N-CSRS 1 primary-document.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 
FORM N-CSRS
 
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, 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: 2/28
 
Date of reporting period: 8/31/23
 
Item 1. Reports to Stockholders.
 
a.)
 
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)


b.)
 
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not Applicable
.
 
 
Semiannual
Report
Franklin
California
Tax-Free
Income
Fund
August
31,
2023
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
The
Securities
and
Exchange
Commission
has
adopted
new
regulations
that
will
result
in
changes
to
the
design
and
delivery
of
annual
and
semiannual
shareholder
reports
beginning
in
July
2024.
If
you
have
previously
elected
to
receive
shareholder
reports
electronically,
you
will
continue
to
do
so
and
need
not
take
any
action.
Otherwise,
paper
copies
of
the
Fund’s
shareholder
reports
will
be
mailed
to
you
beginning
in
July
2024.
If
you
would
like
to
receive
shareholder
reports
and
other
communications
from
the
Fund
electronically
instead
of
by
mail,
you
may
make
that
request
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank)
or,
if
you
are
a
direct
investor,
enrolling
at
franklintempleton.com.
You
may
access
franklintempleton.com
by
scanning
the
code
below.
franklintempleton.com
Semiannual
Report
1
Contents
Fund
Overview
2
Performance
Summary
3
Your
Fund’s
Expenses
5
Financial
Highlights
and
Schedule
of
Investments
6
Financial
Statements
37
Notes
to
Financial
Statements
41
Shareholder
Information
49
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Semiannual
Report
Franklin
California
Tax-Free
Income
Fund
This
semiannual
report
for
Franklin
California
Tax-Free
Income
Fund
covers
the
period
ended
August
31,
2023.
Fund
Overview
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
to
provide
investors
with
as
high
a
level
of
income
exempt
from
federal
income
taxes,
including
alternative
minimum
tax,
and
exempt
from
California
personal
income
taxes
for
California
residents
as
is
consistent
with
prudent
investment
management
and
the
preservation
of
shareholders’
capital
by
normally
investing
at
least
80%
of
its
total
assets
in
investment-grade
municipal
securities
that
pay
interest
free
from
such
taxes.
1
Performance
Overview
The
Fund’s
Class
A
share
price,
as
measured
by
net
asset
value,
decreased
from
$6.73
on
February
28,
2023,
to
$6.67
on
August
31,
2023.
The
Fund’s
Class
A
shares
paid
dividends
totaling
11.8181
cents
per
share
for
the
reporting
period.
2
The
Performance
Summary
beginning
on
page
3
shows
that
at
the
end
of
this
reporting
period
the
Fund’s
Class
A
shares’
distribution
rate
was
3.43%,
based
on
an
annualization
of
August’s
1.9803
cents
per
share
monthly
dividend
and
the
maximum
offering
price
of
$6.93
on
August
31,
2023.
An
investor
in
the
2023
maximum
combined
effective
federal
and
California
personal
income
tax
bracket
of
53.10%
(including
3.80%
Medicare
tax)
would
need
to
earn
a
distribution
rate
of
7.31%
from
a
taxable
investment
to
match
the
Fund’s
Class
A
tax-free
distribution
rate.
For
other
performance
data,
please
see
the
Performance
Summary.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
*
Does
not
include
cash
and
cash
equivalents.
Thank
you
for
your
continued
participation
in
Franklin
California
Tax-Free
Income
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Portfolio
Composition
8/31/23
%
of
Total
Investments*
Transportation
24.70%
Local
12.17%
Utilities
9.81%
Housing
9.43%
Health
Care
9.36%
Education
8.86%
Refunded
8.01%
Special
Tax
5.84%
Industrial
Dev.
Revenue
and
Pollution
Control
4.14%
State
General
Obligation
4.08%
Lease
2.18%
Other
Revenue
Bonds
1.42%
1.
For
investors
subject
to
alternative
minimum
tax,
a
small
portion
of
Fund
dividends
may
be
taxable.
Distributions
of
capital
gains
are
generally
taxable.
To
avoid
imposition
of
28%
backup
withholding
on
all
Fund
distributions
and
redemption
proceeds,
U.S.
investors
must
be
properly
certified
on
Form
W-9
and
non-U.S.
investors
on
Form
W-8BEN.
2.
The
distribution
amount
is
the
sum
of
all
estimated
tax-basis
net
investment
income
distributions
for
the
period
shown.
A
portion
or
all
of
the
distribution
may
be
reclassified
as
return
of
capital
or
short-term
or
long-term
capital
gains
once
final
tax
designations
are
known.
Assumes
shares
were
purchased
and
held
for
the
entire
accrual
period.
Since
dividends
accrue
daily,
your
actual
distributions
will
vary
depending
on
the
date
you
purchased
your
shares
and
any
account
activity.
All
Fund
distributions
will
vary
depending
upon
current
market
conditions,
and
past
distributions
are
not
indicative
of
future
trends.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
11
.
Performance
Summary
as
of
August
31,
2023
Franklin
California
Tax-Free
Income
Fund
3
franklintempleton.com
Semiannual
Report
The
performance
tables
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
8/31/23
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
3.75%
and
the
minimum
is
0%.
Class
A:
3.75%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
A
4,5
6-Month
+0.85%
-2.93%
1-Year
+1.20%
-2.59%
5-Year
+6.05%
+0.41%
10-Year
+37.76%
+2.86%
Advisor
6-Month
+0.98%
+0.98%
1-Year
+1.46%
+1.46%
5-Year
+7.23%
+1.41%
10-Year
+40.08%
+3.43%
Share
Class
Distribution
Rate
6
Taxable
Equivalent
Distribution
Rate
7
30-Day
Standardized
Yield
8
Taxable
Equivalent
30-Day
Standardized
Yield
7
A
3.43%
7.31%
3.49%
7.44%
Advisor
3.83%
8.17%
3.89%
8.29%
See
page
4
for
Performance
Summary
footnotes.
Franklin
California
Tax-Free
Income
Fund
Performance
Summary
4
franklintempleton.com
Semiannual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance
.
All
investments
involve
risks,
including
possible
loss
of
principal.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
Portfolios
focused
on
a
single
state
are
subject
to
greater
risk
of
adverse
economic
and
regulatory
changes
in
that
state
than
a
geographically
diversified
fund.
Changes
in
the
credit
rating
of
a
bond,
or
in
the
credit
rating
or
financial
strength
of
a
bond’s
issuer,
insurer
or
guarantor,
may
affect
the
bond’s
value.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Net
expenses
are
capped
under
a
contrac-
tual
agreement,
which
cannot
be
terminated
prior
to
6/30/24
without
Board
consent.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Effective
9/10/18,
Class
A
shares
closed
to
new
investors,
were
renamed
Class
A1
shares,
and
a
new
Class
A
share
with
a
different
expense
structure
became
available.
Class
A
performance
shown
has
been
calculated
as
follows:
(a)
for
periods
prior
to
9/10/18,
a
restated
figure
is
used
based
on
the
Fund’s
Class
A1
performance
that
includes
any
Rule
12b-1
rate
differential
that
exists
between
Class
A1
and
Class
A;
and
(b)
for
periods
after
9/10/18,
actual
Class
A
performance
is
used,
reflecting
all
charges
and
fees
applicable
to
that
class.
5.
Prior
to
3/1/19,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
4.25%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
3.75%.
6.
Distribution
rate
is
based
on
an
annualization
of
the
respective
class’s
August
dividend
and
the
maximum
offering
price
(NAV
for
Advisor
Class)
per
share
on
8/31/23.
7.
Taxable
equivalent
distribution
rate
and
yield
assume
the
published
rates
as
of
6/22/23
for
the
maximum
combined
effective
federal
and
California
personal
income
tax
rate
of
53.10%,
based
on
the
federal
income
tax
rate
of
37.00%
plus
3.80%
Medicare
tax.
8.
The
Fund’s
30-day
standardized
yield
is
calculated
over
a
trailing
30-day
period
using
the
yield
to
maturity
on
bonds
and/or
the
dividends
accrued
on
stocks.
It
may
not
equal
the
Fund’s
actual
income
distribution
rate,
which
reflects
the
Fund’s
past
dividends
paid
to
shareholders.
9.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(3/1/23–8/31/23)
Share
Class
Net
Investment
Income
A
$0.118181
A1
$0.123366
C
$0.104603
R6
$0.127800
Advisor
$0.126711
Total
Annual
Operating
Expenses
9
Share
Class
A
0.75%
Advisor
0.50%
Your
Fund’s
Expenses
Franklin
California
Tax-Free
Income
Fund
5
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
184/366
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
3/1/23
Ending
Account
Value
8/31/23
Expenses
Paid
During
Period
3/1/23–8/31/23
1,2
Ending
Account
Value
8/31/23
Expenses
Paid
During
Period
3/1/23–8/31/23
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,008.50
$3.81
$1,021.35
$3.83
0.75%
A1
$1,000
$1,009.30
$3.04
$1,022.11
$3.06
0.60%
C
$1,000
$1,006.50
$5.82
$1,019.33
$5.86
1.15%
R6
$1,000
$1,011.50
$2.40
$1,022.76
$2.41
0.47%
Advisor
$1,000
$1,009.80
$2.55
$1,022.60
$2.57
0.51%
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,
2023
(unaudited)
Year
Ended
February
28,
2023
Year
Ended
February
28,
2022
a
Year
Ended
March
31,
Year
Ended
March
31,
2019
b
2021
2020
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$6.73
$7.44
$7.71
$7.50
$7.44
$7.27
Income
from
investment
operations
c
:
Net
investment
income
d
.............
0.12
0.22
0.18
0.22
0.22
0.14
Net
realized
and
unrealized
gains
(losses)
(0.06)
(0.71)
(0.28)
0.20
0.08
0.15
Total
from
investment
operations
........
0.06
(0.49)
(0.10)
0.42
0.30
0.29
Less
distributions
from:
Net
investment
income
..............
(0.12)
(0.22)
(0.17)
(0.21)
(0.24)
(0.12)
Net
asset
value,
end
of
period
..........
$6.67
$6.73
$7.44
$7.71
$7.50
$7.44
Total
return
e
.......................
0.85%
(6.62)%
(1.30)%
5.66%
3.98%
4.11%
Ratios
to
average
net
assets
f
Expenses
g
........................
0.75%
0.77%
0.75%
0.75%
0.76%
0.76%
Net
investment
income
...............
3.56%
3.27%
2.52%
2.79%
2.97%
3.38%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$2,405,356
$2,282,254
$2,412,285
$2,074,343
$1,395,165
$524,756
Portfolio
turnover
rate
................
4.23%
42.30%
19.33%
14.41%
15.74%
14.12%
a
For
the
period
April
1,
2021
to
February
28,
2022.
b
For
the
period
September
10,
2018
(effective
date)
to
March
31,
2019
.
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
7
a
Six
Months
Ended
August
31,
2023
(unaudited)
Year
Ended
February
28,
2023
Year
Ended
February
28,
2022
a
Year
Ended
March
31,
2021
2020
2019
2018
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............
$6.72
$7.43
$7.70
$7.49
$7.43
$7.31
$7.38
Income
from
investment
operations
b
:
Net
investment
income
c
.
0.13
0.23
0.19
0.23
0.24
0.26
0.26
Net
realized
and
unrealized
gains
(losses)
(0.07)
(0.71)
(0.27)
0.20
0.07
0.12
(0.06)
Total
from
investment
operations
.............
0.06
(0.48)
(0.08)
0.43
0.31
0.38
0.20
Less
distributions
from:
Net
investment
income
..
(0.12)
(0.23)
(0.19)
(0.22)
(0.25)
(0.26)
(0.27)
Net
asset
value,
end
of
period
................
$6.66
$6.72
$7.43
$7.70
$7.49
$7.43
$7.31
Total
return
d
...........
0.93%
(6.48)%
(1.17)%
5.83%
4.14%
5.34%
2.66%
Ratios
to
average
net
assets
e
Expenses
.............
0.60%
f
0.62%
f
0.59%
f
0.60%
f
0.61%
f
0.60%
f
0.59%
Net
investment
income
...
3.71%
3.42%
2.68%
2.97%
3.12%
3.54%
3.53%
Supplemental
data
Net
assets,
end
of
period
(000’s)
...............
$7,743,709
$8,130,315
$10,201,944
$11,084,478
$11,448,334
$11,824,206
$12,154,752
Portfolio
turnover
rate
....
4.23%
42.30%
19.33%
14.41%
15.74%
14.12%
13.05%
a
For
the
period
April
1,
2021
to
February
28,
2022.
b
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.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
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.
8
a
Six
Months
Ended
August
31,
2023
(unaudited)
Year
Ended
February
28,
2023
Year
Ended
February
28,
2022
a
Year
Ended
March
31,
2021
2020
2019
2018
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............
$6.71
$7.41
$7.69
$7.47
$7.41
$7.30
$7.36
Income
from
investment
operations
b
:
Net
investment
income
c
.
0.11
0.20
0.15
0.19
0.20
0.22
0.22
Net
realized
and
unrealized
gains
(losses)
(0.07)
(0.71)
(0.28)
0.21
0.07
0.11
(0.06)
Total
from
investment
operations
.............
0.04
(0.51)
(0.13)
0.40
0.27
0.33
0.16
Less
distributions
from:
Net
investment
income
..
(0.10)
(0.19)
(0.15)
(0.18)
(0.21)
(0.22)
(0.22)
Net
asset
value,
end
of
period
................
$6.65
$6.71
$7.41
$7.69
$7.47
$7.41
$7.30
Total
return
d
...........
0.65%
(6.88)%
(1.80)%
5.40%
3.57%
4.63%
2.23%
Ratios
to
average
net
assets
e
Expenses
.............
1.15%
f
1.17%
f
1.15%
f
1.16%
f
1.16%
f
1.16%
f
1.15%
Net
investment
income
...
3.17%
2.86%
2.13%
2.42%
2.57%
2.98%
2.97%
Supplemental
data
Net
assets,
end
of
period
(000’s)
...............
$452,950
$502,065
$723,593
$1,018,197
$1,118,612
$1,124,954
$1,527,772
Portfolio
turnover
rate
....
4.23%
42.30%
19.33%
14.41%
15.74%
14.12%
13.05%
a
For
the
period
April
1,
2021
to
February
28,
2022.
b
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.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
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
9
a
Six
Months
Ended
August
31,
2023
(unaudited)
Year
Ended
February
28,
2023
Year
Ended
February
28,
2022
a
Year
Ended
March
31,
Year
Ended
March
31,
2018
b
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............
$6.71
$7.42
$7.69
$7.48
$7.42
$7.30
$7.46
Income
from
investment
operations
c
:
Net
investment
income
d
.
0.13
0.24
0.20
0.24
0.25
0.27
0.18
Net
realized
and
unrealized
gains
(losses)
(0.05)
(0.71)
(0.28)
0.20
0.07
0.12
(0.18)
Total
from
investment
operations
.............
0.08
(0.47)
(0.08)
0.44
0.32
0.39
—
Less
distributions
from:
Net
investment
income
..
