Placer
,
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/43
....................................................
900,000
900,735
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/48
....................................................
1,360,000
1,333,674
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/53
....................................................
1,000,000
959,647
County
of
Riverside
,
Community
Facilities
District
No.
07-2
,
Special
Tax
,
2020
,
AG
Insured
,
4
%
,
9/01/45
...............................................
2,730,000
2,584,790
County
of
Sacramento
,
Airport
System
,
Revenue
,
2025
D
,
AG
Insured
,
5.25
%
,
7/01/50
...............
7,500,000
7,740,834
Community
Facilities
District
No.
2014-2
,
Special
Tax
,
2021
,
4
%
,
9/01/41
........
325,000
291,661
Community
Facilities
District
No.
2014-2
,
Special
Tax
,
2021
,
4
%
,
9/01/46
........
325,000
283,602
e
CSCDA
Community
Improvement
Authority
,
1818
Platinum
Triangle-Anaheim
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.35
%
,
4/01/47
........................................................
9,600,000
8,103,448
777
Place-Pomona
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.6
%
,
5/01/47
.......
14,030,000
11,615,187
777
Place-Pomona
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3.25
%
,
5/01/57
......
12,500,000
8,407,776
Acacia
on
Santa
Rosa
Creek
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
10/01/56
.
13,000,000
10,452,984
Cameo/Garrison
Apartments
,
Revenue
,
144A,
2021
A-1
,
2.8
%
,
3/01/47
.........
20,700,000
17,730,624
Cameo/Garrison
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
3/01/57
............
7,000,000
5,104,002
Cameo/Garrison
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
3/01/57
.
7,430,000
5,045,330
Crescent
(The)
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
7/01/43
.........
6,530,000
4,922,262
Crescent
(The)
,
Revenue,
Senior
Lien
,
144A,
2022
A-2
,
4.3
%
,
7/01/59
..........
18,250,000
14,226,105
Dublin
,
Revenue
,
144A,
2021
B
,
4
%
,
2/01/57
.............................
16,110,000
11,894,200
Dublin
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
2.45
%
,
2/01/47
...............
36,000,000
30,619,058
Dublin
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
2/01/57
..................
45,500,000
31,127,051
Escondido
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/48
........
5,970,000
4,191,434
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-1
,
2.875
%
,
8/01/41
16,670,000
14,799,329
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-2
,
3.125
%
,
8/01/56
54,465,000
39,300,370
Monterey
Station
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
7/01/43
.
8,000,000
6,160,114
Parallel-Anaheim
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/56
.....................
17,440,000
14,890,909
Park
Crossing
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3.25
%
,
12/01/58
.
18,750,000
12,471,596
Pasadena
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
2.65
%
,
12/01/46
.....
1,330,000
1,187,386
Pasadena
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
12/01/56
.......
39,820,000
27,222,943
Renaissance
at
City
Center
,
Revenue
,
144A,
2020
A
,
5
%
,
7/01/51
.............
18,625,000
17,361,065
Theo
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.5
%
,
5/01/47
........
5,000,000
4,224,973
c
Towne
at
Glendale
Apartments
,
Revenue
,
144A,
2022
A
,
1.199
%,
9/01/62
.......
53,000,000
35,010,576
Vineyard
Garden
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3.25
%
,
10/01/58
14,000,000
9,609,610
Waterscape
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3
%
,
9/01/56
......
5,000,000
3,337,318
Westgate
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/47
......
14,500,000
10,253,561
Wood
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
12/01/49
...
30,000,000
21,067,734
Wood
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
4
%
,
12/01/58
...
25,000,000
18,637,550
Daly
City
Housing
Development
Finance
Agency
,
Franciscan
Park
LLC
,
Revenue
,
2007
A
,
Refunding
,
5
%
,
12/15/47
..........................................
17,870,000
17,871,887
Day
Creek
Square
Public
Facilities
,
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2020
,
4
%
,
9/01/40
........
625,000
578,234
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2020
,
4
%
,
9/01/45
........
700,000
617,098
Delano
Joint
Union
High
School
District
,
GO
,
2003
A
,
Refunding
,
NATL
Insured
,
5.15
%
,
2/01/32
.........................................................
7,055,000
7,496,256
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)
Downey
Unified
School
District
,
GO
,
B
,
5
%
,
8/01/57
.........................
$
10,375,000
$
10,709,306
East
Bay
Municipal
Utility
District
,
Water
System
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/45
.........................................................
4,240,000
4,278,049
Eastern
Municipal
Water
District
,
Community
Facilities
District
No.
2013-63
Improvement
Area
B
,
Special
Tax
,
2024
,
4
%
,
9/01/43
....................................................
1,315,000
1,169,185
Community
Facilities
District
No.
2013-63
Improvement
Area
B
,
Special
Tax
,
2024
,
4.25
%
,
9/01/49
..................................................
1,095,000
956,868
Community
Facilities
District
No.
2017-77
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/45
....................................................
1,175,000
1,177,267
Community
Facilities
District
No.
2017-77
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
2,485,000
2,417,055
Community
Facilities
District
No.
2017-79
,
Special
Tax
,
2021
,
4
%
,
9/01/46
.......
2,815,000
2,430,791
Community
Facilities
District
No.
2017-79
,
Special
Tax
,
2021
,
4
%
,
9/01/51
.......
3,405,000
2,796,118
Community
Facilities
District
No.
2019-83
,
Special
Tax
,
2022
,
4
%
,
9/01/51
.......
2,790,000
2,304,547
Community
Facilities
District
No.
2019-86
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.......
855,000
845,104
Community
Facilities
District
No.
2019-86
,
Special
Tax
,
2023
,
5
%
,
9/01/54
.......
1,775,000
1,716,294
Community
Facilities
District
No.
2022-95
,
Special
Tax
,
2024
,
4
%
,
9/01/39
.......
1,250,000
1,168,984
Community
Facilities
District
No.
2022-95
,
Special
Tax
,
2024
,
4
%
,
9/01/44
.......
1,500,000
1,325,405
Community
Facilities
District
No.
2022-95
,
Special
Tax
,
2024
,
4.25
%
,
9/01/49
.....
2,030,000
1,773,920
Community
Facilities
District
No.
2022-95
,
Special
Tax
,
2024
,
4.375
%
,
9/01/54
....
1,280,000
1,107,206
Community
Facilities
District
No.
2024-109
,
Special
Tax
,
2026
,
5
%
,
9/01/51
......
1,650,000
1,633,987
Community
Facilities
District
No.
2024-109
,
Special
Tax
,
2026
,
5
%
,
9/01/56
......
1,780,000
1,733,770
Elk
Grove
Finance
Authority
,
Community
Facilities
District
No.
2005-1
Laguna
Ridge
,
Special
Tax
,
2024
,
5
%
,
9/01/51
.......................................
1,725,000
1,701,043
Elsinore
Valley
Municipal
Water
District
,
Community
Facilities
District
No.
2022-2
(Echo
Ridge)
,
Special
Tax
,
2026
,
5
%
,
9/01/55
.................................
1,250,000
1,170,539
c
Fairfax
School
District
,
GO
,
2011
,
AG
Insured
,
5.07
%,
11/01/48
.................
10,380,000
3,469,345
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
Revenue
,
2019-ML06
,
ACA
,
2.493
%
,
7/25/35
...................................................
966,712
836,707
Folsom
Cordova
Unified
School
District
,
School
Facilities
Improvement
District
No.
5
,
GO
,
C
,
4
%
,
10/01/43
...............................................
5,000,000
4,663,463
Folsom
Ranch
Financing
Authority
,
City
of
Folsom
Community
Facilities
District
No.
18
,
Special
Tax
,
2024
,
5
%
,
9/01/44
1,000,000
1,008,050
City
of
Folsom
Community
Facilities
District
No.
18
,
Special
Tax
,
2024
,
5
%
,
9/01/49
1,250,000
1,243,857
City
of
Folsom
Community
Facilities
District
No.
18
,
Special
Tax
,
2024
,
5
%
,
9/01/54
5,535,000
5,431,765
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/39
............................................
715,000
730,631
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/44
............................................
775,000
776,030
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
............................................
425,000
420,059
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/53
............................................
485,000
475,686
Community
Facilities
District
No.
23
Improvement
Area
No.
7
,
Special
Tax
,
2026
,
5
%
,
9/01/46
........................................................
2,000,000
2,010,619
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue
,
2013
A
,
Refunding
,
AG
Insured
,
5.5
%
,
1/15/31
....................
35,000,000
38,910,903
Revenue
,
2013
A
,
Refunding
,
AG
Insured
,
5.625
%
,
1/15/32
..................
37,260,000
41,462,164
Revenue
,
2013
A
,
Refunding
,
6.85
%
,
1/15/42
.............................
99,150,000
114,736,321
c
Revenue
,
2013
A
,
Refunding
,
AG
Insured
,
3.93
%,
1/15/37
...................
41,250,000
27,638,618
c
Revenue
,
2013
A
,
Refunding
,
AG
Insured
,
4.07
%,
1/15/38
...................
77,650,000
49,297,368
c
Revenue
,
2013
A
,
Refunding
,
AG
Insured
,
4.22
%,
1/15/39
...................
56,100,000
33,649,021
c
Revenue
,
2013
A
,
Refunding
,
4.67
%,
1/15/42
.............................
130,000,000
64,450,555
c
Revenue,
Senior
Lien
,
1995
A
,
ETM,
2.38
%,
1/01/27
.......................
15,000,000
14,880,510
c
Revenue,
Senior
Lien
,
1995
A
,
ETM,
2.43
%,
1/01/28
.......................
2,000,000
1,936,795
c
Revenue,
Senior
Lien
,
1995
A
,
ETM,
2.53
%,
1/01/29
.......................
35,310,000
33,308,117
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)
Foothill-Eastern
Transportation
Corridor
Agency,
(continued)
Revenue,
Senior
Lien
,
2021
A
,
Refunding
,
4
%
,
1/15/46
.....................
$
17,500,000
$
15,960,366
c
Fowler
Unified
School
District
,
GO
,
2010
C
,
AG
Insured
,
4.48
%,
8/01/41
................................
3,095,000
1,610,009
GO
,
2010
C
,
AG
Insured
,
4.46
%,
8/01/42
................................
3,005,000
1,499,634
Fremont
Unified
School
District
,
GO
,
2024
A
,
4
%
,
8/01/45
.....................