(0.13)
(0.24)
(0.19)
(0.23)
(0.26)
(0.27)
(0.16)
Net
asset
value,
end
of
period
................
$6.66
$6.71
$7.42
$7.69
$7.48
$7.42
$7.30
Total
return
e
...........
1.15%
(6.37)%
(1.05)%
5.97%
4.28%
5.45%
(0.05)%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
....
0.47%
0.49%
0.47%
0.47%
0.47%
0.47%
0.49%
Expenses
net
of
waiver
and
payments
by
affiliates
....
0.47%
g
0.49%
g
0.47%
g,h
0.47%
g,h
0.46%
g
0.46%
g
0.48%
Net
investment
income
...
3.86%
3.55%
2.81%
3.08%
3.27%
3.68%
3.64%
Supplemental
data
Net
assets,
end
of
period
(000’s)
...............
$289,477
$271,190
$345,058
$281,038
$186,078
$103,760
$85,534
Portfolio
turnover
rate
....
4.23%
42.30%
19.33%
14.41%
15.74%
14.12%
13.05%
a
For
the
period
April
1,
2021
to
February
28,
2022.
b
For
the
period
August
1,
2017
(effective
date)
to
March
31,
2018.
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.
10
a
Six
Months
Ended
August
31,
2023
(unaudited)
Year
Ended
February
28,
2023
Year
Ended
February
28,
2022
a
Year
Ended
March
31,
2021
2020
2019
2018
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............
$6.71
$7.42
$7.69
$7.48
$7.42
$7.30
$7.36
Income
from
investment
operations
b
:
Net
investment
income
c
.
0.13
0.24
0.20
0.24
0.24
0.26
0.27
Net
realized
and
unrealized
gains
(losses)
(0.06)
(0.72)
(0.28)
0.20
0.08
0.13
(0.06)
Total
from
investment
operations
.............
0.07
(0.48)
(0.08)
0.44
0.32
0.39
0.21
Less
distributions
from:
Net
investment
income
..
(0.13)
(0.23)
(0.19)
(0.23)
(0.26)
(0.27)
(0.27)
Net
asset
value,
end
of
period
................
$6.65
$6.71
$7.42
$7.69
$7.48
$7.42
$7.30
Total
return
d
...........
0.98%
(6.40)%
(1.08)%
5.94%
4.24%
5.44%
2.89%
Ratios
to
average
net
assets
e
Expenses
.............
0.51%
f
0.52%
f
0.50%
f
0.51%
f
0.51%
f
0.51%
f
0.50%
Net
investment
income
...
3.82%
3.53%
2.78%
3.06%
3.22%
3.63%
3.62%
Supplemental
data
Net
assets,
end
of
period
(000’s)
...............
$2,426,891
$2,344,189
$2,619,688
$2,498,587
$1,888,402
$1,641,388
$1,572,721
Portfolio
turnover
rate
....
4.23%
42.30%
19.33%
14.41%
15.74%
14.12%
13.05%
a
For
the
period
April
1,
2021
to
February
28,
2022.
b
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.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited),
August
31,
2023
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
a
Senior
Floating
Rate
Interests
0.0%
†
Residential
REITs
0.0%
†
b,c
Centennial
Gardens
LP
,
Delayed
Draw
Term
Loan
,
7.07
%
,
(
1-month
USD
LIBOR
+
2
%
),
1/08/24
.....................................................
$
1,495,232
$
1,520,752
Total
Senior
Floating
Rate
Interests
(Cost
$1,495,232)
...........................
1,520,752
Municipal
Bonds
99.5%
California
96.1%
ABAG
Finance
Authority
for
Nonprofit
Corp.
,
Eskaton
Properties,
Inc.
Obligated
Group
,
Revenue
,
2013
,
Refunding
,
5
%
,
11/15/35
................................
10,000,000
9,610,719
Alameda
Corridor
Transportation
Authority
,
Revenue,
2022
C,
Refunding,
AGMC
Insured,
5%,
10/01/52
..................
28,000,000
29,634,057
Revenue,
Sub.
Lien,
2004
A,
Refunding,
AMBAC
Insured,
Zero
Cpn.,
10/01/29
....
20,000,000
16,109,330
Revenue,
Sub.
Lien,
2004
A,
Refunding,
AMBAC
Insured,
Zero
Cpn.,
10/01/30
....
41,665,000
32,249,056
Alameda
Unified
School
District
,
GO
,
2015
A
,
5
%
,
8/01/39
.....................
18,000,000
18,464,598
Alhambra
City
Elementary
School
District
,
Alhambra
Unified
School
District
,
GO
,
2004
B
,
NATL
Insured
,
Zero
Cpn.,
9/01/27
...................................
3,035,000
2,626,904
Align
Capital
Trust
,
Revenue
,
2023-1
,
5.5
%
,
3/01/35
.........................
13,000,000
12,793,560
Alisal
Union
School
District
,
GO,
2009
B,
AGMC
Insured,
Zero
Cpn.,
8/01/32
...........................
3,355,000
2,420,539
GO,
2009
B,
AGMC
Insured,
Zero
Cpn.,
8/01/33
...........................
3,610,000
2,498,687
GO,
2009
B,
AGMC
Insured,
Zero
Cpn.,
2/01/34
...........................
3,345,000
2,280,373
Alta
Loma
School
District
,
GO
,
2019
B
,
5
%
,
8/01/44
.........................
7,375,000
7,725,953
Alvord
Unified
School
District
,
GO,
2011
B,
AGMC
Insured,
Zero
Cpn.,
8/01/36
...........................
15,000,000
8,551,386
GO,
2011
B,
AGMC
Insured,
Zero
Cpn.,
8/01/46
...........................
42,500,000
45,920,451
Anaheim
Housing
&
Public
Improvements
Authority
,
City
of
Anaheim
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
10/01/52
.....
8,040,000
8,382,514
City
of
Anaheim
Water
System,
Revenue,
2022
A,
5%,
10/01/52
...............
8,345,000
8,716,504
Anaheim
Public
Financing
Authority
,
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/24
.........
26,855,000
25,892,511
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/26
.........
29,430,000
26,397,353
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/27
.........
22,860,000
19,793,928
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/28
.........
14,425,000
12,041,637
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/29
.........
24,810,000
19,896,511
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/32
.........
13,665,000
9,669,343
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/33
.........
37,070,000
25,094,852
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/34
.........
24,970,000
16,122,437
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
ETM,
Zero
Cpn.,
3/01/37
.....
15,080,000
9,078,281
Anaheim
Union
High
School
District
,
GO
,
2002
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/26
8,570,000
7,737,840
Bay
Area
Toll
Authority
,
Revenue,
2014
F-1,
Pre-Refunded,
5%,
4/01/54
...........................
10,000,000
10,106,644
Revenue,
2017
S-7,
Refunding,
4%,
4/01/42
.............................
119,305,000
118,615,107
Revenue,
2017
S-7,
Refunding,
4%,
4/01/47
.............................
23,330,000
22,884,957
Revenue,
2017
S-7,
Refunding,
4%,
4/01/49
.............................
13,625,000
13,263,005
d
Revenue,
2021
A,
Refunding,
Mandatory
Put,
2%,
4/01/28
...................
12,000,000
10,967,620
Beaumont
Public
Improvement
Authority
,
City
of
Beaumont
Wastewater
,
Revenue
,
2018
A
,
AGMC
Insured
,
5
%
,
9/01/49
...................................
10,000,000
10,463,438
Beaumont
Unified
School
District
,
GO
,
2011
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/40
..
11,000,000
4,985,442
Cabrillo
Unified
School
District
,
GO
,
2018
A
,
5
%
,
8/01/45
.....................
4,245,000
4,375,039
California
Affordable
Housing
Agency
,
Butte
County
Housing
Authority,
Revenue,
2020
A,
4%,
10/01/40
..............
1,580,000
1,519,136
Butte
County
Housing
Authority,
Revenue,
2020
A,
4%,
10/01/45
..............
1,930,000
1,798,898
Butte
County
Housing
Authority,
Revenue,
2020
A,
4%,
10/01/50
..............
1,855,000
1,680,220
d
California
Community
Choice
Financing
Authority
,
Revenue,
2022
A-1,
Mandatory
Put,
4%,
8/01/28
..........................
100,000,000
98,680,910
Revenue,
2023
B-1,
Mandatory
Put,
5%,
8/01/29
..........................
21,000,000
21,835,962
Revenue,
2023
C,
Mandatory
Put,
5.25%,
10/01/31
........................
78,815,000
81,747,737
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)
d
California
Community
Choice
Financing
Authority,
(continued)
Revenue,
2023
E-1,
Mandatory
Put,
5%,
3/01/31
..........................
$
17,855,000
$
18,712,383
California
Community
College
Financing
Authority
,
Revenue,
2001
A,
NATL
Insured,
5.125%,
4/01/31
.........................
880,000
888,502
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5.25%,
5/01/53
..........
8,150,000
8,176,088
e
California
Community
Housing
Agency
,
Aster
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
2/01/56
..........
5,235,000
4,283,744
Brio
Apartments
&
Next
on
Lex
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
2/01/56
....................................................
35,015,000
28,652,396
Exchange
at
Bayfront
Apartments,
Revenue,
Senior
Lien,
144A,
201
A-1
T,
4.25%,
2/01/38
........................................................
7,095,000
5,911,632
Exchange
at
Bayfront
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
2/01/57
........................................................
59,855,000
35,777,051
Fountains
at
Emerald
Park,
Revenue,
Junior
Lien,
144A,
2021
A-2,
4%,
8/01/46
...
14,870,000
11,906,736
Fountains
at
Emerald
Park,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
8/01/56
..
46,440,000
30,526,716
K
Street
Flats,
Revenue,
144A,
2021
A-1,
3%,
2/01/57
......................
47,500,000
29,129,318
Summit
at
Sausalito
Apartments,
Revenue,
144A,
2021
A-1,
3%,
2/01/57
........
16,260,000
10,694,134
Twin
Creek
Apartments,
Revenue,
144A,
2022
A-1,
4.5%,
8/01/52
.............
29,275,000
23,551,902
Twin
Creek
Apartments,
Revenue,
Senior
Lien,
144A,
2022
A-2,
Zero
Cpn.,
8/01/65
79,990,000
4,144,306
Verdant
at
Green
Valley
Apartments,
Revenue,
144A,
2019
A,
5%,
8/01/49
.......
13,550,000
12,430,471
California
County
Tobacco
Securitization
Agency
,
Revenue,
2020
B-1,
Refunding,
5%,
6/01/49
.............................
540,000
545,744
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/49
.....................
3,525,000
3,197,745
Alameda
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2002,
5.875%,
6/01/35
........................................................
1,685,000
1,709,814
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/40
1,120,000
1,078,839
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/49
2,000,000
1,814,324
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
B-1,
Refunding,
4%,
6/01/49
35,000
34,792
Kern
County
Tobacco
Funding
Corp.,
Revenue,
2014,
Refunding,
5%,
6/01/34
....
10,295,000
10,296,024
Kern
County
Tobacco
Funding
Corp.,
Revenue,
2014,
Refunding,
5%,
6/01/40
....
17,650,000
17,652,445
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/36
....................................................
470,000
472,474
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/38
....................................................
530,000
519,725
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/40
....................................................
625,000
602,031
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/42
....................................................
100,000
94,608
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/35
..
350,000
355,264
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/36
..
600,000
603,159
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/37
..
530,000
526,926
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/38
..
790,000
774,685
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/39
..
620,000
602,728
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/40
..
830,000
799,497
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/49
..
3,520,000
3,193,210
Sonoma
County
Securitization
Corp.,
Revenue,
2020
B-1,
Refunding,
5%,
6/01/49
.
745,000
753,421
Stanislaus
County
Tobacco
Funding
Corp.,
Revenue,
2002
A,
5.875%,
6/01/43
...
4,255,000
4,255,443
California
Educational
Facilities
Authority
,
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/40
................
1,295,000
1,181,819
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/41
................
1,345,000
1,215,394
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/42
................
1,400,000
1,250,545
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/46
................
3,000,000
2,596,567
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/50
................
2,675,000
2,257,569
Art
Center
College
of
Design,
Revenue,
2022
A,
3%,
12/01/51
................
650,000
441,290
Chapman
University,
Revenue,
2015,
5%,
4/01/40
.........................
5,000,000
5,060,268
Chapman
University,
Revenue,
2015,
5%,
4/01/45
.........................
5,000,000
5,044,505
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/27
...............
475,000
506,795
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
Educational
Facilities
Authority,
(continued)
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/28
...............
$
395,000
$
428,133
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/29
...............
400,000
438,899
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/30
...............
425,000
470,693
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/31
...............
475,000
531,781
Leland
Stanford
Junior
University
(The),
Revenue,
T-1,
5%,
3/15/39
............
2,815,000
3,240,685
Leland
Stanford
Junior
University
(The),
Revenue,
U-1,
5.25%,
4/01/40
.........
5,000,000
5,893,732
Leland
Stanford
Junior
University
(The),
Revenue,
U-6,
5%,
5/01/45
............
7,000,000
7,979,256
Leland
Stanford
Junior
University
(The),
Revenue,
V-1,
5%,
5/01/49
............
20,850,000
23,749,520
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/47
.............
11,000,000
11,180,273
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/26
7,620,000
6,806,371
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/27
7,365,000
6,347,656
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/28
4,120,000
3,421,147
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/30
5,685,000
4,339,568
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/31
7,615,000
5,564,295
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/32
7,615,000
5,307,033
Santa
Clara
University,
Revenue,
1999,
AMBAC
Insured,
Zero
Cpn.,
9/01/26
.....
2,840,000
2,492,615
Santa
Clara
University,
Revenue,
2015,
Refunding,
5%,
4/01/45
...............
15,495,000
15,738,749
University
of
Redlands,
Revenue,
2022
A,
5%,
10/01/44
.....................
3,835,000
3,823,563
University
of
Redlands,
Revenue,
2022
A,
5%,
10/01/52
.....................
18,790,000
18,235,676
University
of
San
Francisco,
Revenue,
2018
A,
5%,
10/01/53
.................
20,000,000
20,447,980
California
Enterprise
Development
Authority
,
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/40
..
650,000
665,206
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/45
..
650,000
661,357
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/50
..
650,000
657,535
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/55
..
1,000,000
1,005,753
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/57
..
500,000
499,977
California
Health
Facilities
Financing
Authority
,
Casa
Milagro
LLC,
Revenue,
2011
A,
California
Mortgage
Insured,
6.25%,
2/01/26
.
2,730,000
2,736,220
Cedars-Sinai
Medical
Center
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
8/15/51
........................................................
5,000,000
5,314,594
Children's
Hospital
Los
Angeles
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/15/42
........................................................
14,370,000
14,528,367
Children's
Hospital
Los
Angeles
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/15/47
........................................................
7,750,000
7,756,023
Children's
Hospital
of
Orange
County
Obligated
Group,
Revenue,
2021
B,
Refunding,
5%,
11/01/27
...................................................