5,000,000
4,763,086
Fresno
Unified
School
District
,
GO
,
2020
B
,
5
%
,
8/01/46
............................................
2,635,000
2,718,353
GO
,
2020
B
,
4
%
,
8/01/48
............................................
3,205,000
2,922,416
GO
,
2020
B
,
4
%
,
8/01/52
............................................
6,585,000
5,895,691
GO
,
2020
B
,
4
%
,
8/01/55
............................................
4,000,000
3,550,496
Fullerton
Joint
Union
High
School
District
,
GO
,
2026
B
,
4.125
%
,
8/01/54
..........
19,630,000
18,329,175
c
Glendale
Community
College
District
,
GO
,
2003
C
,
NATL
Insured
,
3.43
%,
8/01/28
...
4,530,000
4,246,345
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2022
A-1
,
Refunding
,
5
%
,
6/01/51
.........................................................
21,350,000
20,786,597
Golden
Valley
Unified
School
District
,
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
3
,
Special
Tax
,
2025
,
5
%
,
9/01/55
....................
1,570,000
1,474,546
Golden
Valley
Unified
School
District
Financing
Authority
,
Community
Facilities
District
No.
2017-1
,
Revenue
,
2021
A
,
4
%
,
9/01/46
........
250,000
220,173
Community
Facilities
District
No.
2017-1
,
Revenue
,
2021
A
,
4
%
,
9/01/51
........
500,000
416,043
Community
Facilities
District
No.
2017-1
,
Revenue
,
2021
A
,
4
%
,
9/01/56
........
745,000
604,962
Grossmont-Cuyamaca
Community
College
District
,
GO
,
2018
B
,
4
%
,
8/01/47
......
10,000,000
9,347,303
Hacienda
La
Puente
Unified
School
District
,
GO
,
2017
A
,
4
%
,
8/01/47
............
655,000
623,415
Hartnell
Community
College
District
,
GO
,
2009
C
,
6.125
%
,
8/01/33
..............
20,000,000
23,111,392
c
Hawthorne
School
District
,
GO
,
2008
C
,
AG
Insured
,
4.93
%,
8/01/48
.............
37,665,000
13,105,823
Hemet
Unified
School
District
,
Community
Facilities
District
No.
2021-1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/55
....................................................
1,000,000
976,344
Community
Facilities
District
No.
2021-5  Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/45
................................................
1,000,000
1,006,522
Community
Facilities
District
No.
2021-5  Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/50
................................................
1,070,000
1,062,790
Community
Facilities
District
No.
2021-5  Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/54
................................................
1,000,000
978,439
Community
Facilities
District
No.
2021-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
1,000,000
1,005,417
Community
Facilities
District
No.
2021-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
1,000,000
993,739
Community
Facilities
District
No.
2021-6
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
1,700,000
1,663,347
Community
Facilities
District
No.
2021-6
Improvement
Area
No.
2
,
Special
Tax
,
2026
,
5
%
,
9/01/51
....................................................
1,840,000
1,819,572
Community
Facilities
District
No.
2021-6
Improvement
Area
No.
2
,
Special
Tax
,
2026
,
5
%
,
9/01/56
....................................................
1,500,000
1,458,814
Community
Facilities
District
No.
2021-7
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........
1,500,000
1,496,420
Community
Facilities
District
No.
2021-7
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
1,000,000
980,796
Community
Facilities
District
No.
2021-7
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
1,000,000
993,739
Community
Facilities
District
No.
2022-2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,000,000
978,439
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2025
,
5
%
,
9/01/45
........
1,000,000
1,006,522
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........
900,000
893,935
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........
1,000,000
976,344
Community
Facilities
District
No.
2023-2
,
Special
Tax
,
2026
,
5
%
,
9/01/56
........
1,200,000
1,158,203
Community
Facilities
District
No.
2023-3
,
Special
Tax
,
2025
,
5.125
%
,
9/01/55
.....
1,300,000
1,299,320
Hesperia
Unified
School
District
,
Community
Facilities
District
No.
2015-1
,
Special
Tax
,
2015-1
,
5
%
,
9/01/55
................................................
1,000,000
973,410
c
Huntington
Beach
City
School
District
,
GO
,
2003
A
,
NATL
Insured
,
3.66
%,
8/01/28
..
5,790,000
5,404,129
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)
Independent
Cities
Finance
Authority
,
Augusta
Communities
LLC
,
Revenue
,
2022
A
,
Refunding
,
5.25
%
,
5/15/56
.......
$
4,000,000
$
4,020,933
e
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AG
Insured
,
4
%
,
6/01/36
......
700,000
689,316
e
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AG
Insured
,
4
%
,
6/01/41
......
900,000
856,313
e
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AG
Insured
,
4
%
,
6/01/46
......
925,000
854,294
e
City
of
Compton
Sales
Tax
,
Revenue
,
144A,
2021
,
AG
Insured
,
4
%
,
6/01/51
......
1,250,000
1,115,458
Millennium
Housing
LLC
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
9/15/46
...........
1,000,000
756,428
Millennium
Housing
LLC
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
9/15/56
...........
2,000,000
1,314,296
Millennium
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
4
%
,
9/15/42
.............
2,000,000
1,806,412
Millennium
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
4.25
%
,
9/15/50
...........
2,000,000
1,756,211
Millennium
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
5
%
,
9/15/50
.............
2,000,000
1,983,716
Irvine
Unified
School
District
,
Special
Tax
,
2020
A
,
4
%
,
9/01/40
......................................
2,945,000
2,747,549
Special
Tax
,
2020
A
,
4
%
,
9/01/44
......................................
6,215,000
5,552,933
Special
Tax
,
2020
A
,
BAM
Insured
,
4
%
,
9/01/50
...........................
7,960,000
7,096,572
Community
Facilities
District
No.
09-1
,
Special
Tax
,
2017
D
,
5
%
,
3/01/57
........
14,155,000
13,784,807
Jefferson
Union
High
School
District
,
GO
,
2000
A
,
Refunding
,
NATL
Insured
,
6.45
%
,
8/01/29
.........................................................
1,975,000
2,064,947
Jurupa
Community
Services
District
,
Community
Facilities
District
No.
52
,
Special
Tax
,
2021
A
,
4
%
,
9/01/39
..........
135,000
127,510
Community
Facilities
District
No.
52
,
Special
Tax
,
2021
A
,
4
%
,
9/01/40
..........
140,000
129,931
Community
Facilities
District
No.
52
,
Special
Tax
,
2021
A
,
4
%
,
9/01/50
..........
1,000,000
834,289
Community
Facilities
District
No.
54
,
Special
Tax
,
2021
A
,
4
%
,
9/01/46
..........
900,000
786,391
Community
Facilities
District
No.
54
,
Special
Tax
,
2021
A
,
4
%
,
9/01/51
..........
875,000
722,752
Community
Facilities
District
No.
57
,
Special
Tax
,
2025
A
,
5
%
,
9/01/55
..........
1,000,000
964,688
Community
Facilities
District
No.
59
Improvement
Area
A
,
Special
Tax
,
2025
A
,
5
%
,
9/01/50
........................................................
3,980,000
3,904,333
Community
Facilities
District
No.
59
Improvement
Area
A
,
Special
Tax
,
2025
A
,
5
%
,
9/01/55
........................................................
4,455,000
4,304,124
La
Mirada
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2010
A
,
Refunding
,
AG
Insured
,
5
%
,
8/15/28
....................................
1,145,000
1,147,629
Lake
Elsinore
Unified
School
District
,
Community
Facilities
District
No.
2006-3
Area
B
,
Special
Tax
,
2022
,
5
%
,
9/01/47
..
350,000
351,380
Community
Facilities
District
No.
2006-3
Area
B
,
Special
Tax
,
2022
,
5
%
,
9/01/52
..
500,000
492,949
Community
Facilities
District
No.
2017-2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
1,250,000
1,240,492
Community
Facilities
District
No.
2017-2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
850,000
830,441
c
Lakeside
Union
School
District
,
GO
,
2010
B
,
4.68
%,
8/01/45
...................
11,540,000
4,860,571
Lammersville
Joint
Unified
School
District
,
GO
,
2016
A
,
4
%
,
8/01/46
.............
41,340,000
38,564,631
Lassen
Municipal
Utility
District
,
COP
,
2021
,
4
%
,
5/01/51
......................
3,000,000
2,445,477
Lawndale
Redevelopment
Agency
,
Tax
Allocation
,
2009
,
AG
Insured
,
5.5
%
,
8/01/39
...........................
9,445,000
9,466,086
Tax
Allocation
,
2009
,
AG
Insured
,
5.5
%
,
8/01/44
...........................
6,085,000
6,097,444
c
Lemon
Grove
School
District
,
GO
,
2010
B
,
AG
Insured
,
4.74
%,
8/01/50
...........
20,990,000
6,935,106
Lodi
Unified
School
District
,
GO
,
2017
,
4
%
,
8/01/41
..........................
15,000,000
14,147,448
Long
Beach
Bond
Finance
Authority
,
Revenue
,
2007
A
,
5.5
%
,
11/15/28
.....................................
8,000,000
8,391,641
Revenue
,
2007
A
,
5
%
,
11/15/29
.......................................
17,465,000
18,331,142
Revenue
,
2007
A
,
5.5
%
,
11/15/30
.....................................
5,000,000
5,389,129
Revenue
,
2007
A
,
5
%
,
11/15/35
.......................................
69,855,000
75,059,037
Revenue
,
2007
A
,
5.5
%
,
11/15/37
.....................................
35,000,000
38,584,423
Los
Angeles
County
Metropolitan
Transportation
Authority
,
g
I-105
ExpressLanes
Project
Toll
,
Revenue,
First
Lien
,
2026
A
,
5.5
%
,
6/01/51
.....
8,500,000
8,985,955
g
I-105
ExpressLanes
Project
Toll
,
Revenue,
First
Lien
,
2026
A
,
5
%
,
6/01/56
.......
7,300,000
7,326,633
g
I-105
ExpressLanes
Project
Toll
,
Revenue,
First
Lien
,
2026
A
,
5.25
%
,
6/01/56
....
7,250,000
7,437,759
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/38
...............................
10,455,000
10,595,808
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/39
...............................
7,860,000
7,957,065
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/41
...............................