1,000,000
1,077,080
Children's
Hospital
of
Orange
County
Obligated
Group,
Revenue,
2021
B,
Refunding,
5%,
11/01/29
...................................................
1,350,000
1,505,450
City
of
Hope
Obligated
Group,
Revenue,
2019,
5%,
11/15/49
.................
27,000,000
27,227,918
CommonSpirit
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/36
.
15,770,000
15,544,497
CommonSpirit
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/37
.
3,000,000
2,906,537
CommonSpirit
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/38
.
7,075,000
6,741,522
CommonSpirit
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
3%,
4/01/44
.
4,340,000
3,156,875
El
Camino
Hospital,
Revenue,
2017,
4.125%,
2/01/47
......................
11,000,000
10,401,656
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/47
..........................
12,500,000
12,731,394
Kaiser
Foundation
Hospitals,
Revenue,
2017
A-2,
4%,
11/01/38
...............
25,000,000
24,977,170
Kaiser
Foundation
Hospitals,
Revenue,
2017
A-2,
4%,
11/01/44
...............
411,225,000
404,377,939
Kaiser
Foundation
Hospitals,
Revenue,
2017
A-2,
5%,
11/01/47
...............
12,500,000
13,652,890
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
Obligated
Group,
Revenue,
2016
B,
5%,
8/15/55
..............................................
19,000,000
19,206,338
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
Obligated
Group,
Revenue,
2017
A,
5%,
11/15/56
.............................................
15,300,000
15,529,797
Marshall
Medical
Center,
Revenue,
2020
A,
Refunding,
California
Mortgage
Insured,
4%,
11/01/40
...................................................
3,750,000
3,687,533
Marshall
Medical
Center,
Revenue,
2020
A,
Refunding,
California
Mortgage
Insured,
5%,
11/01/50
...................................................
25,065,000
26,205,097
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
Health
Facilities
Financing
Authority,
(continued)
On
Lok
Senior
Health
Services
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
8/01/40
........................................................
$
800,000
$
816,456
On
Lok
Senior
Health
Services
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
8/01/50
........................................................
2,375,000
2,377,418
On
Lok
Senior
Health
Services
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
8/01/55
........................................................
850,000
845,878
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2014
A,
5%,
10/01/38
..
5,110,000
5,156,503
Sequoia
Living,
Inc.,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
7/01/34
........................................................
1,000,000
1,036,537
Sequoia
Living,
Inc.,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
7/01/39
........................................................
1,450,000
1,486,213
Sequoia
Living,
Inc.,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
7/01/44
........................................................
1,160,000
1,182,683
Sutter
Health
Obligated
Group,
Revenue,
2016
B,
5%,
11/15/46
...............
42,105,000
43,064,093
Sutter
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
4%,
11/15/48
......
10,585,000
10,062,195
Sutter
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
11/15/48
......
21,690,000
22,179,289
Sutter
Health
Obligated
Group,
Revenue,
2018
A,
4%,
11/15/42
...............
11,680,000
11,410,910
Sutter
Health
Obligated
Group,
Revenue,
2018
A,
5%,
11/15/48
...............
24,500,000
25,052,678
California
Housing
Finance
Agency
,
Revenue,
2019-1,
A,
4.25%,
1/15/35
...................................
47,192,474
46,045,914
Revenue,
2019-2,
A,
4%,
3/20/33
......................................
14,329,020
13,835,262
Revenue,
2021-1,
A,
3.5%,
11/20/35
...................................
4,820,636
4,435,269
d,e
Shermanair
Apartments
Owner
LP,
Revenue,
144A,
2021
Q-1,
Mandatory
Put,
3%,
9/01/36
........................................................
22,535,000
18,900,724
e
Shermanair
Apartments
Owner
LP,
Revenue,
144A,
2021
Q-2,
5%,
9/01/36
......
1,940,000
1,600,414
California
Infrastructure
&
Economic
Development
Bank
,
Academy
of
Motion
Picture
Arts
and
Sciences
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
11/01/41
...........................................
8,000,000
8,018,754
Academy
of
Motion
Picture
Arts
and
Sciences
Obligated
Group,
Revenue,
2020
B,
Refunding,
5%,
11/01/29
...........................................
5,000,000
5,601,825
Broad
(The),
Revenue,
2021
A,
Refunding,
5%,
6/01/28
.....................
5,750,000
6,334,536
d
California
Academy
of
Sciences,
Revenue,
2018
B,
Refunding,
Mandatory
Put,
4.41%,
8/01/24
..................................................
26,900,000
26,646,567
California
State
Teachers'
Retirement
System,
Revenue,
2019,
5%,
8/01/44
......
12,750,000
13,558,627
California
State
Teachers'
Retirement
System,
Revenue,
2019,
5%,
8/01/49
......
25,470,000
26,871,785
California
State
Water
Resources
Control
Board
Water
Pollution
Control
Revolving
Fund,
Revenue,
2018,
5%,
10/01/43
..................................
10,000,000
10,586,068
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
B,
4%,
11/01/45
.......................................................
850,000
760,433
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
B,
4%,
11/01/50
.......................................................
860,000
745,400
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2021
B,
4%,
11/01/56
.......................................................
1,000,000
844,477
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2022
B,
5%,
11/01/47
.......................................................
2,300,000
2,358,085
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2022
B,
4.125%,
11/01/52
.......................................................
3,100,000
2,721,403
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2022
B,
5%,
11/01/57
.......................................................
5,500,000
5,580,221
Los
Angeles
County
Museum
of
Natural
History
Foundation,
Revenue,
2020,
Refunding,
3%,
7/01/50
............................................
18,995,000
13,287,510
d
Museum
Associates,
Revenue,
2021
A,
Refunding,
Mandatory
Put,
1.2%,
6/01/28
.
15,000,000
12,873,817
California
Municipal
Finance
Authority
,
Revenue,
2022
A-1,
4.25%,
12/01/37
...................................
81,985,000
67,069,748
Revenue,
Senior
Lien,
2017
A,
Refunding,
4%,
8/15/52
.....................
27,350,000
22,832,237
1717
University
Associates
LLC,
Revenue,
2020
A,
4.5%,
6/01/52
.............
11,413,000
9,529,287
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
Municipal
Finance
Authority,
(continued)
1717
University
Associates
LLC,
Revenue,
2020
A-T,
5.25%,
6/01/52
...........
$
3,407,000
$
2,751,234
Bethany
Home
Society
of
San
Joaquin
County,
Inc.,
Revenue,
2023,
California
Mortgage
Insured,
5%,
11/15/42
.....................................
5,500,000
5,907,340
Bethany
Home
Society
of
San
Joaquin
County,
Inc.,
Revenue,
2023,
California
Mortgage
Insured,
5%,
11/15/52
.....................................
21,465,000
22,544,468
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/51
.................
2,355,000
1,962,702
Carmel
Valley
Manor
Obligated
Group,
Revenue,
2022,
California
Mortgage
Insured,
5%,
5/15/52
....................................................
17,775,000
18,636,908
e
Century
CityView
LP,
Revenue,
144A,
2021
A,
4%,
11/01/36
..................
10,375,000
9,373,713
Channing
House,
Revenue,
2017
B,
California
Mortgage
Insured,
5%,
5/15/47
....
10,000,000
10,357,029
CHF-Davis
I
LLC,
Revenue,
2018,
5%,
5/15/51
...........................
10,000,000
9,910,395
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/24
................
500,000
503,877
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/25
................
400,000
407,518
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/26
................
400,000
413,454
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/27
................
500,000
524,066
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/28
................
400,000
424,813
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/29
................
600,000
643,972
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/30
................
700,000
758,132
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/42
............................................
8,750,000
8,868,669
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/47
............................................
17,500,000
17,682,893
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2021
A,
4%,
2/01/51
........................................................
7,000,000
6,124,560
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/37
....................
1,040,000
982,792
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/38
....................
1,000,000
925,111
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/39
....................
1,100,000
1,006,365
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/40
....................
1,175,000
1,063,496
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/41
....................
1,280,000
1,146,712
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/42
....
450,000
357,364
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/52
....
1,000,000
722,699
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/56
....
1,100,000
776,336
Eisenhower
Medical
Center,
Revenue,
2017
A,
Refunding,
5%,
7/01/47
.........
9,100,000
9,065,201
e
IH
Citrus
Whittier
LLC,
Revenue,
144A,
2023,
I-A,
6.25%,
1/01/60
.............
29,830,000
28,243,939
e
IH
Citrus
Whittier
LLC,
Revenue,
144A,
2023,
I-B,
9%,
7/01/42
................
1,800,000
1,779,084
e
IH
Lakes
Concord
LLC,
Revenue,
144A,
2022
A-1,
4.375%,
12/01/32
...........
22,510,000
19,675,665
Inland
Christian
Home,
Inc.,
Revenue,
2020,
California
Mortgage
Insured,
4%,
12/01/49
.......................................................
2,670,000
2,532,283
Inland
Counties
Regional
Center,
Inc.,
Revenue,
2015,
Refunding,
5%,
6/15/45
...
23,300,000
23,779,432
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/37
8,500,000
8,618,153
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/38
5,000,000
5,058,309
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/43
34,650,000
34,668,988
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/47
35,145,000
34,717,563
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
B,
5%,
6/01/48
11,750,000
11,552,827
e
NCCD-Claremont
Properties
LLC,
Revenue,
144A,
2023
A,
Refunding,
5.25%,
7/01/40
........................................................
7,065,000
6,955,933
e
NCCD-Claremont
Properties
LLC,
Revenue,
144A,
2023
A,
Refunding,
5.5%,
7/01/50
21,145,000
20,765,026
e
NCCD-Claremont
Properties
LLC,
Revenue,
144A,
2023
A,
Refunding,
6%,
7/01/53
12,485,000
12,630,624
e
NCCD-Claremont
Properties
LLC,
Revenue,
144A,
2023
B,
Refunding,
6.5%,
7/01/32
........................................................
2,470,000
2,380,579
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5.25%,
11/01/41
..
5,500,000
5,216,954
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/47
....
8,650,000
7,536,255
Northern
California
Retired
Officers
Community,
Revenue,
2019
A,
California
Mortgage
Insured,
5%,
1/01/43
......................................
10,000,000
10,536,932
Northern
California
Retired
Officers
Community,
Revenue,
2019
A,
California
Mortgage
Insured,
5%,
1/01/49
......................................
18,990,000
19,958,583
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)
California
Municipal
Finance
Authority,
(continued)
Palomar
Health
Obligated
Group,
COP,
2022
A,
Refunding,
AGMC
Insured,
5.25%,
11/01/52
.......................................................
$
43,040,000
$
45,978,849
Samuel
Merritt
University,
Revenue,
2022,
5.25%,
6/01/53
...................
38,750,000
40,923,174
South
Central
Los
Angeles
Regional
Center
for
Developmentally
Disabled
Persons,
Revenue,
2013,
5.75%,
12/01/43
....................................
33,895,000
33,988,469
University
of
La
Verne,
Revenue,
2017
A,
Refunding,
4%,
6/01/47
.............
10,500,000
9,547,447
d
Waste
Management,
Inc.,
Revenue,
2020,
Mandatory
Put,
4%,
12/01/23
........
30,000,000
30,000,000
California
Pollution
Control
Financing
Authority
,
e
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2019,
Refunding,
5%,
7/01/39
7,250,000
7,357,709
e
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2019,
Refunding,
5%,
11/21/45
.......................................................
3,065,000
3,074,724
e
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/30
.......
5,200,000
5,491,610
e
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/31
.......
3,000,000
3,178,955
e
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/32
.......
5,500,000
5,842,111
e
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/33
.......
6,000,000
6,382,723
e
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/34
.......
3,250,000
3,430,510
e
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/35
.......
3,250,000
3,398,682
e
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/36
.......
2,650,000
2,751,959
e
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/37
.......
2,300,000
2,381,102
e
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
7/01/38
.......
2,000,000
2,059,336
e
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2023,
5%,
11/21/45
......
2,200,000
2,211,723
San
Jose
Water
Co.,
Revenue,
2016,
4.75%,
11/01/46
......................
15,000,000
15,140,364
California
Public
School
District
Financing
Authority
,
Southern
Kern
Unified
School
District
,
Revenue
,
1996
B
,
AGMC
Insured
,
ETM,
5.9
%
,
9/01/26
...............
820,000
848,061
e
California
School
Finance
Authority
,
Revenue,
144A,
2022
A,
Refunding,
5%,
10/01/42
.........................
1,325,000
1,288,459
Revenue,
144A,
2022
A,
Refunding,
5%,
10/01/52
.........................
2,265,000
2,114,693
Revenue,
144A,
2022
A,
Refunding,
5%,
10/01/61
.........................
3,905,000
3,560,054
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
2.125%,
8/01/31
.
500,000
423,114
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
8/01/36
....
325,000
303,257
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
8/01/41
....
525,000
457,801
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
8/01/51
....
800,000
641,847
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2022
A,
5%,
8/01/52
....
2,935,000
2,810,541
Camino
Nuevo
Charter
Academy
Obligated
Group,
Revenue,
144A,
2023
A,
Refunding,
5%,
6/01/43
............................................
1,000,000
953,423
Camino
Nuevo
Charter
Academy
Obligated
Group,
Revenue,
144A,
2023
A,
Refunding,
5.25%,
6/01/53
.........................................
1,550,000
1,480,274
Granada
Hills
Charter
High
School
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
7/01/29
............................................
275,000
270,159
Granada
Hills
Charter
High
School
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
7/01/38
............................................
465,000
412,890
Granada
Hills
Charter
High
School
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
7/01/48
............................................
675,000
542,659
Green
Dot
Public
Schools
Obligated
Group,
Revenue,
144A,
2022
A,
Refunding,
5.75%,
8/01/52
..................................................
1,500,000
1,539,035
KIPP
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
4%,
7/01/40
800,000
730,325
STEM
Preparatory
Schools
-
Obligated
Group,
Revenue,
144A,
2023
A,
5.125%,
6/01/53
........................................................
1,000,000
948,057
STEM
Preparatory
Schools
-
Obligated
Group,
Revenue,
144A,
2023
A,
5.375%,
5/01/63
........................................................
1,000,000
958,052
Value
Schools,
Revenue,
144A,
2023
A,
Refunding,
5%,
7/01/40
..............
550,000
542,113
Value
Schools,
Revenue,
144A,
2023
A,
Refunding,
5.25%,
7/01/48
............
725,000
710,187
California
State
Public
Works
Board
,
Revenue,
2013
I,
5%,
11/01/38
.......................................
40,000,000
40,069,176
Revenue,
2021
A,
Refunding,
5%,
2/01/24
...............................
5,440,000
5,483,006
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)
California
State
Public
Works
Board,
(continued)
State
of
California
Department
of
Corrections
&
Rehabilitation,
Revenue,
2019
C,
5%,
11/01/44
...................................................
$
5,000,000
$
5,339,673
State
of
California
Department
of
General
Services,
Revenue,
2021
D,
4%,
11/01/35
1,210,000
1,269,221
California
State
University
,
Revenue,
2015
A,
Refunding,
5%,
11/01/43
..............................
11,000,000
11,271,683
d
Revenue,
2016
B-2,
Refunding,
Mandatory
Put,
0.55%,
11/01/26
..............
12,000,000
10,657,651
Revenue,
2017
A,
Refunding,
5%,
11/01/42
..............................
42,535,000
44,457,850
Revenue,
2017
A,
Refunding,
5%,
11/01/47
..............................
29,345,000
30,503,318
Revenue,
2018
A,
Refunding,
5%,
11/01/39
..............................
19,920,000
21,337,103
Revenue,
2018
A,
Refunding,
5%,
11/01/43
..............................
3,330,000
3,539,094
Revenue,
2018
A,
Refunding,
5%,
11/01/48
..............................
29,780,000
31,490,730
Revenue,
2019
A,
5%,
11/01/44
.......................................
23,765,000
25,318,209
Revenue,
2019
A,
5%,
11/01/49
.......................................
77,595,000
81,964,219
California
Statewide
Communities
Development
Authority
,
Revenue,
2004
A,
AGMC
Insured,
5.25%,
10/01/24
........................
115,000
115,180
Special
Tax,
2023
A,
5.25%,
9/01/51
...................................
3,305,000
3,208,077
Adventist
Health
System/West
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
3/01/35
........................................................
9,250,000
9,471,478
Adventist
Health
System/West
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
3/01/48
........................................................
67,585,000
68,373,217
Cedars-Sinai
Medical
Center
Obligated
Group,
Revenue,
2018,
5%,
7/01/48
.....
7,980,000
8,246,408
Community
Facilities
District
No.
2020-02
Improvement
Area
No.
2,
Special
Tax,
2022,
5.25%,
9/01/52
.............................................
1,650,000
1,600,406
Community
Facilities
District
No.
20220,
Special
Tax,
2023,
5%,
9/01/43
.........
1,030,000
1,026,718
Community
Facilities
District
No.
20220,
Special
Tax,
2023,
5%,
9/01/48
.........
1,120,000
1,084,323
Community
Facilities
District
No.
20220,
Special
Tax,
2023,
5%,
9/01/53
.........
1,000,000
959,470
Community
Facilities
District
No.
2022-03,
Special
Tax,
2023,
5%,
9/01/38
.......
1,715,000
1,670,008
Community
Facilities
District
No.
2022-03,
Special
Tax,
2023,
5%,
9/01/43
.......
380,000
357,746
Community
Facilities
District
No.
2022-03,
Special
Tax,
2023,
5%,
9/01/53
.......
1,250,000
1,151,747
Enloe
Medical
Center
Obligated
Group,
Revenue,
2022
A,
AGMC
Insured,
5%,
8/15/42
........................................................
600,000
641,939
Enloe
Medical
Center
Obligated
Group,
Revenue,
2022
A,
AGMC
Insured,
5.125%,
8/15/47
........................................................
880,000
939,666
Enloe
Medical
Center
Obligated
Group,
Revenue,
2022
A,
AGMC
Insured,
5.25%,
8/15/52
........................................................
11,215,000
12,009,588
Enloe
Medical
Center
Obligated
Group,
Revenue,
2022
A,
AGMC
Insured,
5.375%,
8/15/57
........................................................
17,930,000
19,347,695
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2014,
Pre-Refunded,
AGMC
Insured,
5.25%,
10/01/43
.....................................
3,000,000
3,071,132
Marin
General
Hospital
Obligated
Group,
Revenue,
2018
A,
5%,
8/01/34
........
1,225,000
1,272,012
Methodist
Hospital
of
Southern
California
Obligated
Group,
Revenue,
2018,
Refunding,
4%,
1/01/34
............................................
3,485,000
3,388,906
Poway
RHF
Housing,
Inc.,
Revenue,
2013
A,
Pre-Refunded,
California
Mortgage
Insured,
5.25%,
11/15/35
..........................................
2,000,000
2,008,292
Carlsbad
Unified
School
District
,
GO,
2009
B,
Refunding,
6%,
5/01/34
...................................
14,000,000
14,236,001
GO,
2011
C,
Zero
Cpn.,
8/01/35
.......................................
33,000,000
35,705,581
GO,
B,
2%,
8/01/24
................................................
1,000,000
985,952
Centinela
Valley
Union
High
School
District
,
GO
,
2004
A
,
Refunding
,
NATL
Insured
,
5.5
%
,
8/01/33
....................................................
15,630,000
17,415,454
Cerritos
Community
College
District
,
GO
,
2014
A
,
4
%
,
8/01/44
.................
10,000,000
9,833,997
Chabot-Las
Positas
Community
College
District
,
GO
,
B
,
5
%
,
8/01/24
.............
5,500,000
5,593,229
Chaffey
Joint
Union
High
School
District
,
GO
,
B
,
5
%
,
8/01/44
..................
27,500,000
27,973,366
Chino
Community
Facilities
District
,
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8,
Special
Tax,
2021,
4%,
9/01/41
......................................
1,710,000
1,499,734
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)
Chino
Community
Facilities
District,
(continued)
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8,
Special
Tax,
2021,
4%,
9/01/46
......................................
$
1,000,000
$
838,591
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
8,
Special
Tax,
2021,
4%,
9/01/51
......................................
1,250,000
1,015,005
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
5%,
9/01/37
......................................
2,740,000
2,790,260
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
5.25%,
9/01/42
...................................
2,000,000
2,030,060
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
5.375%,
9/01/47
...................................
2,000,000
2,029,568
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
9,
Special
Tax,
2022,
5.375%,
9/01/52
...................................
2,695,000
2,719,340
Chino
Valley
Unified
School
District
,
GO,
2020
B,
3.375%,
8/01/50
.........................................
20,500,000
16,537,061
GO,
2020
B,
5%,
8/01/55
............................................
12,500,000
13,177,562
City
&
County
of
San
Francisco
,
GO
,
2022
R-1
,
Refunding
,
5
%
,
6/15/26
..........
5,000,000
5,284,538
City
of
Beaumont
,
Community
Facilities
District
No.
2016-3,
Special
Tax,
2023,
5%,
9/01/38
........
500,000
510,046
Community
Facilities
District
No.
2016-3,
Special
Tax,
2023,
5%,
9/01/43
........
625,000
626,195
Community
Facilities
District
No.
2016-3,
Special
Tax,
2023,
5%,
9/01/48
........
745,000
724,304
Community
Facilities
District
No.
2016-3,
Special
Tax,
2023,
5%,
9/01/53
........
950,000
917,044
City
of
Corona
,
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1,
Special
Tax,
2020,
4%,
9/01/45
....................................................
650,000
541,705
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1,
Special
Tax,
2020,
4%,
9/01/50
....................................................
1,500,000
1,217,223
City
of
Dublin
,
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4,
Special
Tax,
2022,
5.25%,
9/01/42
..................................................
2,005,000
2,022,153
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4,
Special
Tax,
2022,
5.5%,
9/01/47
...................................................
2,630,000
2,675,259
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
4,
Special
Tax,
2022,
5.5%,
9/01/51
...................................................
3,040,000
3,079,647
City
of
Fillmore
,
Community
Facilities
District
No.
5
Improvement
Area
B,
Special
Tax,
2023,
5%,
9/01/38
........................................................
1,000,000
1,014,526
Community
Facilities
District
No.
5
Improvement
Area
B,
Special
Tax,
2023,
5%,
9/01/43
........................................................
1,100,000
1,100,387
Community
Facilities
District
No.
5
Improvement
Area
B,
Special
Tax,
2023,
5%,
9/01/48
........................................................
2,375,000
2,302,564
Community
Facilities
District
No.
5
Improvement
Area
B,
Special
Tax,
2023,
5%,
9/01/53
........................................................
3,740,000
3,599,315
City
of
Fontana
,
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/45
...........
850,000
728,693
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/50
...........
900,000
745,224
Community
Facilities
District
No.
88,
Special
Tax,
2020,
4%,
9/01/45
...........
1,100,000
943,014
Community
Facilities
District
No.
88,
Special
Tax,
2020,
4%,
9/01/51
...........
1,545,000
1,274,083
Community
Facilities
District
No.
89,
Special
Tax,
2020,
4%,
9/01/40
...........
750,000
674,562
Community
Facilities
District
No.
89,
Special
Tax,
2020,
4%,
9/01/51
...........
1,500,000
1,235,058
Community
Facilities
District
No.
90,
Special
Tax,
2021,
4%,
9/01/41
...........
530,000
478,213
Community
Facilities
District
No.
90,
Special
Tax,
2021,
4%,
9/01/46
...........
475,000
410,934
Community
Facilities
District
No.
90,
Special
Tax,
2021,
4%,
9/01/51
...........
1,825,000
1,521,446
Community
Facilities
District
No.
99,
Special
Tax,
2023,
5%,
9/01/45
...........
600,000
595,601
Community
Facilities
District
No.
99,
Special
Tax,
2023,
5%,
9/01/53
...........
500,000
486,342
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
Irvine
,
Assessment
District
No.
21-1,
1915
Act,
Special
Assessment,
Refunding,
4%,
9/02/23
........................................................
$
1,630,000
$
1,630,000
Assessment
District
No.
21-1,
1915
Act,
Special
Assessment,
Refunding,
4%,
9/02/26
........................................................
1,245,000
1,260,704
Assessment
District
No.
21-1,
1915
Act,
Special
Assessment,
Refunding,
4%,
9/02/27
........................................................
1,500,000
1,530,324
City
of
Lake
Elsinore
,
Community
Facilities
District
No.
2006-6
,
Special
Tax
,
2022
,
4.75
%
,
9/01/52
...................................................
1,000,000
916,570
City
of
Lincoln
,
Community
Facilities
District
No.
2006-1
Area
No.
1,
Special
Tax,
2021,
Refunding,
4%,
9/01/39
....................................................
290,000
263,098
Community
Facilities
District
No.
2006-1
Area
No.
1,
Special
Tax,
2021,
Refunding,
4%,
9/01/40
....................................................
160,000
143,393
Community
Facilities
District
No.
2006-1
Area
No.
1,
Special
Tax,
2021,
Refunding,
4%,
9/01/43
....................................................
320,000
279,282
Community
Facilities
District
No.
2019-1,
Special
Tax,
2022,
5%,
9/01/42
........
2,015,000
1,957,278
Community
Facilities
District
No.
2019-1,
Special
Tax,
2022,
5%,
9/01/47
........
3,430,000
3,256,741
Community
Facilities
District
No.
2019-1,
Special
Tax,
2022,
5%,
9/01/52
........
2,090,000
1,957,307
City
of
Long
Beach
,
Harbor,
Revenue,
2017
C,
Refunding,
5%,
5/15/47
.........................
15,660,000
16,324,635
Harbor,
Revenue,
2019
A,
5%,
5/15/44
..................................
15,045,000
15,983,044
Harbor,
Revenue,
2019
A,
5%,
5/15/49
..................................
8,705,000
9,188,410
City
of
Los
Angeles
,
Department
of
Airports,
Revenue,
2015
D,
5%,
5/15/33
.....................
11,420,000
11,646,602
Department
of
Airports,
Revenue,
2015
D,
5%,
5/15/41
.....................
17,000,000
17,164,193
Department
of
Airports,
Revenue,
2017
A,
5%,
5/15/42
......................
13,680,000
13,932,883
Department
of
Airports,
Revenue,
2017
A,
5%,
5/15/47
......................
51,110,000
51,850,793
Department
of
Airports,
Revenue,
2017
B,
5%,
5/15/42
......................
4,000,000
4,191,910
Department
of
Airports,
Revenue,
2018
A,
5%,
5/15/44
......................
47,710,000
48,660,135
Department
of
Airports,
Revenue,
2018
A,
5.25%,
5/15/48
...................
10,000,000
10,275,270
Department
of
Airports,
Revenue,
2018
C,
5%,
5/15/37
.....................
9,550,000
9,871,438
Department
of
Airports,
Revenue,
2018
C,
5%,
5/15/44
.....................
39,945,000
40,663,239
Department
of
Airports,
Revenue,
2018
E,
Refunding,
5%,
5/15/43
.............
16,995,000
18,186,358
Department
of
Airports,
Revenue,
2018
E,
Refunding,
5%,
5/15/48
.............
33,145,000
35,041,206
Department
of
Airports,
Revenue,
2019
A,
Refunding,
5%,
5/15/49
.............
10,000,000
10,224,467
Department
of
Airports,
Revenue,
2019
C,
5%,
5/15/39
.....................
2,305,000
2,500,576
Department
of
Airports,
Revenue,
2019
E,
5%,
5/15/44
......................
19,485,000
20,687,341
Department
of
Airports,
Revenue,
2019
E,
5%,
5/15/49
......................
45,200,000
47,456,845
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/35
.............
16,005,000
17,912,687
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/37
.............
5,000,000
5,511,765
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/38
.............
15,925,000
17,443,751
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/40
.............
22,485,000
24,415,877
Department
of
Airports,
Revenue,
2021
A,
Refunding,
5%,
5/15/36
.............
3,665,000
3,938,907
Department
of
Airports,
Revenue,
2021
A,
Refunding,
5%,
5/15/38
.............
4,920,000
5,201,062
Department
of
Airports,
Revenue,
2021
A,
Refunding,
5%,
5/15/41
.............
7,005,000
7,323,729
Department
of
Airports,
Revenue,
2021
A,
Refunding,
5%,
5/15/46
.............
25,965,000
26,828,819
Department
of
Airports,
Revenue,
2021
A,
Refunding,
5%,
5/15/51
.............
26,450,000
27,169,588
Department
of
Airports,
Revenue,
2021
D,
5%,
5/15/31
.....................
5,245,000
5,750,313
Department
of
Airports,
Revenue,
2021
D,
5%,
5/15/34
.....................
2,500,000
2,744,458
Department
of
Airports,
Revenue,
2021
D,
Pre-Refunded,
5%,
5/15/34
..........
140,000
154,467
Department
of
Airports,
Revenue,
2022
C,
Refunding,
5%,
5/15/45
.............
8,000,000
8,310,604
Department
of
Airports,
Revenue,
Senior
Lien,
2015
A,
5%,
5/15/40
............
3,000,000
3,033,405
Department
of
Airports,
Revenue,
Senior
Lien,
2020
B,
Refunding,
4%,
5/15/39
...
2,000,000
2,010,424
Department
of
Airports,
Revenue,
Senior
Lien,
2020
C,
5%,
5/15/37
............
6,595,000
6,976,029
Department
of
Airports,
Revenue,
Senior
Lien,
2022
G,
4%,
5/15/42
............
16,575,000
15,857,742
Department
of
Airports,
Revenue,
Senior
Lien,
2022
G,
4%,
5/15/47
............
11,325,000
10,493,234
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
Los
Angeles,
(continued)
Department
of
Airports,
Revenue,
Senior
Lien,
2022
H,
5%,
5/15/42
............
$
1,415,000
$
1,476,759
Department
of
Airports,
Revenue,
Senior
Lien,
2022
H,
5%,
5/15/47
............
25,000,000
25,834,678
Department
of
Airports,
Revenue,
Senior
Lien,
2022
H,
5.25%,
5/15/47
.........