12,350,000
12,484,293
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
County
Metropolitan
Transportation
Authority,
(continued)
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
7/01/42
...............................
$
26,910,000
$
27,197,781
Sales
Tax
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/36
.......................
5,375,000
5,726,975
Sales
Tax
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/01/37
.......................
10,330,000
10,971,044
Sales
Tax
,
Revenue,
Senior
Lien
,
2021
A
,
5
%
,
7/01/38
......................
3,875,000
4,151,918
Los
Angeles
County
Sanitation
Districts
Financing
Authority
,
g
Revenue
,
2026
A
,
5
%
,
10/01/56
.......................................
5,000,000
5,175,469
Los
Angeles
County
Sanitation
District
No.
20
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
10/01/42
.......................................................
16,430,000
16,454,911
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2017
A
,
5
%
,
7/01/42
............................
22,375,000
22,421,101
Power
System
,
Revenue
,
2017
A
,
5
%
,
7/01/47
............................
81,890,000
81,975,477
Power
System
,
Revenue
,
2017
C
,
5
%
,
7/01/42
............................
5,500,000
5,529,214
Power
System
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/38
...................
12,870,000
13,031,094
Power
System
,
Revenue
,
2018
D
,
Refunding
,
5
%
,
7/01/39
...................
4,305,000
4,371,927
Power
System
,
Revenue
,
2018
D
,
Refunding
,
5
%
,
7/01/43
...................
5,000,000
5,063,941
Power
System
,
Revenue
,
2019
A
,
5.25
%
,
7/01/49
.........................
12,555,000
12,719,943
Power
System
,
Revenue
,
2019
D
,
Refunding
,
5
%
,
7/01/49
...................
12,960,000
13,072,710
Power
System
,
Revenue
,
2020
B
,
Refunding
,
5
%
,
7/01/40
...................
9,020,000
9,250,713
Power
System
,
Revenue
,
2020
B
,
Refunding
,
5
%
,
7/01/50
...................
11,650,000
11,730,441
Power
System
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
7/01/48
...................
3,245,000
3,280,272
Power
System
,
Revenue
,
2021
C
,
5
%
,
7/01/51
............................
17,555,000
17,704,530
Power
System
,
Revenue
,
2022
A
,
5
%
,
7/01/51
............................
8,500,000
8,572,401
Power
System
,
Revenue
,
2022
B
,
5
%
,
7/01/40
............................
5,000,000
5,186,969
Power
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/42
...................
5,500,000
5,658,510
Power
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/43
...................
6,250,000
6,398,097
Power
System
,
Revenue
,
2024
B
,
Refunding
,
5
%
,
7/01/39
...................
6,000,000
6,312,386
Water
System
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/41
...................
34,330,000
34,403,919
Water
System
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/44
...................
36,615,000
36,675,803
Water
System
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
7/01/43
...................
9,495,000
9,616,425
Water
System
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
7/01/48
...................
10,000,000
10,071,023
Water
System
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
7/01/39
...................
6,455,000
6,659,301
Water
System
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
7/01/41
...................
2,970,000
3,077,814
Los
Angeles
Unified
School
District
,
GO
,
2020
RYQ
,
4
%
,
7/01/44
.........................................
10,730,000
10,309,091
GO
,
2023
QRR
,
5.25
%
,
7/01/48
.......................................
25,000,000
26,289,213
Manteca
Unified
School
District
,
Community
Facilities
District
No.
2018-5
,
Special
Tax
,
2024
A
,
5
%
,
9/01/44
......
5,755,000
5,750,073
Community
Facilities
District
No.
2018-5
,
Special
Tax
,
2024
A
,
5
%
,
9/01/54
......
6,230,000
6,032,850
Marin
Municipal
Water
District
,
Revenue
,
2022
,
Refunding
,
4
%
,
6/15/52
..........
27,295,000
24,416,374
Marina
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2023
A
,
5
%
,
9/01/43
....................................
1,000,000
996,138
Tax
Allocation
,
2023
B
,
5
%
,
9/01/43
....................................
2,100,000
2,091,889
Menifee
Union
School
District
,
Special
Tax
,
2023
,
5
%
,
9/01/48
.......................................
500,000
500,058
Special
Tax
,
2023
,
5
%
,
9/01/54
.......................................
1,230,000
1,203,480
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5
,
Special
Tax
,
2021
,
4
%
,
9/01/45
....................................................
875,000
778,300
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7
,
Special
Tax
,
2022
,
5
%
,
9/01/42
....................................................
1,000,000
1,014,129
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7
,
Special
Tax
,
2022
,
5.125
%
,
9/01/47
.................................................
2,000,000
2,024,878
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7
,
Special
Tax
,
2022
,
5.25
%
,
9/01/52
..................................................
2,000,000
2,015,494
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2021
,
4
%
,
9/01/35
........
200,000
199,412
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2021
,
4
%
,
9/01/44
........
565,000
508,574
Community
Facilities
District
No.
2019-2
,
Special
Tax
,
2021
,
4
%
,
9/01/51
........
675,000
569,998
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)
Metropolitan
Water
District
of
Southern
California
,
Revenue
,
2020
A
,
5
%
,
10/01/45
..
$
15,665,000
$
16,184,528
Middle
Fork
Project
Finance
Authority
,
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/30
.................................
2,505,000
2,638,097
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/32
.................................
4,095,000
4,282,784
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/34
.................................
1,150,000
1,195,917
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/35
.................................
1,200,000
1,243,114
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/36
.................................
4,980,000
5,138,342
Midpeninsula
Regional
Open
Space
District
,
Field
Employees
Corp.
,
GO
,
2018
,
4
%
,
9/01/48
.........................................................
11,220,000
10,624,653
c
Modesto
High
School
District
,
GO
,
2002
A
,
NATL
Insured
,
2.67
%,
5/01/27
.........
12,770,000
12,546,935
Monterey
Peninsula
Unified
School
District
,
GO
,
2016
C
,
Refunding
,
5
%
,
8/01/41
...
11,190,000
11,201,162
c
Moorpark
Unified
School
District
,
GO
,
2009
A
,
AG
Insured
,
3.29
%,
8/01/32
........
5,870,000
4,847,612
Moreno
Valley
Unified
School
District
,
c
GO
,
2004
A
,
AG
Insured
,
ETM,
2.41
%,
8/01/27
...........................
6,315,000
6,178,194
c
GO
,
2004
A
,
AG
Insured
,
ETM,
2.46
%,
8/01/28
...........................
6,625,000
6,323,793
GO
,
2018
B
,
AG
Insured
,
5
%
,
8/01/47
..................................
6,075,000
6,152,962
Community
Facilities
District
No.
2022-1
,
Special
Tax
,
2025
,
5.125
%
,
9/01/55
.....
1,500,000
1,461,742
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........
1,205,000
1,182,091
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........
1,650,000
1,598,907
g
Community
Facilities
District
No.
2023-3
,
Special
Tax
,
2026
,
5
%
,
9/01/56
........
1,655,000
1,609,550
Mount
San
Jacinto
Community
College
District
,
GO
,
2014
B
,
4
%
,
8/01/43
.........
7,200,000
6,660,480
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.5
%
,
11/01/39
....................
25,000,000
29,324,320
c
Mt.
San
Antonio
Community
College
District
,
GO
,
2013
A
,
5.904
%,
8/01/43
........
55,000,000
56,855,414
Municipal
Water
District
of
Orange
County
Water
Facilities
Corp.
,
COP
,
2003
B
,
NATL
Insured
,
ETM,
5
%
,
8/15/28
...........................
9,375,000
9,676,973
COP
,
2003
B
,
NATL
Insured
,
ETM,
5
%
,
8/15/34
...........................
3,305,000
3,591,541
COP
,
2003
B
,
Pre-Refunded
,
NATL
Insured
,
5
%
,
8/15/34
....................
4,140,000
4,618,927
Murrieta
Valley
Unified
School
District
,
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2021
,
4
%
,
9/01/44
........
500,000
441,802
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2021
,
4
%
,
9/01/51
........
1,000,000
826,002
Newport
Mesa
Unified
School
District
,
GO
,
2011
,
6.3
%
,
8/01/42
................
20,000,000
22,187,564
Norman
Y
Mineta
San
Jose
International
Airport
SJC
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/36
...............................
4,590,000
4,623,019
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/37
...............................
4,475,000
4,504,525
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/41
...............................
12,685,000
12,729,780
Revenue
,
2017
B
,
Refunding
,
5
%
,
3/01/47
...............................
10,000,000
10,034,591
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/32
...............................
1,800,000
1,910,487
Oceanside
Unified
School
District
,
c
GO
,
2010
B
,
AG
Insured
,
4.07
%,
8/01/38
................................
10,590,000
6,583,408
c
GO
,
2010
B
,
AG
Insured
,
4.22
%,
8/01/39
................................
7,860,000
4,610,476
GO
,
2022
,
Refunding
,
5
%
,
8/01/39
.....................................
1,005,000
1,066,491
GO
,
G
,
5
%
,
8/01/40
................................................
1,020,000
1,076,842
GO
,
G
,
5
%
,
8/01/43
................................................
1,000,000
1,042,656
Orange
County
Community
Facilities
District
,
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2023
A
,
5.5
%
,
8/15/48
.....
1,550,000
1,592,450
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2023
A
,
5.5
%
,
8/15/53
.....
1,200,000
1,230,447
Community
Facilities
District
No.
2023-1
,
Special
Tax
,
2023
A
,
5.75
%
,
8/15/53
....
1,085,000
1,128,265
Palomar
Community
College
District
,
GO
,
2010
B
,
6.2
%
,
8/01/39
...............
69,410,000
83,482,891
Palomar
Health
,
Obligated
Group
,
GO
,
2009
A
,
AG
Insured
,
7
%
,
8/01/38
.....................
36,000,000
38,838,488
Obligated
Group
,
GO
,
2010
A
,
6.75
%
,
8/01/40
............................
60,000,000
65,317,134
Palomar
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
AG
Insured
,
5
%
,
11/01/47
.......................................................
35,000,000
33,272,355
Panoche
Financing
Authority
,
Panoche
Water
District
,
Revenue
,
2021
A
,
4
%
,
9/01/43
.....................
1,120,000
1,023,476
Panoche
Water
District
,
Revenue
,
2021
A
,
4
%
,
9/01/51
.....................
6,070,000
5,118,109
Panoche
Water
District
,
Revenue
,
2021
B
,
2.006
%
,
9/01/27
..................