1,200,000
1,264,630
Department
of
Airports,
Revenue,
Senior
Lien,
2022
H,
5.5%,
5/15/47
..........
23,000,000
24,678,747
Department
of
Airports,
Revenue,
Senior
Lien,
2022
I,
5%,
5/15/41
.............
1,350,000
1,493,292
Department
of
Airports,
Revenue,
Senior
Lien,
2022
I,
5%,
5/15/42
.............
1,360,000
1,497,058
Department
of
Airports,
Revenue,
Senior
Lien,
2022
I,
4%,
5/15/48
.............
2,000,000
1,950,863
Department
of
Airports,
Revenue,
Senior
Lien,
2022
I,
5%,
5/15/48
.............
6,265,000
6,771,531
Wastewater
System,
Revenue,
2015
A,
5%,
6/01/44
........................
18,500,000
18,843,739
Wastewater
System,
Revenue,
2015
C,
Refunding,
5%,
6/01/45
...............
15,190,000
15,477,659
Wastewater
System,
Revenue,
2018
A,
5%,
6/01/43
........................
10,000,000
10,623,833
Wastewater
System,
Revenue,
2018
A,
5%,
6/01/48
........................
1,275,000
1,346,698
City
of
Menifee
,
Community
Facilities
District
No.
2019-1
Meadow
Run,
Special
Tax,
2022,
4%,
9/01/37
........................................................
320,000
298,255
Community
Facilities
District
No.
2019-1
Meadow
Run,
Special
Tax,
2022,
3%,
9/01/43
........................................................
135,000
97,201
Community
Facilities
District
No.
2019-1
Meadow
Run,
Special
Tax,
2022,
4%,
9/01/51
........................................................
565,000
476,946
Community
Facilities
District
No.
2022-1
Quartz
Ranch,
Special
Tax,
2023
A,
5%,
9/01/38
........................................................
500,000
511,645
Community
Facilities
District
No.
2022-1
Quartz
Ranch,
Special
Tax,
2023
A,
5%,
9/01/43
........................................................
600,000
603,024
Community
Facilities
District
No.
2022-1
Quartz
Ranch,
Special
Tax,
2023
A,
5%,
9/01/48
........................................................
700,000
686,311
Community
Facilities
District
No.
2022-1
Quartz
Ranch,
Special
Tax,
2023
A,
5%,
9/01/53
........................................................
1,000,000
972,684
City
of
Newport
Beach
,
Assessment
District
No.
113
,
1915
Act,
Special
Assessment
,
2021
A
,
2.25
%
,
9/02/41
.............................................
1,290,000
815,969
City
of
Ontario
,
Community
Facilities
District
No.
13,
Special
Tax,
2021,
Refunding,
4%,
9/01/38
...
400,000
360,313
Community
Facilities
District
No.
45,
Special
Tax,
2020,
4%,
9/01/43
...........
410,000
347,950
Community
Facilities
District
No.
45,
Special
Tax,
2020,
4%,
9/01/51
...........
1,565,000
1,259,342
Community
Facilities
District
No.
53,
Special
Tax,
2021,
4%,
9/01/36
...........
525,000
496,978
Community
Facilities
District
No.
53,
Special
Tax,
2021,
4%,
9/01/42
...........
650,000
569,446
Community
Facilities
District
No.
55,
Special
Tax,
2022,
5%,
9/01/42
...........
750,000
753,235
Community
Facilities
District
No.
55,
Special
Tax,
2022,
5%,
9/01/47
...........
800,000
791,484
Community
Facilities
District
No.
55,
Special
Tax,
2022,
5%,
9/01/53
...........
845,000
824,430
Community
Facilities
District
No.
57,
Special
Tax,
2022,
4.25%,
9/01/37
.........
415,000
390,448
Community
Facilities
District
No.
57,
Special
Tax,
2022,
4.625%,
9/01/42
........
650,000
617,280
Community
Facilities
District
No.
57,
Special
Tax,
2022,
4.75%,
9/01/47
.........
840,000
789,921
Community
Facilities
District
No.
57,
Special
Tax,
2022,
4.75%,
9/01/52
.........
825,000
757,309
City
of
Orange
,
Community
Facilities
District
No.
06-1
,
Special
Tax
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/40
.........................................
7,500,000
7,701,192
City
of
Pasadena
,
Electric
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
6/01/46
............
22,625,000
21,816,577
City
of
Riverside
,
Electric,
Revenue,
2013
A,
Refunding,
5%,
10/01/43
.......................
11,535,000
11,546,443
Sewer,
Revenue,
2015
A,
Refunding,
5%,
8/01/40
.........................
25,000,000
25,655,387
City
of
Roseville
,
Electric
System,
COP,
2004,
AGMC
Insured,
5%,
2/01/34
....................
5,000
5,006
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1,
Special
Tax,
2023,
5%,
9/01/38
........................................................
1,165,000
1,187,478
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1,
Special
Tax,
2023,
5%,
9/01/43
........................................................
1,000,000
1,001,912
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1,
Special
Tax,
2023,
5%,
9/01/48
........................................................
1,000,000
976,320
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)
City
of
Roseville,
(continued)
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1,
Special
Tax,
2023,
5%,
9/01/53
........................................................
$
1,150,000
$
1,113,487
City
of
Sacramento
,
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/43
....................
13,555,000
14,110,838
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/48
....................
12,000,000
12,421,319
Transient
Occupancy
Tax,
Revenue,
2018
C,
5%,
6/01/48
...................
9,415,000
9,729,198
City
of
San
Diego
,
Community
Facilities
District
No.
2,
Special
Tax,
2021,
Refunding,
4%,
9/01/28
....
880,000
903,171
Community
Facilities
District
No.
2,
Special
Tax,
2021,
Refunding,
4%,
9/01/29
....
690,000
709,503
Community
Facilities
District
No.
2,
Special
Tax,
2021,
Refunding,
4%,
9/01/30
....
425,000
438,393
City
of
Santa
Paula
,
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A,
Special
Tax,
2022,
4%,
9/01/42
....................................................
575,000
502,461
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A,
Special
Tax,
2022,
4%,
9/01/47
....................................................
1,460,000
1,223,657
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A,
Special
Tax,
2022,
4%,
9/01/52
....................................................
3,530,000
2,864,210
City
of
Santa
Rosa
,
Wastewater
,
Revenue
,
2020
A
,
5
%
,
9/01/35
................
600,000
670,896
City
of
Upland
,
San
Antonio
Regional
Hospital
Obligated
Group
,
COP
,
Refunding
,
5
%
,
1/01/47
.........................................................
14,400,000
14,550,991
City
of
Vernon
,
Electric
System,
Revenue,
2021
A,
5%,
10/01/24
..........................
2,500,000
2,524,748
Electric
System,
Revenue,
2021
A,
5%,
4/01/28
...........................
2,000,000
2,093,699
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/34
..................
1,350,000
1,466,130
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/39
..................
425,000
439,173
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/40
..................
365,000
376,426
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/41
..................
420,000
426,368
e
CMFA
Special
Finance
Agency
,
Latitude33,
Revenue,
144A,
2021
A-1,
3%,
12/01/56
.......................
9,000,000
5,903,965
Solana
at
Grand,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
8/01/56
..........
54,800,000
44,782,796
e
CMFA
Special
Finance
Agency
Enclave
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
4
%
,
8/01/58
.........................................................
26,500,000
19,548,576
e
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-1
,
3
%
,
8/01/56
..............................................
94,250,000
62,063,568
e
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
8/01/56
.........................................
34,750,000
22,875,574
e
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
2/01/57
............................................
27,500,000
18,812,709
Coachella
Valley
Unified
School
District
,
GO,
C,
AGMC
Insured,
Zero
Cpn.,
8/01/36
...............................
8,000,000
4,746,190
GO,
C,
AGMC
Insured,
Zero
Cpn.,
8/01/37
...............................
8,000,000
4,479,506
GO,
C,
AGMC
Insured,
Zero
Cpn.,
8/01/40
...............................
7,500,000
3,502,582
GO,
C,
AGMC
Insured,
Zero
Cpn.,
8/01/43
...............................
10,000,000
3,902,891
Coalinga-Huron
Joint
Unified
School
District
,
GO
,
B
,
BAM
Insured
,
5
%
,
8/01/48
.....
7,135,000
7,380,449
Colton
Joint
Unified
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/42
.
16,365,000
6,728,845
Contra
Costa
Community
College
District
,
GO
,
2020
C
,
4
%
,
8/01/32
.............
1,200,000
1,277,576
Contra
Costa
Water
District
,
Revenue
,
V
,
Refunding
,
5
%
,
10/01/49
..............
7,500,000
7,984,545
Corona-Norco
Unified
School
District
,
GO,
1998
B,
AGMC
Insured,
Zero
Cpn.,
9/01/23
...........................
2,320,000
2,320,000
GO,
1998
B,
AGMC
Insured,
Zero
Cpn.,
9/01/24
...........................
2,620,000
2,527,816
GO,
1998
B,
AGMC
Insured,
Zero
Cpn.,
3/01/25
...........................
1,400,000
1,326,836
GO,
1998
C,
NATL
Insured,
Zero
Cpn.,
9/01/25
...........................
4,655,000
4,331,022
GO,
1998
C,
NATL
Insured,
Zero
Cpn.,
9/01/26
...........................
6,080,000
5,463,093
County
of
Orange
,
Community
Facilities
District
No.
2021-1,
Special
Tax,
2022
A,
5%,
8/15/37
......
1,300,000
1,341,499
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)
County
of
Orange,
(continued)
Community
Facilities
District
No.
2021-1,
Special
Tax,
2022
A,
5%,
8/15/42
......
$
850,000
$
857,302
Community
Facilities
District
No.
2021-1,
Special
Tax,
2022
A,
5%,
8/15/47
......
4,650,000
4,645,216
Community
Facilities
District
No.
2021-1,
Special
Tax,
2022
A,
5%,
8/15/52
......
4,200,000
4,157,020
County
of
Placer
,
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2,
Special
Tax,
2023,
5%,
9/01/43
....................................................
900,000
870,682
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2,
Special
Tax,
2023,
5%,
9/01/48
....................................................
1,360,000
1,271,750
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
2,
Special
Tax,
2023,
5%,
9/01/53
....................................................
1,000,000
921,398
County
of
Riverside
,
Revenue,
2023,
5%,
6/28/24
.........................................
11,000,000
11,167,086
Community
Facilities
District
No.
07-2,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/45
........................................................
2,730,000
2,612,144
County
of
Sacramento
,
Airport
System,
Revenue,
2016
B,
Refunding,
5%,
7/01/41
...................
9,000,000
9,283,962
Airport
System,
Revenue,
Senior
Lien,
2016
A,
Refunding,
5%,
7/01/41
.........
10,000,000
10,315,514
Community
Facilities
District
No.
2014-2,
Special
Tax,
2021,
4%,
9/01/41
........
325,000
286,796
Community
Facilities
District
No.
2014-2,
Special
Tax,
2021,
4%,
9/01/46
........
325,000
275,636
e
CSCDA
Community
Improvement
Authority
,
1818
Platinum
Triangle-Anaheim,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3.35%,
4/01/47
........................................................
10,000,000
7,649,456
777
Place-Pomona,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3.6%,
5/01/47
.......
10,000,000
7,882,165
777
Place-Pomona,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3.25%,
5/01/57
......
12,500,000
8,495,913
Acacia
on
Santa
Rosa
Creek,
Revenue,
Senior
Lien,
144A,
2021
A,
4%,
10/01/56
.
13,000,000
10,619,129
Cameo/Garrison
Apartments,
Revenue,
144A,
2021
B,
4%,
3/01/57
............
7,000,000
4,904,714
Cameo/Garrison
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
2.8%,
3/01/47
21,800,000
16,355,568
Cameo/Garrison
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
3/01/57
.
7,430,000
4,919,427
Crescent
(The),
Revenue,
Senior
Lien,
144A,
2022
A-1,
3.25%,
7/01/43
.........
6,530,000
4,892,840
Crescent
(The),
Revenue,
Senior
Lien,
144A,
2022
A-2,
4.3%,
7/01/59
..........
18,250,000
14,597,992
Dublin,
Revenue,
144A,
2021
B,
4%,
2/01/57
.............................
16,110,000
11,290,942
Dublin,
Revenue,
Senior
Lien,
144A,
2021
A-1,
2.45%,
2/01/47
...............
40,000,000
30,027,884
Dublin,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
2/01/57
..................
45,500,000
29,818,976
Escondido
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
6/01/48
........
10,000,000
6,641,551
Jefferson
Platinum
Triangle
Apartments,
Revenue,
144A,
2021
A-1,
2.875%,
8/01/41
19,335,000
16,350,788
Jefferson
Platinum
Triangle
Apartments,
Revenue,
144A,
2021
A-2,
3.125%,
8/01/56
54,465,000
36,871,819
Monterey
Station
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
7/01/43
.
8,000,000
5,911,320
Park
Crossing
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A,
3.25%,
12/01/58
.
18,750,000
12,086,775
Parrallel-Anaheim,
Revenue,
144A,
2021
A,
4%,
8/01/56
....................
17,840,000
13,167,039
Pasadena
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-1,
2.65%,
12/01/46
.....
1,425,000
1,055,812
Pasadena
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
12/01/56
.......
39,820,000
26,214,629
Renaissance
at
City
Center,
Revenue,
144A,
2020
A,
5%,
7/01/51
.............
18,625,000
16,970,692
Theo
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3.5%,
5/01/47
........
5,000,000
3,890,422
Towne
at
Glendale
Apartments,
Revenue,
144A,
2022
A,
Zero
Cpn.,
9/01/62
.....
53,000,000
25,290,662
Vineyard
Garden
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A,
3.25%,
10/01/58
14,000,000
9,065,956
Waterscape
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A,
3%,
9/01/56
......
5,000,000
3,239,159
Westgate
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
6/01/47
......
14,500,000
10,193,807
Wood
Creek
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
12/01/49
...
30,000,000
19,553,571
Wood
Creek
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-2,
4%,
12/01/58
...
25,000,000
18,303,550
Daly
City
Housing
Development
Finance
Agency
,
Franciscan
Park
LLC
,
Revenue
,
2007
A
,
Refunding
,
5
%
,
12/15/47
..........................................
17,870,000
17,869,580
Day
Creek
Square
Public
Facilities
,
Community
Facilities
District
No.
2018-1,
Special
Tax,
2020,
4%,
9/01/40
........
625,000
535,592
Community
Facilities
District
No.
2018-1,
Special
Tax,
2020,
4%,
9/01/45
........
700,000
572,744
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)
Delano
Joint
Union
High
School
District
,
GO
,
2003
A
,
Refunding
,
NATL
Insured
,
5.15
%
,
2/01/32
.........................................................
$
8,520,000
$
9,295,927
East
Bay
Municipal
Utility
District
,
Water
System,
Revenue,
2014
A,
Refunding,
5%,
6/01/35
...................
10,000,000
10,109,502
Water
System,
Revenue,
2014
B,
Refunding,
5%,
6/01/24
...................
4,140,000
4,197,173
Water
System,
Revenue,
2014
C,
5%,
6/01/44
............................
14,000,000
14,094,114
Water
System,
Revenue,
2015
A,
Refunding,
5%,
6/01/36
...................
7,355,000
7,567,642
Water
System,
Revenue,
2015
C,
4%,
6/01/45
............................
9,070,000
8,841,068
Water
System,
Revenue,
2017
A,
Refunding,
5%,
6/01/45
...................
4,240,000
4,426,446
Water
System,
Revenue,
2019
A,
5%,
6/01/44
............................
4,000,000
4,299,390
Eastern
Municipal
Water
District
,
Revenue,
2021
A,
Refunding,
4%,
7/01/28
...............................
2,480,000
2,615,214
d
Revenue,
2021
B,
Refunding,
Mandatory
Put,
4.16%,
7/01/24
................
7,500,000
7,476,475
Community
Facilities
District
No.
2017-79,
Special
Tax,
2021,
4%,
9/01/46
.......
2,815,000
2,380,692
Community
Facilities
District
No.
2017-79,
Special
Tax,
2021,
4%,
9/01/51
.......
3,405,000
2,790,593
Community
Facilities
District
No.
2019-83,
Special
Tax,
2022,
4%,
9/01/51
.......
2,790,000
2,286,565
Eastern
Municipal
Water
District
Financing
Authority
,
Revenue
,
2015
B
,
5
%
,
7/01/46
.
30,705,000
31,417,734
Elk
Grove
Finance
Authority
,
Special
Tax
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/38
1,500,000
1,546,497
Fairfax
School
District
,
GO
,
2011
,
AGMC
Insured
,
Zero
Cpn.,
11/01/48
...........
10,380,000
2,881,312
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
Revenue
,
2019-ML06
,
ACA
,
Revenue
,
2.493
%
,
7/25/35
...........................................
1,023,065
830,815
Folsom
Cordova
Unified
School
District
School
Facilities
Improvement
Dist
No.
5
,
GO
,
C
,
4
%
,
10/01/43
...................................................
17,500,000
17,170,998
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue,
2013
A,
Refunding,
AGMC
Insured,
5%,
1/15/42
...................
10,000,000
10,028,860
Revenue,
2013
A,
Pre-Refunded,
6%,
1/15/49
............................
305,000,000
308,203,537
Revenue,
2013
A,
Pre-Refunded,
6%,
1/15/53
............................
190,000,000
191,995,646
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/31
..............
35,000,000
39,798,549
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/32
..............
37,260,000
42,529,827
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/37
..............
41,250,000
23,121,776
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/38
..............
77,650,000
40,926,729
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/39
..............
56,100,000
27,820,568
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/42
..........................
130,000,000
53,832,116
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/42
..........................
98,000,000
113,957,056
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/25
....................
20,660,000
19,788,406
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/26
....................
23,475,000
21,786,575
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/27
....................
15,000,000
13,522,329
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/28
....................
2,000,000
1,754,760
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/29
....................
35,310,000
30,089,798
Revenue,
Senior
Lien,
2021
A,
Refunding,
4%,
1/15/46
.....................
17,500,000
16,431,200
Fowler
Unified
School
District
,
GO,
2010
C,
AGMC
Insured,
Zero
Cpn.,
8/01/41
..........................
3,095,000
1,352,366
GO,
2010
C,
AGMC
Insured,
Zero
Cpn.,
8/01/42
..........................
3,005,000
1,245,976
Fresno
Unified
School
District
,
GO,
2020
B,
5%,
8/01/46
............................................
2,635,000
2,785,888
GO,
2020
B,
4%,
8/01/48
............................................
3,205,000
3,069,201
GO,
2020
B,
4%,
8/01/52
............................................
6,585,000
6,242,345
GO,
2020
B,
4%,
8/01/55
............................................
4,000,000
3,759,312
Glendale
Community
College
District
,
GO
,
2003
C
,
NATL
Insured
,
Zero
Cpn.,
8/01/28
10,735,000
8,727,864
Glendora
Public
Finance
Authority
,
Glendora
Community
Redevelopment
Agency
,
Tax
Allocation
,
2003
A
,
NATL
Insured
,
5
%
,
9/01/24
............................
1,945,000
1,946,982
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2022
A-1
,
Refunding
,
5
%
,
6/01/51
.........................................................
19,000,000
19,739,495
Golden
Valley
Unified
School
District
Financing
Authority
,
Community
Facilities
District
No.
2017-1,
Revenue,
2021
A,
4%,
9/01/46
........
250,000
207,887
Community
Facilities
District
No.
2017-1,
Revenue,
2021
A,
4%,
9/01/51
........
500,000
401,043
Community
Facilities
District
No.
2017-1,
Revenue,
2021
A,
4%,
9/01/56
........
745,000
586,069
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)
Grossmont
Union
High
School
District
,
GO
,
2004
,
AGMC
Insured
,
Zero
Cpn.,
8/01/24
$
5,110,000
$
4,947,310
Grossmont-Cuyamaca
Community
College
District
,
GO
,
2018
B
,
4
%
,
8/01/47
......
10,000,000
9,751,029
Hacienda
La
Puente
Unified
School
District
,
GO
,
2017
A
,
4
%
,
8/01/47
............
655,000
632,912
Hartnell
Community
College
District
,
GO
,
2009
C
,
6.125
%
,
8/01/33
..............
20,000,000
24,625,532
Hawthorne
School
District
,
GO
,
2008
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/48
.......
37,665,000
10,943,532
Hemet
Unified
School
District
,
Community
Facilities
District
No.
2021-7,
Special
Tax,
2023,
5%,
9/01/48
........
1,500,000
1,450,188
Community
Facilities
District
No.
2021-7,
Special
Tax,
2023,
5%,
9/01/53
........
1,000,000
959,470
Huntington
Beach
City
School
District
,
GO
,
2003
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/28
10,005,000
8,208,557
Independent
Cities
Finance
Authority
,
Augusta
Communities
LLC,
Revenue,
2022
A,
Refunding,
5.25%,
5/15/56
.......
4,000,000
4,069,401
e
City
of
Compton
Sales
Tax,
Revenue,
144A,
2021,
AGMC
Insured,
4%,
6/01/36
...
700,000
700,631
e
City
of
Compton
Sales
Tax,
Revenue,
144A,
2021,
AGMC
Insured,
4%,
6/01/41
...
900,000
884,706
e
City
of
Compton
Sales
Tax,
Revenue,
144A,
2021,
AGMC
Insured,
4%,
6/01/46
...
925,000
880,271
e
City
of
Compton
Sales
Tax,
Revenue,
144A,
2021,
AGMC
Insured,
4%,
6/01/51
...
1,250,000
1,169,882
Millennium
Housing
LLC,
Revenue,
2021
A,
Refunding,
3%,
9/15/46
...........
1,000,000
735,717
Millennium
Housing
LLC,
Revenue,
2021
A,
Refunding,
3%,
9/15/56
...........
2,000,000
1,327,697
Millennium
Housing
LLC,
Revenue,
2022,
Refunding,
4%,
9/15/42
.............
2,000,000
1,837,009
Millennium
Housing
LLC,
Revenue,
2022,
Refunding,
4.25%,
9/15/50
...........
2,000,000
1,831,119
Millennium
Housing
LLC,
Revenue,
2022,
Refunding,
5%,
9/15/50
.............
2,000,000
2,049,383
Irvine
Unified
School
District
,
Special
Tax,
2020
A,
4%,
9/01/40
......................................
2,945,000
2,658,268
Special
Tax,
2020
A,
4%,
9/01/44
......................................
6,215,000
5,396,176
Special
Tax,
2020
A,
BAM
Insured,
4%,
9/01/50
...........................
7,960,000
7,357,618
Community
Facilities
District
No.
01-1,
Special
Tax,
2015,
Refunding,
BAM
Insured,
5%,
9/01/38
....................................................
7,000,000
7,136,198
Community
Facilities
District
No.
09-1,
Special
Tax,
2017
D,
5%,
3/01/57
........
10,940,000
10,955,440
Jefferson
Union
High
School
District
,
GO,
2000
A,
Refunding,
NATL
Insured,
6.45%,
8/01/25
.....................
1,335,000
1,374,998
GO,
2000
A,
Refunding,
NATL
Insured,
6.45%,
8/01/29
.....................
3,075,000
3,426,742
Jurupa
Community
Services
District
,
Community
Facilities
District
No.
52,
Special
Tax,
2021
A,
4%,
9/01/39
..........
135,000
121,084
Community
Facilities
District
No.
52,
Special
Tax,
2021
A,
4%,
9/01/40
..........
140,000
123,840
Community
Facilities
District
No.
52,
Special
Tax,
2021
A,
4%,
9/01/50
..........
1,000,000
816,767
Community
Facilities
District
No.
54,
Special
Tax,
2021
A,
4%,
9/01/46
..........
900,000
753,671
Community
Facilities
District
No.
54,
Special
Tax,
2021
A,
4%,
9/01/51
..........
875,000
709,410
Jurupa
Public
Financing
Authority
,
Special
Tax,
2013
A,
Refunding,
AGMC
Insured,
5.125%,
9/01/37
..............
4,000,000
4,000,000
Special
Tax,
2013
A,
Refunding,
AGMC
Insured,
5.25%,
9/01/42
...............
3,250,000
3,250,000
La
Mirada
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2010
A
,
Refunding
,
AGMC
Insured
,
5
%
,
8/15/28
.................................
1,855,000
1,858,211
Lake
Elsinore
Unified
School
District
,
Community
Facilities
District
No.
2006-3,
Special
Tax,
2022,
5%,
9/01/47
........
350,000
339,662
Community
Facilities
District
No.
2006-3,
Special
Tax,
2022,
5%,
9/01/52
........
500,000
478,079
Lakeside
Union
School
District
,
GO
,
2010
B
,
Zero
Cpn.,
8/01/45
................
11,540,000
4,013,786
Lammersville
Joint
Unified
School
District
,
GO
,
2016
A
,
4
%
,
8/01/46
.............
41,340,000
39,596,618
Lancaster
School
District
,
GO,
2001,
NATL
Insured,
Zero
Cpn.,
8/01/25
.............................
5,495,000
5,107,004
GO,
2001,
NATL
Insured,
Zero
Cpn.,
7/01/26
.............................
5,965,000
5,354,668
Lassen
Municipal
Utility
District
,
COP
,
2021
,
4
%
,
5/01/51
......................
3,000,000
2,611,515
Lawndale
Redevelopment
Agency
,
Tax
Allocation,
2009,
AGMC
Insured,
5.5%,
8/01/39
........................
10,280,000
10,296,654
Tax
Allocation,
2009,
AGMC
Insured,
5.5%,
8/01/44
........................
6,085,000
6,094,543
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)
Lemon
Grove
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/50
.....
$
20,990,000
$
5,676,357
Lodi
Unified
School
District
,
GO
,
2017
,
4
%
,
8/01/41
..........................
15,000,000
14,746,691
Long
Beach
Bond
Finance
Authority
,
Revenue,
2007
A,
5.5%,
11/15/28
.....................................
8,000,000
8,503,474
Revenue,
2007
A,
5%,
11/15/29
.......................................
17,465,000
18,141,873
Revenue,
2007
A,
5.5%,
11/15/30
.....................................
5,000,000
5,366,066
Revenue,
2007
A,
5%,
11/15/35
.......................................
69,855,000
72,662,864
Revenue,
2007
A,
5.5%,
11/15/37
.....................................
35,000,000
37,374,554
Los
Angeles
Community
College
District
,
GO,
2015
A,
Pre-Refunded,
5%,
8/01/27
................................
24,895,000
25,337,145
GO,
2015
A,
Pre-Refunded,
4%,
8/01/32
................................
90,600,000
91,406,114
GO,
2015
C,
Refunding,
5%,
8/01/25
...................................
5,890,000
6,114,726
GO,
2016,
Refunding,
5%,
8/01/38
.....................................
10,000,000
10,464,565
Los
Angeles
County
Metropolitan
Transportation
Authority
,
Revenue,
2021
A,
5%,
6/01/26
........................................
4,000,000
4,220,652
Sales
Tax,
Revenue,
2016
A,
Refunding,
5%,
6/01/35
.......................
17,655,000
18,531,892
Sales
Tax,
Revenue,
2016
A,
Refunding,
5%,
6/01/37
.......................
10,970,000
11,435,739
Sales
Tax,
Revenue,
2016
A,
Refunding,
5%,
6/01/38
.......................
2,705,000
2,817,451
Sales
Tax,
Revenue,
2016
A,
Refunding,
5%,
6/01/39
.......................
10,000,000
10,409,538
Sales
Tax,
Revenue,
2017
A,
5%,
7/01/38
...............................
10,455,000
11,070,972
Sales
Tax,
Revenue,
2017
A,
5%,
7/01/39
...............................
7,860,000
8,301,249
Sales
Tax,
Revenue,
2017
A,
5%,
7/01/41
...............................
12,350,000
12,979,704
Sales
Tax,
Revenue,
2017
A,
5%,
7/01/42
...............................
26,910,000
28,221,736
Sales
Tax,
Revenue,
2020
A,
Refunding,
5%,
6/01/32
.......................
6,700,000
7,636,981
Sales
Tax,
Revenue,
2020
A,
Refunding,
5%,
6/01/35
.......................
18,960,000
21,407,897
Sales
Tax,
Revenue,
2020
A,
Refunding,
5%,
6/01/36
.......................
7,035,000
7,882,568
Sales
Tax,
Revenue,
2020
A,
Refunding,
5%,
6/01/37
.......................
10,330,000
11,473,465
Sales
Tax,
Revenue,
2021
A,
5%,
6/01/24
...............................
5,500,000
5,577,167
Sales
Tax,
Revenue,
2021
A,
5%,
6/01/32
...............................
4,000,000
4,626,561
Sales
Tax,
Revenue,
Senior
Lien,
2021
A,
5%,
7/01/28
......................
3,830,000
4,228,710
Sales
Tax,
Revenue,
Senior
Lien,
2021
A,
5%,
7/01/36
......................
2,500,000
2,843,112
Los
Angeles
County
Sanitation
Districts
Financing
Authority
,
Revenue,
2022
A,
5%,
10/01/25
.......................................
6,830,000
7,098,547
Los
Angeles
County
Sanitation
District
No.
20,
Revenue,
2016
A,
Refunding,
4%,
10/01/42
.......................................................
16,430,000
15,588,365
Los
Angeles
Department
of
Water
,
Water
System
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
7/01/41
.........................................................
6,455,000
7,063,080
Los
Angeles
Department
of
Water
&
Power
,
Power
System,
Revenue,
2014
B,
5%,
7/01/43
............................
62,000,000
62,233,325
Power
System,
Revenue,
2014
D,
5%,
7/01/44
............................
51,940,000
52,409,081
Power
System,
Revenue,
2015
A,
Refunding,
5%,
7/01/35
...................
15,105,000
15,465,310
Power
System,
Revenue,
2015
A,
Refunding,
5%,
7/01/36
...................