395,000
383,221
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)
Panoche
Financing
Authority,
(continued)
Panoche
Water
District
,
Revenue
,
2021
B
,
2.456
%
,
9/01/29
..................
$
415,000
$
380,737
Panoche
Water
District
,
Revenue
,
2021
B
,
2.756
%
,
9/01/31
..................
435,000
380,583
Panoche
Water
District
,
Revenue
,
2021
B
,
3.106
%
,
9/01/35
..................
880,000
722,978
Panoche
Water
District
,
Revenue
,
2021
B
,
3.571
%
,
9/01/40
..................
1,155,000
869,923
g
Peralta
Community
College
District
,
GO
,
2026
D-1
,
5
%
,
8/01/54
................
25,000,000
25,674,085
Perris
Community
Facilities
District
,
Community
Facilities
District
No.
2022-3
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/50
....................................................
1,560,000
1,509,455
Community
Facilities
District
No.
2022-3
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/56
....................................................
1,420,000
1,347,917
Perris
Joint
Powers
Authority
,
Special
Tax
,
2025
,
5
%
,
9/01/50
.......................................
2,820,000
2,751,197
Special
Tax
,
2025
,
5
%
,
9/01/54
.......................................
3,310,000
3,205,254
Community
Facilities
District
No.
2007-2
,
Special
Tax
,
2021
,
4
%
,
9/01/43
........
1,445,000
1,278,683
Community
Facilities
District
No.
2007-2
,
Special
Tax
,
2021
,
4
%
,
9/01/48
........
1,250,000
1,063,823
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/50
....................................................
1,125,000
921,831
Perris
Union
High
School
District
,
GO
,
2019
A
,
AG
Insured
,
4
%
,
9/01/43
..........
5,540,000
5,261,309
Pittsburg
Unified
School
District
,
GO
,
2016
,
Refunding
,
4
%
,
8/01/44
.............
11,000,000
10,598,605
c
Placentia-Yorba
Linda
Unified
School
District
,
GO
,
2008
D
,
4.43
%,
8/01/43
.........................................
27,955,000
13,436,051
GO
,
2008
D
,
4.69
%,
8/01/46
.........................................
89,200,000
35,820,133
GO
,
2008
D
,
4.74
%,
8/01/49
.........................................
85,000,000
29,437,761
Port
of
Oakland
,
Revenue
,
2021
H
,
Refunding
,
5
%
,
11/01/29
...................
2,000,000
2,110,046
Poway
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2015
A
,
Refunding
,
5
%
,
12/15/31
..........................
10,180,000
11,104,184
Tax
Allocation
,
2015
A
,
Refunding
,
5
%
,
12/15/32
..........................
11,215,000
12,359,923
Tax
Allocation
,
2015
A
,
Refunding
,
5
%
,
6/15/33
...........................
5,835,000
6,482,634
Poway
Unified
School
District
,
Community
Facilities
District
No.
16
Area
A
,
Special
Tax
,
2020
,
AG
Insured
,
4
%
,
9/01/50
........................................................
7,500,000
6,740,551
c
School
Facilities
Improvement
District
No.
2007-1
,
GO
,
B
,
4.74
%,
8/01/46
.......
45,000,000
17,875,174
Rancho
Mirage
Community
Facilities
District
,
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C
,
Special
Tax
,
2022
,
5
%
,
9/01/42
........................................................
300,000
300,250
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C
,
Special
Tax
,
2022
,
5
%
,
9/01/47
........................................................
500,000
501,557
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C
,
Special
Tax
,
2022
,
5
%
,
9/01/53
........................................................
1,000,000
985,106
Regents
of
the
University
of
California
,
Medical
Center
,
Revenue
,
2022
P
,
5
%
,
5/15/47
...........................
106,410,000
110,419,774
Medical
Center
,
Revenue
,
2022
P
,
4
%
,
5/15/53
...........................
84,305,000
76,589,541
Rialto
Unified
School
District
,
GO
,
2011
A
,
AG
Insured
,
7.35
%
,
8/01/41
...........
27,000,000
34,092,892
c
Rio
Hondo
Community
College
District
,
GO
,
2010
C
,
3.77
%,
8/01/35
.............
10,000,000
7,187,005
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
4,196,947
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
5,685,469
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
11,372,047
Riverside
Unified
School
District
,
Community
Facilities
District
No.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
........................................................
375,000
381,852
Community
Facilities
District
No.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........................................................
700,000
705,456
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.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........................................................
$
1,050,000
$
1,043,425
Community
Facilities
District
No.
19
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........................................................
1,270,000
1,246,313
Community
Facilities
District
No.
19
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........................................................
480,000
483,741
Community
Facilities
District
No.
19
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........................................................
730,000
725,429
Community
Facilities
District
No.
19
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........................................................
775,000
760,545
Community
Facilities
District
No.
21
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........................................................
1,160,000
1,141,089
Community
Facilities
District
No.
21
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........................................................
1,480,000
1,440,647
Community
Facilities
District
No.
29
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/45
........................................................
700,000
704,565
Community
Facilities
District
No.
29
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........................................................
1,000,000
986,417
Community
Facilities
District
No.
29
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........................................................
1,400,000
1,366,881
Community
Facilities
District
No.
37
,
Special
Tax
,
2023
A
,
5
%
,
9/01/47
..........
1,150,000
1,154,533
Community
Facilities
District
No.
37
,
Special
Tax
,
2023
A
,
5
%
,
9/01/52
..........
2,135,000
2,104,893
Community
Facilities
District
No.
38
,
Special
Tax
,
2025
,
5
%
,
9/01/50
...........
2,200,000
2,167,123
Community
Facilities
District
No.
38
,
Special
Tax
,
2025
,
5
%
,
9/01/55
...........
4,250,000
4,130,781
Community
Facilities
District
No.
40
,
Special
Tax
,
2025
A
,
5
%
,
9/01/50
..........
2,500,000
2,466,042
Community
Facilities
District
No.
40
,
Special
Tax
,
2025
A
,
5
%
,
9/01/55
..........
2,510,000
2,450,622
Community
Facilities
District
No.
41
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........................................................
2,210,000
2,176,973
Community
Facilities
District
No.
41
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........................................................
3,210,000
3,119,954
e
RMA
Capital
Series
Trust
,
Revenue
,
144A,
2022-1
,
A
,
5.67
%
,
8/01/58
............
15,491,000
15,064,403
c
Rocklin
Unified
School
District
,
GO
,
2003
,
NATL
Insured
,
2.7
%,
8/01/27
.................................
9,080,000
8,860,225
GO
,
2003
,
NATL
Insured
,
2.8
%,
8/01/28
.................................
16,615,000
15,759,077
Rohnert
Park
Community
Development
Commission
Successor
Agency
,
Tax
Allocation
,
2007
R
,
NATL
Insured
,
ETM,
5
%
,
8/01/37
...............................
1,380,000
1,449,242
Romoland
School
District
,
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........
750,000
760,874
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
........
1,000,000
1,005,393
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........
1,500,000
1,481,993
Community
Facilities
District
No.
2016-2
,
Special
Tax
,
2022
,
4.5
%
,
9/01/42
.......
360,000
344,666
Community
Facilities
District
No.
2016-2
,
Special
Tax
,
2022
,
4.625
%
,
9/01/47
.....
750,000
714,315
Community
Facilities
District
No.
2016-2
,
Special
Tax
,
2022
,
4.75
%
,
9/01/52
......
1,000,000
936,444
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
,
5
%
,
9/01/42
....................................................
750,000
759,815
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
,
5.125
%
,
9/01/47
.................................................
1,200,000
1,215,549
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
,
5.25
%
,
9/01/53
..................................................
2,500,000
2,522,746
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/46
....................................................
370,000
370,731
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/54
....................................................
1,600,000
1,565,503
Community
Facilities
District
No.
2020-1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,000,000
987,205
Community
Facilities
District
No.
2021-1
Improvement
Area
No.
1
,
Special
Tax
,
2026
,
5
%
,
9/01/56
....................................................
600,000
589,804
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)
Romoland
School
District,
(continued)
Community
Facilities
District
No.
2022-2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
$
1,500,000
$
1,485,229
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
....................................................
1,000,000
985,222
Community
Facilities
District
No.
91-1
,
Special
Tax
,
2022
,
3.75
%
,
9/01/42
........
1,695,000
1,432,728
Community
Facilities
District
No.
91-1
,
Special
Tax
,
2022
,
4
%
,
9/01/46
..........
5,085,000
4,478,323
Sacramento
Area
Flood
Control
Agency
,
Consolidated
Capital
Assessment
District
No.
2
,
Special
Assessment
,
2016
A
,
Refunding
,
5
%
,
10/01/41
...........................................
13,740,000
13,768,321
Consolidated
Capital
Assessment
District
No.
2
,
Special
Assessment
,
2016
A
,
Refunding
,
5
%
,
10/01/43
...........................................
20,000,000
20,041,224
Sacramento
City
Unified
School
District
,
GO
,
2017
E
,
4
%
,
5/01/47
...............
20,000,000
16,918,318
e
Sacramento
Housing
Authority
,
Revenue
,
144A,
2026
B-1
,
IA
,
5.8
%
,
7/01/38
.......
48,440,000
46,239,986
c
San
Bernardino
Community
College
District
,
GO
,
2009
B
,
4.63
%,
8/01/48
.........
66,390,000
24,612,592
San
Carlos
School
District
,
GO
,
2026
,
4.5
%
,
10/01/55
........................
7,500,000
7,417,948
San
Diego
Community
College
District
,
GO
,
2009
B
,
Pre-Refunded
,
6
%
,
8/01/33
................................
26,880,000
27,770,529
GO
,
2024
A-1
,
4
%
,
8/01/50
..........................................
10,000,000
9,346,797
San
Diego
County
Regional
Airport
Authority
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/44
...............................
4,000,000
4,126,790
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/49
...............................
5,000,000
5,103,332
Revenue
,
2019
B
,
Refunding
,
4
%
,
7/01/44
...............................
5,000,000
4,570,501
Revenue
,
2021
A
,
5
%
,
7/01/56
........................................
10,000,000
10,218,184
Revenue
,
2021
B
,
5
%
,
7/01/33
........................................
4,000,000
4,269,553
Revenue
,
2021
B
,
4
%
,
7/01/36
........................................
3,610,000
3,591,393
Revenue,
Sub.
Lien
,
2017
A
,
Refunding
,
5
%
,
7/01/47
.......................
5,000,000
5,031,999
Special
Facilities
,
Revenue
,
2014
A
,
5
%
,
7/01/44
..........................
5,645,000
5,648,880
San
Diego
Public
Facilities
Financing
Authority
,
Revenue
,
2026
A
,
5
%
,
5/15/56
........................................
13,000,000
13,504,334
City
of
San
Diego
Sewer
Utility
,
Revenue
,
2026
A
,
Refunding
,
5
%
,
5/15/51
.......
9,000,000
9,459,359
San
Diego
Unified
School
District
,
c
GO
,
2010
C
,
6.055
%,
7/01/48
........................................
29,840,000
28,844,027
c
GO
,
2012
E
,
5.112
%,
7/01/47
.........................................
74,270,000
60,606,467
GO
,
2019
L
,
4
%
,
7/01/49
............................................
30,000
27,763
GO
,
2023
ZR-4B
,
Refunding
,
5
%
,
7/01/40
...............................
62,225,000
67,191,843
GO
,
2023
ZR-4B
,
Refunding
,
5
%
,
7/01/45
...............................
31,605,000
33,437,031
GO
,
2025
C-3
,
5
%
,
7/01/50
..........................................
40,000,000
41,831,688
GO
,
2025
I-3
,
5
%
,
7/01/55
...........................................
10,000,000
10,391,482
c
GO
,
R-2
,
Refunding
,
6.376
%,
7/01/40
..................................
79,760,000
82,968,410
San
Francisco
Bay
Area
Rapid
Transit
District
,
GO
,
2017
A-1
,
5
%
,
8/01/47
..........................................
11,480,000
11,579,527
GO
,
2022
D-1
,
3
%
,
8/01/41
..........................................
23,605,000
20,125,689
GO
,
2022
D-1
,
3
%
,
8/01/42
..........................................
20,000,000
16,923,882
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue
,
2019
A
,
5
%
,
5/01/44
........................................
30,720,000
31,063,668
Revenue
,
2019
A
,
5
%
,
5/01/49
........................................
8,000,000
7,949,744
Revenue,
Second
Series
,
2017
A
,
5
%
,
5/01/42
............................
48,155,000
48,334,594
Revenue,
Second
Series
,
2017
A
,
5
%
,
5/01/47
............................
28,625,000
28,642,865
Revenue,
Second
Series
,
2017
B
,
5
%
,
5/01/47
............................
200,000
200,934
Revenue,
Second
Series
,
2018
D
,
5
%
,
5/01/43
...........................
106,295,000
107,193,745
Revenue,
Second
Series
,
2018
D
,
5
%
,
5/01/48
...........................
33,675,000
33,689,716
Revenue,
Second
Series
,
2018
D
,
Pre-Refunded
,
5
%
,
5/01/48
................
25,000
25,583
Revenue,
Second
Series
,
2018
D
,
5.25
%
,
5/01/48
.........................
50,145,000
50,604,383
Revenue,
Second
Series
,
2018
E
,
5
%
,
5/01/48
............................
46,990,000
47,474,631
Revenue,
Second
Series
,
2019
B
,
5
%
,
5/01/49
............................
15,955,000
16,193,921
Revenue,
Second
Series
,
2019
E
,
5
%
,
5/01/45
............................
33,570,000
33,867,336
Revenue,
Second
Series
,
2019
E
,
5
%
,
5/01/50
............................
5,000,000
4,966,206
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
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport,
(continued)
Revenue,
Second
Series
,
2021
A
,
Refunding
,
5
%
,
5/01/31
...................
$
1,405,000
$
1,512,795
Revenue,
Second
Series
,
2021
A
,
Refunding
,
5
%
,
5/01/34
...................
5,000,000
5,306,766
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation,
Third
Lien
,
2017
B
,
AG
Insured
,
5
%
,
8/01/46
.....................
10,000,000
10,069,044
San
Francisco
Unified
School
District
,
GO
,
2022
C
,
5
%
,
6/15/35
................
6,640,000
7,079,097
c
San
Gabriel
Unified
School
District
,
GO
,
2002
A
,
AG
Insured
,
2.65
%,
2/01/27
......
1,850,000
1,829,563
San
Jacinto
Unified
School
District
,
Community
Facilities
District
No.
2003-1
,
Special
Tax
,
2022
,
4
%
,
9/01/50
........
875,000
719,599
Community
Facilities
District
No.
2022-1
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5.25
%
,
9/01/54
..................................................
1,000,000
1,003,706
Community
Facilities
District
No.
2024-2
Improvement
Area
No.
1
,
Special
Tax
,
2026
A
,
5
%
,
9/01/56
..................................................
720,000
693,867
San
Joaquin
Delta
Community
College
District
,
GO
,
B
,
5
%
,
8/01/51
................................................
8,750,000
9,125,800
GO
,
B
,
5
%
,
8/01/55
................................................
12,000,000
12,428,495
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue
,
1997
A
,
Refunding
,
5.9
%
,
1/15/38
..............................
106,465,000
128,637,965
Revenue
,
1997
A
,
Refunding
,
5.95
%
,
1/15/40
.............................
142,645,000
170,502,085
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/43
...............................
161,250,000
196,993,288
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/45
...............................
143,336,000
178,866,142
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/46
...............................
143,336,000
180,017,775
c
Revenue,
Senior
Lien
,
1993
,
ETM,
2.43
%,
1/01/28
.........................
33,545,000
32,484,887
c
Revenue,
Senior
Lien
,
1993
,
ETM,
2.53
%,
1/01/29
.........................
37,050,000
34,949,469
Revenue,
Senior
Lien
,
2021
A
,
Refunding
,
AG
Insured
,
4
%
,
1/15/44
............
130,746,000
123,715,330
Revenue,
Senior
Lien
,
2021
A
,
Refunding
,
AG
Insured
,
4
%
,
1/15/50
............
191,775,000
171,375,548
d
San
Joaquin
Valley
Clean
Energy
Authority
,
Revenue
,
2025
A
,
Mandatory
Put
,
5.5
%
,
7/01/35
.........................................................
21,250,000
22,942,033
c
San
Jose
Unified
School
District
,
COP
,
2002
,
AG
Insured
,
ETM,
2.73
%,
1/01/27
............................
7,105,000
7,040,254
COP
,
2002
,
AG
Insured
,
ETM,
2.88
%,
1/01/29
............................
7,105,000
6,648,395
c
San
Juan
Unified
School
District
,
GO
,
2003
B
,
NATL
Insured
,
2.7
%,
8/01/27
...............................
18,605,000
18,154,679
GO
,
2003
B
,
NATL
Insured
,
2.8
%,
8/01/28
...............................
19,470,000
18,467,001
San
Luis
Obispo
County
Financing
Authority
,
Revenue
,
2015
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/37
...............................................
10,000,000
10,004,766
San
Rafael
City
High
School
District
,
GO
,
2018
B
,
4
%
,
8/01/47
.................
17,060,000
15,669,124
Sanger
Unified
School
District
,
GO
,
A
,
BAM
Insured
,
4
%
,
8/01/41
...............
10,000,000
9,656,203
g
Santa
Clara
Valley
Water
District
,
Revenue
,
2026
A
,
Refunding
,
5
%
,
6/01/56
.......
35,035,000
36,282,614
c
School
Facilities
Financing
Authority
,
Twin
Rivers
Unified
School
District
,
Revenue
,
A
,
AG
Insured
,
4.51
%,
8/01/42
..........................................
49,000,000
24,271,312
Semitropic
Improvement
District
of
the
Semitropic
Water
Storage
District
,
Revenue,
Second
Lien
,
2015
A
,
Refunding
,
AG
Insured
,
5
%
,
12/01/45
..................
10,000,000
10,008,444
Southern
California
Public
Power
Authority
,
Revenue
,
2007
A
,
5.25
%
,
11/01/27
.....................................
9,855,000
10,057,083
Revenue
,
2007
A
,
5
%
,
11/01/33
.......................................
17,500,000
18,276,484
Revenue
,
2026
A
,
5
%
,
11/01/33
.......................................
31,555,000
33,213,827
Apex
Power
Project
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/31
...............
10,000,000
10,836,600
d
City
of
Anaheim
Electric
System
,
Revenue
,
2024
A
,
Mandatory
Put
,
5
%
,
9/01/30
..
47,875,000
49,729,309
Los
Angeles
Department
of
Water
&
Power
Power
System
,
Revenue
,
2023-1
A
,
5.25
%
,
7/01/53
..................................................
28,975,000
29,840,312
c
Southern
Mono
Health
Care
District
,
GO
,
A
,
NATL
Insured
,
3.17
%,
8/01/28
...................................
2,340,000
2,203,999
GO
,
A
,
NATL
Insured
,
3.32
%,
8/01/29
...................................
2,440,000
2,218,035
GO
,
A
,
NATL
Insured
,
3.47
%,
8/01/30
...................................
2,550,000
2,231,097
GO
,
A
,
NATL
Insured
,
3.6
%,
8/01/31
...................................
2,660,000
2,235,626
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
,
GO
,
Refunding
,
5
%
,
8/01/28
.........................................
$
12,020,000
$
12,301,154
GO
,
Refunding
,
5
%
,
11/01/30
.........................................
5,320,000
5,768,624
GO
,
5.75
%
,
10/01/31
...............................................
28,805,000
30,092,684
GO
,
5
%
,
3/01/35
..................................................
55,020,000
58,221,102
GO
,
Pre-Refunded
,
5
%
,
3/01/35
.......................................
1,165,000
1,256,477
GO
,
Refunding
,
5
%
,
9/01/35
.........................................
9,000,000
9,011,285
GO
,
Refunding
,
4
%
,
3/01/37
.........................................
10,000,000
10,115,236
GO
,
Refunding
,
5
%
,
8/01/37
.........................................
2,900,000
2,992,421
GO
,
5
%
,
8/01/45
..................................................
21,540,000
22,809,076
GO
,
Refunding
,
5
%
,
8/01/45
.........................................
33,750,000
35,738,456
GO
,
5
%
,
9/01/45
..................................................
5,000,000
5,008,257
GO
,
5
%
,
8/01/46
..................................................
37,200,000
37,228,279
GO
,
5
%
,
9/01/46
..................................................