17,795,000
18,190,958
Power
System,
Revenue,
2016
B,
5%,
7/01/35
............................
11,995,000
12,501,166
Power
System,
Revenue,
2017
A,
5%,
7/01/47
............................
5,000,000
5,177,193
Power
System,
Revenue,
2017
C,
5%,
7/01/47
............................
99,525,000
103,545,959
Power
System,
Revenue,
2018
D,
Refunding,
5%,
7/01/38
...................
8,960,000
9,591,353
Power
System,
Revenue,
2018
D,
Refunding,
5%,
7/01/39
...................
8,215,000
8,753,525
Power
System,
Revenue,
2019
A,
5%,
7/01/45
............................
9,535,000
10,062,248
Power
System,
Revenue,
2019
A,
5.25%,
7/01/49
.........................
12,555,000
13,359,327
Power
System,
Revenue,
2019
D,
Refunding,
5%,
7/01/44
...................
17,555,000
18,648,264
Power
System,
Revenue,
2020
A,
Refunding,
5%,
7/01/28
...................
10,000,000
11,036,256
Power
System,
Revenue,
2020
B,
Refunding,
5%,
7/01/39
...................
1,005,000
1,109,897
Power
System,
Revenue,
2020
B,
Refunding,
5%,
7/01/45
...................
8,500,000
9,107,376
Power
System,
Revenue,
2021
B,
Refunding,
5%,
7/01/48
...................
20,800,000
22,181,131
Power
System,
Revenue,
2021
C,
5%,
7/01/40
............................
8,020,000
8,919,810
Power
System,
Revenue,
2021
C,
5%,
7/01/45
............................
14,455,000
15,616,653
Power
System,
Revenue,
2022
C,
Refunding,
5%,
7/01/40
...................
6,000,000
6,710,548
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)
Los
Angeles
Department
of
Water
&
Power,
(continued)
Power
System,
Revenue,
2022
C,
Refunding,
5%,
7/01/41
...................
$
5,000,000
$
5,541,647
Power
System,
Revenue,
2022
C,
Refunding,
5%,
7/01/42
...................
6,250,000
6,874,203
Power
System,
Revenue,
2022
C,
Refunding,
5%,
7/01/43
...................
5,000,000
5,480,609
Water
System,
Revenue,
2014
A,
5%,
7/01/44
............................
84,000,000
84,785,812
Water
System,
Revenue,
2016
A,
Refunding,
5%,
7/01/41
...................
29,820,000
30,775,355
Water
System,
Revenue,
2016
A,
Refunding,
5%,
7/01/46
...................
32,840,000
33,633,933
Water
System,
Revenue,
2017
A,
Refunding,
5%,
7/01/41
...................
24,210,000
25,301,094
Water
System,
Revenue,
2017
A,
Refunding,
5%,
7/01/44
...................
35,365,000
36,746,880
Water
System,
Revenue,
2018
A,
5%,
7/01/25
............................
3,940,000
4,077,763
Water
System,
Revenue,
2018
A,
5%,
7/01/43
............................
5,425,000
5,710,779
Water
System,
Revenue,
2018
A,
5%,
7/01/48
............................
22,375,000
23,347,603
Water
System,
Revenue,
2018
B,
Refunding,
5%,
7/01/43
...................
8,380,000
8,868,222
Water
System,
Revenue,
2022
C,
Refunding,
5%,
7/01/41
...................
2,970,000
3,317,848
Los
Angeles
Unified
School
District
,
GO,
2017
A,
Refunding,
5%,
7/01/25
...................................
18,750,000
19,405,595
GO,
2020
C,
4%,
7/01/33
............................................
7,000,000
7,418,692
GO,
2020
C,
4%,
7/01/36
............................................
8,975,000
9,277,058
GO,
2020
RYQ,
4%,
7/01/44
.........................................
10,730,000
10,585,129
Los
Gatos-Saratoga
Joint
High
School
District
,
GO,
A,
4%,
8/01/39
................................................
10,635,000
10,566,922
GO,
A,
4%,
8/01/44
................................................
6,090,000
5,963,132
Marin
Municipal
Water
District
,
Revenue
,
2022
,
Refunding
,
4
%
,
6/15/52
..........
27,295,000
26,100,685
Marina
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation,
2023
A,
5%,
9/01/43
....................................
1,000,000
1,004,638
Tax
Allocation,
2023
B,
5%,
9/01/43
....................................
2,100,000
2,082,849
Menifee
Union
School
District
,
Community
Facilities
District
No.
2011-1,
Special
Tax,
2021,
4%,
9/01/27
........
140,000
139,114
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5,
Special
Tax,
2021,
4%,
9/01/45
....................................................
875,000
744,961
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5,
Special
Tax,
2021,
4%,
9/01/51
....................................................
1,825,000
1,491,077
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
6,
Special
Tax,
2021,
4%,
9/01/26
....................................................
75,000
74,515
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
6,
Special
Tax,
2021,
4%,
9/01/28
....................................................
105,000
104,290
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7,
Special
Tax,
2022,
5%,
9/01/42
....................................................
1,000,000
996,362
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7,
Special
Tax,
2022,
5.125%,
9/01/47
.................................................
2,000,000
1,991,179
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
7,
Special
Tax,
2022,
5.25%,
9/01/52
..................................................
2,000,000
2,003,169
Community
Facilities
District
No.
2019-2,
Special
Tax,
2021,
4%,
9/01/35
........
200,000
191,958
Community
Facilities
District
No.
2019-2,
Special
Tax,
2021,
4%,
9/01/44
........
565,000
485,297
Community
Facilities
District
No.
2019-2,
Special
Tax,
2021,
4%,
9/01/51
........
675,000
553,201
Metropolitan
Water
District
of
Southern
California
,
d
Revenue,
2017
C,
Mandatory
Put,
4.2%,
5/21/24
..........................
13,000,000
12,993,757
d
Revenue,
2017
D,
Refunding,
Mandatory
Put,
4.2%,
5/21/24
.................
10,000,000
9,995,198
d
Revenue,
2017
E,
Refunding,
Mandatory
Put,
4.2%,
5/21/24
.................
13,000,000
13,004,290
Revenue,
2019
A,
Refunding,
5%,
7/01/25
...............................
10,000,000
10,355,057
Revenue,
2020
A,
5%,
10/01/49
.......................................
16,665,000
17,741,659
Revenue,
2022
B,
Refunding,
3%,
7/01/28
...............................
20,000,000
20,085,994
Middle
Fork
Project
Finance
Authority
,
Revenue,
2020,
Refunding,
5%,
4/01/27
.................................
3,000,000
3,101,985
Revenue,
2020,
Refunding,
5%,
4/01/31
.................................
3,895,000
4,155,399
Revenue,
2020,
Refunding,
5%,
4/01/34
.................................
1,150,000
1,222,367
Revenue,
2020,
Refunding,
5%,
4/01/35
.................................
1,200,000
1,270,380
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)
Middle
Fork
Project
Finance
Authority,
(continued)
Revenue,
2020,
Refunding,
5%,
4/01/36
.................................
$
4,980,000
$
5,227,221
Midpeninsula
Regional
Open
Space
District
,
Field
Employees
Corp.
,
GO
,
2018
,
4
%
,
9/01/48
.........................................................
11,220,000
10,891,910
Milpitas
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
1997
,
NATL
Insured
,
ETM,
5.5
%
,
1/15/24
.........................................
1,965,000
1,980,933
Modesto
High
School
District
,
GO
,
2002
A
,
NATL
Insured
,
Zero
Cpn.,
5/01/27
......
12,770,000
11,251,772
Monterey
Peninsula
Unified
School
District
,
GO
,
2016
C
,
Refunding
,
5
%
,
8/01/41
...
11,190,000
11,604,583
Moorpark
Unified
School
District
,
GO
,
2009
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/32
...
5,870,000
4,165,296
Moreno
Valley
Unified
School
District
,
GO,
2004
A,
AGMC
Insured,
ETM,
Zero
Cpn.,
8/01/27
......................
6,315,000
5,582,307
GO,
2004
A,
AGMC
Insured,
ETM,
Zero
Cpn.,
8/01/28
......................
6,625,000
5,695,050
GO,
2018
B,
AGMC
Insured,
5%,
8/01/47
................................
6,075,000
6,341,724
Mount
Diablo
Unified
School
District
,
GO,
2022
B,
Refunding,
4%,
8/01/25
...................................
3,100,000
3,151,437
GO,
B,
4%,
8/01/24
................................................
1,425,000
1,434,627
Mount
San
Antonio
Community
College
District
,
GO
,
2013
A
,
Zero
Cpn.,
8/01/43
....
55,000,000
49,930,650
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.5
%
,
11/01/39
....................
25,000,000
29,706,188
Murrieta
Valley
Unified
School
District
,
Community
Facilities
District
No.
2018-1,
Special
Tax,
2021,
4%,
9/01/24
........
60,000
59,770
Community
Facilities
District
No.
2018-1,
Special
Tax,
2021,
4%,
9/01/44
........
500,000
422,901
Community
Facilities
District
No.
2018-1,
Special
Tax,
2021,
4%,
9/01/51
........
1,000,000
808,717
Newport
Mesa
Unified
School
District
,
GO
,
2011
,
6.3
%
,
8/01/42
................
20,000,000
23,701,070
Norman
Y
Mineta
San
Jose
International
Airport
SJC
,
Revenue,
2017
A,
Refunding,
5%,
3/01/36
...............................
4,590,000
4,732,431
Revenue,
2017
A,
Refunding,
5%,
3/01/37
...............................
4,475,000
4,597,663
Revenue,
2017
A,
Refunding,
5%,
3/01/41
...............................
12,685,000
12,896,519
Revenue,
2017
A,
Refunding,
5%,
3/01/47
...............................
8,250,000
8,318,920
Revenue,
2017
B,
Refunding,
5%,
3/01/47
...............................
10,000,000
10,316,933
Revenue,
2021
A,
Refunding,
5%,
3/01/32
...............................
1,800,000
1,956,479
Revenue,
2021
B,
Refunding,
5%,
3/01/29
...............................
500,000
555,681
Revenue,
2021
B,
Refunding,
5%,
3/01/30
...............................
600,000
678,375
Revenue,
2021
B,
Refunding,
5%,
3/01/31
...............................
1,000,000
1,148,414
Revenue,
2021
B,
Refunding,
5%,
3/01/33
...............................
1,400,000
1,602,178
Oceanside
Unified
School
District
,
GO,
2010
B,
AGMC
Insured,
Zero
Cpn.,
8/01/38
...........................
10,590,000
5,460,623
GO,
2010
B,
AGMC
Insured,
Zero
Cpn.,
8/01/39
...........................
7,860,000
3,819,205
GO,
2015,
Refunding,
5%,
8/01/48
.....................................
12,000,000
12,251,236
GO,
2022,
Refunding,
5%,
8/01/39
.....................................
1,005,000
1,090,659
GO,
G,
5%,
8/01/40
................................................
1,020,000
1,103,439
GO,
G,
5%,
8/01/43
................................................
1,000,000
1,076,116
Ontario
International
Airport
Authority
,
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/28
...........................
300,000
317,546
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/31
...........................
1,000,000
1,094,932
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/33
...........................
1,000,000
1,093,545
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/34
...........................
1,000,000
1,091,196
Orange
County
Sanitation
District
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
2/01/36
......
8,350,000
8,468,600
Orange
County
Transportation
Authority
,
Revenue
,
2021
,
ETM,
4
%
,
10/15/24
......
13,055,000
13,184,250
Orange
County
Water
District
,
COP,
2003
B,
NATL
Insured,
ETM,
5%,
8/15/28
...........................
13,740,000
14,496,598
COP,
2003
B,
NATL
Insured,
ETM,
5%,
8/15/34
...........................
3,305,000
3,739,122
COP,
2003
B,
Pre-Refunded,
NATL
Insured,
5%,
8/15/34
....................
4,140,000
4,838,282
Orange
Unified
School
District
,
GO
,
2022
,
5
%
,
8/01/41
.......................
3,380,000
3,715,159
Palomar
Community
College
District
,
GO
,
2010
B
,
Zero
Cpn.,
8/01/39
............
69,410,000
75,508,647
Palomar
Health
,
Obligated
Group,
GO,
2009
A,
AGMC
Insured,
7%,
8/01/38
..................
36,000,000
41,292,688
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)
Palomar
Health,
(continued)
Obligated
Group,
GO,
2010
A,
6.75%,
8/01/40
............................
$
60,000,000
$
68,362,740
Palomar
Health
Obligated
Group,
Revenue,
2017,
Refunding,
AGMC
Insured,
5%,
11/01/47
.......................................................
35,000,000
35,898,261
Panoche
Financing
Authority
,
Panoche
Water
District,
Revenue,
2021
A,
4%,
9/01/43
.....................
1,120,000
1,010,278
Panoche
Water
District,
Revenue,
2021
A,
4%,
9/01/51
.....................
6,070,000
5,111,691
Panoche
Water
District,
Revenue,
2021
B,
1.182%,
9/01/23
..................
125,000
125,000
Panoche
Water
District,
Revenue,
2021
B,
1.408%,
9/01/24
..................
125,000
119,620
Panoche
Water
District,
Revenue,
2021
B,
1.553%,
9/01/25
..................
130,000
120,191
Panoche
Water
District,
Revenue,
2021
B,
2.006%,
9/01/27
..................
395,000
348,254
Panoche
Water
District,
Revenue,
2021
B,
2.456%,
9/01/29
..................
415,000
351,466
Panoche
Water
District,
Revenue,
2021
B,
2.756%,
9/01/31
..................
435,000
355,624
Panoche
Water
District,
Revenue,
2021
B,
3.106%,
9/01/35
..................
880,000
688,864
Panoche
Water
District,
Revenue,
2021
B,
3.571%,
9/01/40
..................
1,155,000
863,088
Patterson
Joint
Unified
School
District
,
GO,
2001
A,
NATL
Insured,
Zero
Cpn.,
8/01/24
...........................
2,075,000
2,003,765
GO,
2001
A,
NATL
Insured,
Zero
Cpn.,
8/01/25
...........................
2,170,000
2,017,156
GO,
2001
A,
NATL
Insured,
Zero
Cpn.,
8/01/26
...........................
2,265,000
2,029,372
Perris
Joint
Powers
Authority
,
Community
Facilities
District
No.
2007-2,
Special
Tax,
2021,
4%,
9/01/43
........
1,445,000
1,256,175
Community
Facilities
District
No.
2007-2,
Special
Tax,
2021,
4%,
9/01/48
........
1,250,000
1,047,687
Community
Facilities
District
No.
2018-1,
Special
Tax,
2020,
4%,
9/01/50
........
1,125,000
915,934
Perris
Union
High
School
District
,
COP,
2019,
Refunding,
BAM
Insured,
5%,
10/01/48
........................
10,000,000
10,544,413
GO,
2019
A,
AGMC
Insured,
4%,
9/01/43
................................
5,540,000
5,401,723
Pittsburg
Unified
School
District
,
GO
,
2016
,
Refunding
,
4
%
,
8/01/44
.............