8,930,000
8,943,733
GO
,
5
%
,
10/01/48
.................................................
5,000,000
5,116,108
GO
,
5
%
,
8/01/50
..................................................
27,360,000
28,500,050
GO
,
1997
,
NATL,
FGIC
Insured
,
5.625
%
,
10/01/26
.........................
1,665,000
1,669,317
GO
,
2017
,
5
%
,
11/01/47
.............................................
23,370,000
23,738,498
State
of
California
Department
of
Water
Resources
,
Water
Supply
,
Revenue
,
2026
A
,
5
%
,
12/01/56
.....................................................
10,725,000
11,117,033
Stockton
Community
Facilities
District
,
City
of
Stockton
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
525,000
505,805
City
of
Stockton
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
650,000
618,421
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/39
....................................................
370,000
377,064
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
380,000
373,921
Sulphur
Springs
Union
School
District
,
COP
,
2010
,
AG
Insured
,
6.5
%
,
12/01/37
.................................
860,000
862,540
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/39
......
1,175,000
1,208,477
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/44
......
1,900,000
1,906,553
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/49
......
4,360,000
4,280,327
Community
Facilities
District
No.
2019-1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/54
......
2,000,000
1,942,441
Temecula
Public
Financing
Authority
,
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/39
.........
330,000
339,400
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/44
.........
925,000
930,574
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/49
.........
975,000
970,209
Community
Facilities
District
No.
20-01
,
Special
Tax
,
2024
,
5
%
,
9/01/54
.........
900,000
889,810
Community
Facilities
District
No.
23-02
,
Special
Tax
,
2025
,
5
%
,
9/01/50
.........
1,700,000
1,669,980
Community
Facilities
District
No.
23-02
,
Special
Tax
,
2025
,
5
%
,
9/01/56
.........
3,280,000
3,180,234
Temescal
Valley
Water
District
,
Community
Facilities
District
No.
4
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
4
%
,
9/01/49
........................................................
1,415,000
1,214,856
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/36
................................................
930,000
914,756
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/41
................................................
785,000
721,646
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/46
................................................
1,040,000
923,198
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/51
................................................
930,000
785,331
Three
Rivers
Levee
Improvement
Authority
,
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/36
.............................
2,025,000
1,946,955
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/41
.............................
1,895,000
1,687,675
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/46
.............................
2,700,000
2,331,487
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)
Three
Rivers
Levee
Improvement
Authority,
(continued)
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/51
.............................
$
5,065,000
$
4,177,577
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
6,900,172
Town
of
Tiburon
,
Assessment
District
No.
2017-1
,
1915
Act,
Special
Assessment
,
2021
A
,
2.375
%
,
9/02/41
........................................................
495,000
328,354
Assessment
District
No.
2017-1
,
1915
Act,
Special
Assessment
,
2021
A
,
2.5
%
,
9/02/51
........................................................
1,105,000
635,069
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
1,826,705
City
of
Tracy
Community
Facilities
District
No.
2016-01
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5.875
%
,
9/01/53
...................................
2,900,000
3,026,755
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/28
......................................
120,000
121,345
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/30
......................................
110,000
111,203
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/36
......................................
430,000
423,297
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/41
......................................
665,000
602,681
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/46
......................................
885,000
771,256
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2
,
Special
Tax
,
2021
,
4
%
,
9/01/51
......................................
2,210,000
1,830,827
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
8,775,434
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project
,
Tax
Allocation,
Senior
Lien
,
2020
A
,
5
%
,
10/01/49
...........................
10,990,000
10,773,745
Truckee-Donner
Public
Utility
District
,
Water
System
,
Revenue
,
2022
A
,
5
%
,
11/15/47
3,230,000
3,345,866
Turlock
Irrigation
District
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/44
...............
9,060,000
9,311,911
c
Union
Elementary
School
District
,
GO
,
2001
B
,
NATL
Insured
,
5.76
%,
9/01/26
......
5,850,000
5,850,000
University
of
California
,
Revenue
,
2016
K
,
4
%
,
5/15/46
........................................
4,030,000
3,725,868
Revenue
,
2017
AV
,
5.25
%
,
5/15/47
.....................................
6,775,000
6,836,531
Revenue
,
2017
M
,
5
%
,
5/15/42
.......................................
15,410,000
15,560,644
Revenue
,
2017
M
,
5
%
,
5/15/47
.......................................
54,015,000
54,397,642
Revenue
,
2018
AZ
,
Refunding
,
5
%
,
5/15/43
..............................
28,000,000
28,588,204
Revenue
,
2018
AZ
,
Refunding
,
5
%
,
5/15/48
..............................
47,230,000
47,960,950
Revenue
,
2018
AZ
,
Refunding
,
5.25
%
,
5/15/58
............................
9,110,000
9,265,060
Revenue
,
2018
O
,
Refunding
,
5
%
,
5/15/39
...............................
14,400,000
14,739,368
Revenue
,
2018
O
,
Refunding
,
5
%
,
5/15/48
...............................
11,445,000
11,618,351
Revenue
,
2018
O
,
Refunding
,
5
%
,
5/15/58
...............................
5,805,000
5,876,360
Revenue
,
2021
Q
,
Refunding
,
4
%
,
5/15/37
...............................
1,500,000
1,519,674
Revenue
,
2022
BK
,
5
%
,
5/15/52
.......................................
43,195,000
44,666,861
Revenue
,
2023
BN
,
Refunding
,
5
%
,
5/15/43
..............................
9,000,000
9,489,541
Revenue
,
2023
BQ
,
5
%
,
5/15/35
......................................
30,000,000
33,093,834
Revenue
,
2024
BV
,
Refunding
,
5
%
,
5/15/36
..............................
17,300,000
19,137,892
Revenue
,
2025
BZ
,
Refunding
,
5.25
%
,
5/15/38
...........................
5,750,000
6,427,513
Revenue
,
2025
CB
,
5
%
,
5/15/36
......................................
10,000,000
11,181,044
Revenue
,
2025
CB
,
5
%
,
5/15/39
......................................
13,460,000
14,657,023
Revenue
,
2025
CC
,
5
%
,
5/15/37
......................................
5,250,000
5,818,543
Revenue
,
2025
CC
,
5
%
,
5/15/38
......................................
8,975,000
9,852,489
Revenue
,
2025
CC
,
5
%
,
5/15/53
......................................
15,000,000
15,619,632
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
$
238,792
City
of
Upland
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
2
,
Special
Tax
,
2021
A
,
4
%
,
9/01/45
....................................
165,000
141,715
City
of
Upland
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
2
,
Special
Tax
,
2021
A
,
4
%
,
9/01/51
....................................
260,000
209,979
c
Upland
Unified
School
District
,
GO
,
2011
C
,
4.7
%,
8/01/45
....................
62,900,000
26,382,707
Val
Verde
Unified
School
District
,
GO
,
2010
B
,
AG
Insured
,
6.125
%
,
8/01/34
...............................
1,000,000
1,161,848
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2022
,
4
%
,
9/01/52
........
7,000,000
5,759,212
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
....................................................
1,230,000
1,242,433
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/48
....................................................
1,755,000
1,760,588
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
....................................................
2,445,000
2,408,585
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2025
,
5
%
,
9/01/50
....................................................
1,230,000
1,218,334
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
3
,
Special
Tax
,
2025
,
5
%
,
9/01/55
....................................................
1,785,000
1,748,033
Community
Facilities
District
No.
2025-1
,
Special
Tax
,
2026
,
5
%
,
9/01/56
........
1,810,000
1,749,614
Vallejo
Public
Financing
Authority
,
City
of
Vallejo
Hiddenbrooke
Improvement
District
No.
1
,
Revenue
,
2004
A
,
5.8
%
,
9/01/31
.................................
2,150,000
2,173,591
Valley
Center
Municipal
Water
District
,
Community
Facility
District
No.
2020-1
,
Special
Tax
,
2024
,
4
%
,
9/01/43
.........
1,265,000
1,135,485
Community
Facility
District
No.
2020-1
,
Special
Tax
,
2024
,
4.375
%
,
9/01/54
......
2,210,000
1,923,253
c
Vista
Unified
School
District
,
GO
,
2002
A
,
AG
Insured
,
2.65
%,
2/01/27
............
4,795,000
4,742,030
Washington
Township
Health
Care
District
,
GO
,
2015
B
,
5
%
,
8/01/45
............................................
15,000,000
15,005,850
Revenue
,
2023
A
,
5.75
%
,
7/01/48
.....................................
1,300,000
1,350,565
Revenue
,
2023
A
,
5.75
%
,
7/01/53
.....................................
1,000,000
1,028,768
West
Patterson
Financing
Authority
,
Community
Facilities
District
No.
2005-1
,
Special
Tax
,
2026
,
5
%
,
9/01/56
........
4,210,000
3,984,273
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2024
,
5
%
,
9/01/39
........
300,000
297,715
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2024
,
4.375
%
,
9/01/44
.....
830,000
749,928
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2024
,
4.625
%
,
9/01/49
.....
780,000
714,722
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
2,430,000
2,332,390
West
Sacramento
Area
Flood
Control
Agency
,
Special
Assessment
,
2015
,
AG
Insured
,
5
%
,
9/01/40
.......................
3,000,000
3,003,564
Special
Assessment
,
2015
,
AG
Insured
,
5
%
,
9/01/45
.......................
7,500,000
7,506,788
West
Sacramento
Financing
Authority
,
Special
Tax
,
A
,
AG
Insured
,
5
%
,
9/01/34
.....
4,940,000
5,364,113
Westside
Union
School
District
,
Community
Facilities
District
No.
2016-1
Improvement
Area
B
,
Special
Tax
,
2023
,
5
%
,
9/01/43
....................................................
1,175,000
1,150,756
Community
Facilities
District
No.
2016-1
Improvement
Area
B
,
Special
Tax
,
2023
,
5.25
%
,
9/01/52
..................................................
1,890,000
1,817,853
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
386,328
Community
Facilities
District
No.
2021-1
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
750,000
733,325
Community
Facilities
District
No.
2021-1
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
885,000
854,469
12,441,390,117
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)
Florida
0.7%
c
,e
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
6.56
%,
3/01/29
...........................................
$
107,200,000
$
91,463,887
Wisconsin
0.2%
e
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
..............
30,400,000
24,768,978
U.S.
Territories
2.0%
Guam
0.2%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2021
A
,
Refunding
,
2.899
%
,
10/01/27
...........................
470,000
461,269
Revenue
,
2024
A
,
5
%
,
10/01/27
.......................................
160,000
162,441
Revenue
,
2024
A
,
5
%
,
10/01/28
.......................................
750,000
770,716
Revenue
,
2024
A
,
5
%
,
10/01/29
.......................................
1,330,000
1,378,151
Revenue
,
2024
A
,
5
%
,
10/01/30
.......................................
1,110,000
1,156,768
Revenue
,
2024
A
,
5
%
,
10/01/31
.......................................
935,000
979,523
Revenue
,
2024
A
,
5
%
,
10/01/32
.......................................
1,600,000
1,682,290
Revenue
,
2024
A
,
5
%
,
10/01/33
.......................................
660,000
696,790
Revenue
,
2024
A
,
5.25
%
,
10/01/37
....................................
1,375,000
1,453,610
Revenue
,
2024
A
,
5.25
%
,
10/01/38
....................................
1,325,000
1,389,383
Revenue
,
2024
B
,
5
%
,
10/01/27
.......................................
410,000
417,746
Revenue
,
2024
B
,
5
%
,
10/01/28
.......................................
380,000
393,979
Revenue
,
2024
B
,
5
%
,
10/01/30
.......................................
560,000
594,456
Revenue
,
2024
B
,
5
%
,
10/01/31
.......................................
510,000
545,427
Revenue
,
2024
B
,
5
%
,
10/01/32
.......................................
1,455,000
1,564,749
Revenue
,
2024
B
,
5
%
,
10/01/33
.......................................
305,000
329,595
Revenue
,
2024
B
,
5
%
,
10/01/34
.......................................
435,000
470,428
Revenue
,
2024
B
,
5
%
,
10/01/35
.......................................
520,000
557,436
Revenue
,
2024
B
,
5
%
,
10/01/36
.......................................
250,000
265,623
Revenue
,
2024
B
,
5
%
,
10/01/37
.......................................
1,095,000
1,152,852
Revenue
,
2024
B
,
5
%
,
10/01/38
.......................................
1,125,000
1,173,961
Revenue
,
2024
B
,
5
%
,
10/01/39
.......................................
1,125,000
1,162,618
Revenue
,
2024
B
,
5
%
,
10/01/40
.......................................
420,000
430,532
Revenue
,
2024
B
,
5
%
,
10/01/41
.......................................
1,150,000
1,172,637
Revenue
,
2024
B
,
5
%
,
10/01/42
.......................................
495,000
502,788
Revenue
,
2024
B
,
5
%
,
10/01/43
.......................................
500,000
505,628
21,371,396
Puerto
Rico
1.8%
Children's
Trust
Fund
,
Revenue
,
2002
,
5.5
%
,
5/15/39
........................................
3,005,000
3,059,422
Revenue
,
2002
,
5.625
%
,
5/15/43
......................................
16,000,000
16,248,056
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Revenue
,
2000
A
,
6.625
%
,
1/01/27
....................................
471,227
470,534
Revenue
,
2000
A
,
6.625
%
,
1/01/28
....................................
3,593,968
3,582,491
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
29,500,000
27,915,363
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
184,264,000
178,825,467
230,101,333
Total
U.S.
Territories
....................................................................
251,472,729
Total
Municipal
Bonds
(Cost
$
12,623,469,181
)
..................................
12,809,095,711
Total
Long
Term
Investments
(Cost
$
12,623,469,181
)
............................
12,809,095,711
a
a
a
a
a
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
Short
Term
Investments
0.5%
a
a
Principal
Amount
a
Value
Municipal
Bonds
0.5%
California
0.5%
h
Anaheim
Housing
&
Public
Improvements
Authority
,
City
of
Anaheim
Water
System
,
Revenue,
Second
Lien
,
2024
A
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
2.4
%
,
10/01/54
...................................................
$
14,400,000
$
14,400,000
h
Bay
Area
Toll
Authority
,
Revenue
,
2024
H
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
2.35
%
,
4/01/59
................................................
15,350,000
15,350,000
h
Eastern
Municipal
Water
District
,
Revenue
,
2018
A
,
Refunding
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
2.3
%
,
7/01/46
.................................
1,200,000
1,200,000
h
University
of
California
,
Revenue
,
2013
AL-1
,
Daily
VRDN
and
Put
,
2.4
%
,
5/15/48
...................
11,300,000
11,300,000
Revenue
,
2013
AL-3
,
Refunding
,
Daily
VRDN
and
Put
,
2.35
%
,
5/15/48
..........
20,000,000
20,000,000
Revenue
,
2013
AL-4
,
Refunding
,
Daily
VRDN
and
Put
,
2.25
%
,
5/15/48
..........
5,000,000
5,000,000
67,250,000
Total
Municipal
Bonds
(Cost
$
67,250,000
)
......................................
67,250,000
Total
Short
Term
Investments
(Cost
$
67,250,000
)
................................
67,250,000
a
Total
Investments
(Cost
$
12,690,719,181
)
99.9
%
................................
$12,876,345,711
Other
Assets,
less
Liabilities
0.1
%
.............................................
10,727,431
Net
Assets
100.0%
...........................................................
$12,887,073,142
See
Abbreviations
on
page
47
.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
9
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,
2026,
the
aggregate
value
of
these
securities
was
$1,432,135,604,
representing
11.1%
of
net
assets.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
6.
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,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
36
Franklin
California
Tax-
Free
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$12,690,719,181
Value
-
Unaffiliated
issuers
..................................................................
$12,876,345,711
Cash
....................................................................................
119,932
Receivables:
Capital
shares
sold
........................................................................
10,251,965
Interest
.................................................................................
140,332,432
Total
assets
..........................................................................
13,027,050,040
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
93,795,925
Capital
shares
redeemed
...................................................................
33,151,070
Management
fees
.........................................................................
4,811,408
Distribution
fees
..........................................................................
1,237,371
Transfer
agent
fees
........................................................................
2,139,702
Trustees'
fees
and
expenses
.................................................................
4,489
Distributions
to
shareholders
.................................................................
4,319,832
Accrued
expenses
and
other
liabilities
...........................................................
517,101
Total
liabilities
.........................................................................
139,976,898
Net
assets,
at
value
.................................................................
$12,887,073,142
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$13,773,791,691
Total
distributable
earnings
(losses)
.............................................................
(886,718,549)
Net
assets,
at
value
.................................................................
$12,887,073,142
Franklin
California
Tax-Free
Income
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
August
31,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
37
Franklin
California
Tax-
Free
Income
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$2,920,515,064
Shares
outstanding
........................................................................
439,729,623
Net
asset
value
per
share
a
,b
..................................................................
$6.64
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96
.25
%
)
b
................................
$6.90
Class
A1:
Net
assets,
at
value
.......................................................................
$5,864,141,535
Shares
outstanding
........................................................................
884,183,644
Net
asset
value
per
share
a
,b
..................................................................
$6.63
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96
.25
%
)
b
................................
$6.89
Class
C:
Net
assets,
at
value
.......................................................................
$214,168,452
Shares
outstanding
........................................................................
32,356,206
Net
asset
value
and
maximum
offering
price
per
share
a
,b
............................................
$6.62
Class
R6:
Net
assets,
at
value
.......................................................................
$404,368,080
Shares
outstanding
........................................................................
61,051,567
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$6.62
Advisor
Class:
Net
assets,
at
value
.......................................................................
$3,483,880,011
Shares
outstanding
........................................................................
526,200,570
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$6.62
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,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
38
Franklin
California
Tax-
Free
Income
Fund
Investment
income:
Interest:
Unaffiliated
issuers
........................................................................
$299,628,939
Expenses:
Management
fees
(Note
3
a
)
...................................................................
29,059,525
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
3,723,096
    Class
A1
...............................................................................
3,001,406
    Class
C
................................................................................
754,593
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
836,759
    Class
A1
...............................................................................
1,721,205
    Class
C
................................................................................
65,262
    Class
R6
...............................................................................
31,724
    Advisor
Class
............................................................................
965,005
Custodian
fees
.............................................................................
38,439
Reports
to
shareholders
fees
..................................................................
85,392
Registration
and
filing
fees
....................................................................
87,928
Professional
fees
...........................................................................
381,273
Trustees'
fees
and
expenses
..................................................................
71,770
Other
....................................................................................
300,780
Total
expenses
.........................................................................
41,124,157
Net
investment
income
................................................................
258,504,782
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(1,700,744)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(478,392,250)
Net
realized
and
unrealized
gain
(loss)
............................................................
(480,092,994)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(221,588,212)
Franklin
California
Tax-Free
Income
Fund
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
39
Franklin
California
Tax-Free
Income
Fund
Six
Months
Ended
August
31,
2026
(unaudited)
Year
Ended
February
28,
2026
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$258,504,782
$493,243,005
Net
realized
gain
(loss)
.................................................
(1,700,744)
(29,442,730)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(478,392,250)
74,794,971
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(221,588,212)
538,595,246
Distributions
to
shareholders:
Class
A
.............................................................
(54,931,380)
(102,453,190)
Class
A1
............................................................
(117,754,554)
(245,864,429)
Class
C
.............................................................
(3,830,042)
(8,918,698)
Class
R6
............................................................
(8,079,548)
(14,952,300)
Advisor
Class
........................................................
(67,940,497)
(112,091,178)
Total
distributions
to
shareholders
..........................................
(252,536,021)
(484,279,795)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
36,490,817
124,815,899
Class
A1
............................................................
(219,055,001)
(688,880,691)
Class
C
.............................................................
(23,981,115)
(76,341,954)
Class
R6
............................................................
14,271,472
22,337,504
Advisor
Class
........................................................
269,379,200
693,475,307
Total
capital
share
transactions
............................................
77,105,373
75,406,065
Net
increase
(decrease)
in
net
assets
...................................
(397,018,860)
129,721,516
Net
assets:
Beginning
of
period
.....................................................
13,284,092,002
13,154,370,486
End
of
period
..........................................................
$12,887,073,142
$13,284,092,002
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
40
franklintempleton.com
Semiannual
Report
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.
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
41
franklintempleton.com
Semiannual
Report
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,
2026, 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).
The
Fund's federal
and
state
income
and
federal
excise
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
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.
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.
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
42
franklintempleton.com
Semiannual
Report
2.
Shares
of
Beneficial
Interest
At
August
31,
2026,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
3.
Transactions
with
Affiliates
Effective
August
17,
2026,
Franklin
Resources,
Inc.
was
renamed
Franklin
Templeton,
Inc.
Franklin
Templeton,
Inc.
is
the
holding
company
for
various
subsidiaries.
Certain
officers
and trustees
of
the Fund are
also
officers
and/or directors
of
the
following
subsidiaries:
Six
Months
Ended
August
31,
2026
Year
Ended
February
28,
2026
Shares
Amount
Shares
Amount
Class
A
Shares:
(23732782)
–
Shares
sold
a
...................................
42,877,274
$289,480,986
102,499,364
$686,305,638
Shares
issued
in
reinvestment
of
distributions
..........
7,503,595
50,517,332
14,002,897
93,779,071
Shares
redeemed
...............................
(44,976,143)
(303,507,501)
(98,174,205)
(655,268,810)
Net
increase
(decrease)
..........................
5,404,726
$36,490,817
18,328,056
$124,815,899
Class
A1
Shares:
135811312
–
Shares
sold
...................................
8,863,054
$59,701,041
17,526,265
$117,198,285
Shares
issued
in
reinvestment
of
distributions
..........
14,720,451
98,960,499
30,882,774
206,392,844
Shares
redeemed
...............................
(56,064,897)
(377,716,541)
(151,738,959)
(1,012,471,820)
Net
increase
(decrease)
..........................
(32,481,392)
$(219,055,001)
(103,329,920)
$(688,880,691)
Class
C
Shares:
15065187
–
Shares
sold
...................................
2,140,725
$14,418,379
5,423,776
$36,228,200
Shares
issued
in
reinvestment
of
distributions
..........
550,392
3,692,070
1,288,616
8,585,736
Shares
redeemed
a
..............................
(6,252,269)
(42,091,564)
(18,216,426)
(121,155,890)
Net
increase
(decrease)
..........................
(3,561,152)
$(23,981,115)
(11,504,034)
$(76,341,954)
Class
R6
Shares:
(5487212)
–
Shares
sold
...................................
8,040,190
$54,097,886
22,614,798
$149,932,912
Shares
issued
in
reinvestment
of
distributions
..........
1,080,085
7,249,536
2,019,641
13,485,652
Shares
redeemed
...............................
(7,010,335)
(47,075,950)
(21,257,168)
(141,081,060)
Net
increase
(decrease)
..........................
2,109,940
$14,271,472
3,377,271
$22,337,504
Advisor
Class
Shares:
(144536243)
–
Shares
sold
...................................
95,675,931
$643,892,177
243,614,894
$1,615,655,178
Shares
issued
in
reinvestment
of
distributions
..........
9,306,528
62,463,226
15,298,763
102,198,925
Shares
redeemed
...............................
(65,062,132)
(436,976,203)
(154,297,741)
(1,024,378,796)
Net
increase
(decrease)
..........................
39,920,327
$269,379,200
104,615,916
$693,475,307
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
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
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
43
franklintempleton.com
Semiannual
Report
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,
2026,
the
annualized
gross
effective
investment
management
fee
rate
was 0.441%
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:
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:
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%
Class
C
....................................................................................
0.65%
3.
Transactions
with
Affiliates
(continued)
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
44
franklintempleton.com
Semiannual
Report
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,
2026,
the Fund
paid
transfer
agent
fees
as
noted
in
the
Statement of
Operations,
of
which
$1,279,025
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,
2027.
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,
2027.
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,
2026,
these
purchase
and
sale
transactions
aggregated
$83,500,000
and
$93,530,000,
respectively.
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
February
28,
2026,
the
capital
loss
carryforwards
were
as
follows:
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$18,100
CDSC
retained
..............................................................................
$148,040
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
615,283,448
Long
term
................................................................................
498,642,615
Total
capital
loss
carryforwards
...............................................................
$1,113,926,063
3.
Transactions
with
Affiliates
(continued)
d.
Sales
Charges/Underwriting
Agreements
(continued)
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
45
franklintempleton.com
Semiannual
Report
At
August
31,
2026,
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.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
August
31,
2026,
aggregated
$833,494,769 and
$616,627,937,
respectively. 
6.
Defaulted
Securities
The
Fund held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
August
31,
2026,
the
aggregate
value
of
these
securities was
$11,564,392, 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.
7.
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.
8.
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
29,
2027.
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.
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,
2026,
the Fund
did
not
use
the
Global
Credit
Facility.
Cost
of
investments
..........................................................................
$12,677,263,358
Unrealized
appreciation
........................................................................
$679,637,674
Unrealized
depreciation
........................................................................
(480,555,321)
Net
unrealized
appreciation
(depreciation)
..........................................................
$199,082,353
4.
Income
Taxes
(continued)
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
46
franklintempleton.com
Semiannual
Report
9.
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,
2026,
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.
10.
Operating
Segments
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. 
11.
New
Accounting
Pronouncements
In
September
2026,
the
FASB
issued
Accounting
Standards
Update
(ASU)
No.
2026-03,
Fair
Value
Measurement
(Topic
820)—Investment
Companies
with
Equity
Securities
Subject
to
Contractual
Sale
Restrictions.
The
amendments
in
the
ASU
require
contractual
sale
restrictions
to
be
considered
in
measuring
the
fair
value
of
equity
securities
and
require
disclosure
of
Level
1
Level
2
Level
3
Total
Franklin
California
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
$
—
$
—
$
—
b
$
—
Municipal
Bonds
.........................
—
12,809,095,711
—
12,809,095,711
Short
Term
Investments
...................
—
67,250,000
—
67,250,000
Total
Investments
in
Securities
...........
$—
$12,876,345,711
$—
$12,876,345,711
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
47
franklintempleton.com
Semiannual
Report
the
amount
of
the
discount
attributable
to
the
contractual
sale
restriction.
The
ASU
is
effective
for
interim
and
annual
reporting
periods
beginning
after
December
15,
2027,
with
early
adoption
permitted.
Management
is
currently
evaluating
the
impact
on
the
financial
statements.
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.
New
Accounting
Pronouncements
(continued)
Franklin
California
Tax-Free
Income
Fund
48
franklintempleton.com
Semiannual
Report
FRANKLIN
CALIFORNIA
TAX-FREE
INCOME
FUND
(Fund)
(unaudited)
At
an
in-person
meeting
held
on
April
14,
2026
(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
Templeton,
Inc.
(FTI),
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
49
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
FT’s
regular
updates
to
the
Board
on
strategic
initiatives,
ongoing
attention
to
the
service
level
quality
of
third-party
service
providers,
ongoing
efforts
to
modernize
its
mutual
fund
lineup,
mutual
fund
to
ETF
conversions,
integration
of
private
market
investments
into
existing
mutual
funds,
creation
of
additional
blockchain-compatible
money
market
funds,
and
sharpening
of
its
active,
income-oriented
offerings,
along
with
the
impact
on
FT
of
team
integrations
and
staff
reductions.
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
FTI,
FTI’s
continued
growth
of
its
global,
multi-asset
franchise,
and
its
commitment
to
the
mutual
fund
business.
The
Board
further
noted
FTI’s
continued
reassessment
of
fund
offerings
in
response
to
FT
acquisitions
and
the
market
environment,
FTI’s
focus
on
technology-driven
transformation,
expansion
of
its
private
market
investment
capabilities
and
global
alternatives
platform,
and
leveraging
of
artificial
intelligence
(AI),
blockchain
and
digital
wealth
platforms.
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,
2025.
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.
This
year,
in
addition
to
providing
Class
A
performance
(and
expense)
data,
Broadridge
included
Advisor
Class
performance
data
for
the
Fund
to
align
with
the
performance
reporting
provided
at
Board
meetings
throughout
the
year.
Going
forward,
Broadridge
will
provide
the
Board
solely
with
the
Fund’s
Advisor
Class
performance
information.
Franklin
California
Tax-Free
Income
Fund
50
franklintempleton.com
Semiannual
Report
The
Performance
Universe
for
the
Fund
included
the
Fund,
the
Fund’s
Advisor
Class
shares
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-,
three-
and
five-year
periods
was
below
the
median
of
its
Performance
Universe.
The
Board
discussed
the
Fund’s
performance
with
management
and
management
explained
that,
in
contrast
to
peers,
the
Fund
does
not
invest
in
below
investment
grade
bonds,
which
tend
to
be
higher
yielding.
Management
further
noted
that
the
Fund’s
slightly
overweight
allocations
to
duration
during
2022
and
underweight
allocations
to
credit
risk
until
2021
detracted
from
the
Fund’s
relative
performance
versus
the
Performance
Universe
during
certain
of
the
reporting
periods.
Management
discussed
with
the
Board
the
actions
that
are
being
taken/have
been
taken
in
an
effort
to
improve
the
overall
performance
of
the
Fund,
including,
among
others,
tightening
the
Fund
portfolio’s
relative
duration
constraint
and
adjusting
the
sources
of
credit
exposure
so
that
credit
risk
is
more
in
line
with
the
Performance
Universe
peers.
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
satisfactory
given
these
attributes.
The
Board
concluded
that
the
Fund’s
Management
Agreement
should
be
continued
for
an
additional
one-year
period,
while
management’s
efforts
continue
to
be
closely
monitored.
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
14
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
2.3
basis
points
above
the
median
of
its
Expense
Group
and
the
actual
total
expense
ratio
was
1.5
basis
point
above
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,
2025,
being
the
most
recent
fiscal
year-end
for
FTI.
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.
Franklin
California
Tax-Free
Income
Fund
51
franklintempleton.com
Semiannual
Report
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
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
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
10/26
©
2026
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 Registrants acknowledge the Staff’s comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations “principal executive officer” and “principal financial officer” in the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory’s actual title with respect to the Funds alongside the required designation.

 

(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, thereunto duly authorized.

 

 

Franklin California Tax-Free Income Fund
     
By: /s/ Christopher Kings  
  Christopher Kings  
  Chief Executive Officer – Finance and Administration  
     
Date: October 27, 2026  

 

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 27, 2026  

 

By: /s/ Jeffrey White  
  Jeffrey White  
  Chief Financial Officer, Chief Accounting Officer and Treasurer  
     
Date: October 27, 2026  
 
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

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