11,000,000
10,271,538
Placentia-Yorba
Linda
Unified
School
District
,
GO,
2008
D,
Zero
Cpn.,
8/01/43
.......................................
27,955,000
10,950,460
GO,
2008
D,
Zero
Cpn.,
8/01/46
.......................................
89,200,000
29,751,233
GO,
2008
D,
Zero
Cpn.,
8/01/49
.......................................
85,000,000
24,209,496
Port
of
Los
Angeles
,
Revenue
,
2014
B
,
Refunding
,
5
%
,
8/01/44
.................
10,300,000
10,378,543
Poway
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation,
2015
A,
Refunding,
5%,
12/15/31
..........................
10,180,000
11,554,844
Tax
Allocation,
2015
A,
Refunding,
5%,
12/15/32
..........................
11,215,000
12,878,530
Tax
Allocation,
2015
A,
Refunding,
5%,
6/15/33
...........................
5,835,000
6,770,529
Poway
Unified
School
District
,
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/50
7,500,000
6,904,622
Facilities
Improvement
District
No.
2007-1,
GO,
B,
Zero
Cpn.,
8/01/46
..........
45,000,000
14,740,448
Rancho
Mirage
Community
Facilities
District
,
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C,
Special
Tax,
2022,
5%,
9/01/42
........................................................
300,000
302,817
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C,
Special
Tax,
2022,
5%,
9/01/47
........................................................
500,000
501,541
City
of
Rancho
Mirage
Community
Facilities
District
No.
4C,
Special
Tax,
2022,
5%,
9/01/53
........................................................
1,000,000
984,658
Regents
of
the
University
of
California
,
Medical
Center,
Revenue,
2016
L,
Refunding,
5%,
5/15/47
...................
39,575,000
40,635,020
Medical
Center,
Revenue,
2022
P,
5%,
5/15/47
...........................
10,000,000
10,699,440
Medical
Center,
Revenue,
2022
P,
4%,
5/15/53
...........................
84,305,000
81,223,636
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)
Regents
of
the
University
of
California
Medical
Center
,
Medical
Center
,
Revenue
,
2016
L
,
Refunding
,
5
%
,
5/15/41
...........................................
$
10,000,000
$
10,340,157
Rialto
Unified
School
District
,
GO
,
2011
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/41
......
27,000,000
30,037,189
Rio
Hondo
Community
College
District
,
GO
,
2010
C
,
Zero
Cpn.,
8/01/35
..........
10,000,000
6,273,421
River
Islands
Public
Financing
Authority
,
Community
Facilities
District
No
2003-1
Improvement
Area
No.
1,
Special
Tax,
2022
A-1,
Refunding,
AGMC
Insured,
5%,
9/01/42
............................
4,000,000
4,334,928
Community
Facilities
District
No
2003-1
Improvement
Area
No.
1,
Special
Tax,
2022
A-1,
Refunding,
AGMC
Insured,
4.25%,
9/01/47
.........................
6,000,000
5,861,109
Community
Facilities
District
No
2003-1
Improvement
Area
No.
1,
Special
Tax,
2022
A-1,
Refunding,
AGMC
Insured,
5.25%,
9/01/52
.........................
11,000,000
11,901,393
Riverside
County
Asset
Leasing
Corp.
,
County
of
Riverside
,
Revenue
,
1997
A
,
NATL
Insured
,
Zero
Cpn.,
6/01/24
..........................................
13,005,000
12,645,041
Riverside
Unified
School
District
,
Community
Facilities
District
No.
37,
Special
Tax,
2023
A,
5%,
9/01/47
..........
1,150,000
1,134,618
Community
Facilities
District
No.
37,
Special
Tax,
2023
A,
5%,
9/01/52
..........
2,135,000
2,090,951
e
RMA
Capital
Series
Trust
,
Revenue
,
144A,
2022-1
,
A
,
5.67
%
,
8/01/58
............
15,491,000
14,942,154
RNR
School
Financing
Authority
,
Community
Facilities
District
No.
92-1
,
Special
Tax
,
2015
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/36
............................
11,145,000
11,422,747
Rocklin
Unified
School
District
,
GO,
2003,
NATL
Insured,
Zero
Cpn.,
8/01/25
.............................
8,160,000
7,622,230
GO,
2003,
NATL
Insured,
Zero
Cpn.,
8/01/26
.............................
8,695,000
7,848,462
GO,
2003,
NATL
Insured,
Zero
Cpn.,
8/01/27
.............................
9,080,000
7,915,462
GO,
2003,
NATL
Insured,
Zero
Cpn.,
8/01/28
.............................
16,615,000
13,986,279
Rohnert
Park
Community
Development
Commission
Successor
Agency
,
Tax
Allocation
,
2007
R
,
NATL
Insured
,
ETM,
5
%
,
8/01/37
...............................
1,380,000
1,438,727
Romoland
School
District
,
Community
Facilities
District
No.
2016-1,
Special
Tax,
2023,
5%,
9/01/43
........
750,000
753,193
Community
Facilities
District
No.
2016-1,
Special
Tax,
2023,
5%,
9/01/48
........
1,000,000
977,692
Community
Facilities
District
No.
2016-1,
Special
Tax,
2023,
5%,
9/01/53
........
1,500,000
1,454,587
Community
Facilities
District
No.
2016-2,
Special
Tax,
2022,
4.5%,
9/01/42
.......
360,000
338,516
Community
Facilities
District
No.
2016-2,
Special
Tax,
2022,
4.625%,
9/01/47
.....
750,000
697,364
Community
Facilities
District
No.
2016-2,
Special
Tax,
2022,
4.75%,
9/01/52
......
1,000,000
930,511
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1,
Special
Tax,
2022,
5%,
9/01/42
....................................................
750,000
753,235
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1,
Special
Tax,
2022,
5.125%,
9/01/47
.................................................
1,200,000
1,202,373
Community
Facilities
District
No.
2017-1
Improvement
Area
No.
1,
Special
Tax,
2022,
5.25%,
9/01/53
..................................................
2,500,000
2,507,019
Community
Facilities
District
No.
91-1,
Special
Tax,
2022,
3.75%,
9/01/42
........
1,695,000
1,377,756
Community
Facilities
District
No.
91-1,
Special
Tax,
2022,
4%,
9/01/46
..........
5,085,000
4,318,742
Roseville
Natural
Gas
Financing
Authority
,
Revenue
,
2007
,
5
%
,
2/15/26
..........
5,000,000
5,060,425
Sacramento
City
Unified
School
District
,
GO
,
2017
E
,
4
%
,
5/01/47
...............
20,000,000
19,173,478
Sacramento
County
Sanitation
Districts
Financing
Authority
,
Sacramento
Regional
County
Sanitation
District,
Revenue,
2014
A,
Refunding,
5%,
12/01/44
.......................................................
25,000,000
25,202,602
Sacramento
Regional
County
Sanitation
District,
Revenue,
2020
A,
Refunding,
5%,
12/01/27
.......................................................
2,960,000
3,220,230
Sacramento
County
Water
Financing
Authority
,
Sacramento
County
Water
Agency,
Revenue,
2019,
Refunding,
5%,
6/01/27
.....
2,000,000
2,153,540
Sacramento
County
Water
Agency,
Revenue,
2022
A,
4%,
11/01/25
............
32,260,000
32,849,513
Sacramento
Municipal
Utility
District
,
Revenue,
2019
G,
5%,
8/15/38
.......................................
3,175,000
3,476,350
Revenue,
2019
G,
5%,
8/15/41
.......................................
2,500,000
2,722,617
Revenue,
2021
I,
Refunding,
5%,
8/15/25
................................
3,500,000
3,634,403
Revenue,
2022
J,
Refunding,
5%,
8/15/26
...............................
2,615,000
2,768,217
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
Bernardino
Community
College
District
,
GO,
2009
B,
Zero
Cpn.,
8/01/44
.......................................
$
7,750,000
$
2,825,662
GO,
2009
B,
Zero
Cpn.,
8/01/48
.......................................
66,390,000
19,838,029
San
Diego
Community
College
District
,
GO
,
2009
B
,
Pre-Refunded
,
6
%
,
8/01/33
....
26,880,000
30,048,128
San
Diego
County
Regional
Airport
Authority
,
Revenue,
2017
A,
Refunding,
5%,
7/01/47
...............................
5,000,000
5,172,232
Revenue,
2019
A,
Refunding,
5%,
7/01/44
...............................
4,000,000
4,219,993
Revenue,
2019
A,
Refunding,
5%,
7/01/49
...............................
5,000,000
5,242,099
Revenue,
2019
B,
Refunding,
4%,
7/01/44
...............................
5,000,000
4,554,979
Revenue,
2021
A,
5%,
7/01/56
........................................
7,500,000
7,900,996
Revenue,
2021
B,
5%,
7/01/26
........................................
3,225,000
3,332,123
Revenue,
2021
B,
5%,
7/01/30
........................................
2,260,000
2,435,531
Revenue,
2021
B,
4%,
7/01/36
........................................
3,610,000
3,544,106
Special
Facilities,
Revenue,
2014
A,
5%,
7/01/44
..........................
5,645,000
5,672,488
San
Diego
County
Regional
Transportation
Commission
,
Revenue
,
2016
A
,
5
%
,
4/01/48
.........................................................
25,000,000
25,911,272
San
Diego
County
Water
Authority
,
Revenue,
Sub.
Lien
,
2021
S-1
,
Refunding
,
5
%
,
5/01/28
......................................................
2,335,000
2,568,834
San
Diego
Public
Facilities
Financing
Authority
,
Water
Utility
,
Revenue
,
2018
A
,
5
%
,
8/01/36
.........................................................
3,760,000
4,094,118
San
Diego
Unified
School
District
,
GO,
2009-1,
Pre-Refunded,
6%,
7/01/33
................................
104,505,000
106,969,897
GO,
2010
C,
Zero
Cpn.,
7/01/48
.......................................
29,840,000
25,114,368
GO,
2012
E,
Zero
Cpn.,
7/01/47
.......................................
74,270,000
51,866,455
GO,
2019
L,
4%,
7/01/49
............................................
30,000
28,811
GO,
2023
ZR-4B,
Refunding,
5%,
7/01/40
...............................
62,225,000
69,497,951
GO,
2023
ZR-4B,
Refunding,
5%,
7/01/45
...............................
31,605,000
34,456,495
GO,
R-2,
Refunding,
Zero
Cpn.,
7/01/40
.................................
79,760,000
69,869,951
San
Francisco
Bay
Area
Rapid
Transit
District
,
GO,
2017
A-1,
5%,
8/01/47
..........................................
10,000,000
10,455,023
GO,
2020
C-1,
4%,
8/01/33
..........................................
1,560,000
1,632,275
GO,
2022
D-1,
3%,
8/01/41
..........................................
23,605,000
19,712,845
GO,
2022
D-1,
3%,
8/01/42
..........................................
20,000,000
16,457,482
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue,
2016
B,
5%,
5/01/41
........................................
65,645,000
66,424,154
Revenue,
2016
B,
5%,
5/01/46
........................................
40,540,000
40,784,541
Revenue,
2016
C,
5%,
5/01/46
........................................
44,000,000
45,103,652
Revenue,
2019
A,
Refunding,
5%,
5/01/39
...............................
14,500,000
15,070,398
Revenue,
2019
A,
Refunding,
5%,
5/01/44
...............................
16,220,000
16,666,663
Revenue,
2019
A,
Refunding,
5%,
5/01/49
...............................
14,500,000
14,809,111
Revenue,
Second
Series,
2014
B,
5%,
5/01/44
............................
31,000,000
31,206,429
Revenue,
Second
Series,
2017
A,
5%,
5/01/42
............................
48,155,000
48,890,698
Revenue,
Second
Series,
2017
A,
5%,
5/01/47
............................
10,910,000
10,997,239
Revenue,
Second
Series,
2017
B,
5%,
5/01/47
............................
24,080,000
24,875,899
Revenue,
Second
Series,
2018
D,
5%,
5/01/43
...........................
118,950,000
121,089,066
Revenue,
Second
Series,
2018
D,
5%,
5/01/48
...........................
33,700,000
34,060,368
Revenue,
Second
Series,
2018
D,
5.25%,
5/01/48
.........................
40,145,000
41,259,040
Revenue,
Second
Series,
2018
E,
5%,
5/01/48
............................
52,245,000
54,351,868
Revenue,
Second
Series,
2019
B,
5%,
5/01/49
............................
10,700,000
11,204,906
Revenue,
Second
Series,
2019
E,
5%,
5/01/45
............................
21,035,000
21,579,596
Revenue,
Second
Series,
2021
A,
Refunding,
5%,
5/01/34
...................
5,000,000
5,454,625
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation,
Third
Lien
,
2017
B
,
AGMC
Insured
,
5
%
,
8/01/46
..................
10,000,000
10,416,363
San
Francisco
Unified
School
District
,
GO
,
2022
C
,
5
%
,
6/15/35
................
6,640,000
7,481,572
San
Gabriel
Unified
School
District
,
GO,
2002
A,
AGMC
Insured,
Zero
Cpn.,
8/01/26
...........................
3,530,000
3,168,190
GO,
2002
A,
AGMC
Insured,
Zero
Cpn.,
2/01/27
...........................
1,850,000
1,630,140
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)
San
Jacinto
Unified
School
District
,
Community
Facilities
District
No.
2003-1
,
Special
Tax
,
2022
,
4
%
,
9/01/50
.............................................
$
875,000
$
711,429
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue,
1997
A,
Refunding,
5.9%,
1/15/38
..............................
106,465,000
127,811,914
Revenue,
1997
A,
Refunding,
5.95%,
1/15/40
.............................
142,645,000
172,576,272
Revenue,
1997
A,
Refunding,
6%,
1/15/43
...............................
161,250,000
196,886,218
Revenue,
1997
A,
Refunding,
6%,
1/15/45
...............................
143,336,000
175,430,822
Revenue,
1997
A,
Refunding,
6%,
1/15/46
...............................
143,336,000
175,684,327
Revenue,
1997
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
1/15/26
...............
13,155,000
11,979,419
Revenue,
Senior
Lien,
1993,
ETM,
Zero
Cpn.,
1/01/25
......................
5,700,000
5,465,928
Revenue,
Senior
Lien,
1993,
ETM,
Zero
Cpn.,
1/01/28
......................
33,545,000
29,544,732
Revenue,
Senior
Lien,
1993,
ETM,
Zero
Cpn.,
1/01/29
......................
37,050,000
31,721,921
Revenue,
Senior
Lien,
2014
A,
Pre-Refunded,
5%,
1/15/50
...................
45,000,000
46,185,894
Revenue,
Senior
Lien,
2021
A,
Refunding,
AGMC
Insured,
4%,
1/15/44
.........
130,746,000
123,706,818
Revenue,
Senior
Lien,
2021
A,
Refunding,
AGMC
Insured,
4%,
1/15/50
.........
191,775,000
178,126,009
San
Jose
Unified
School
District
,
COP,
2002,
AGMC
Insured,
ETM,
Zero
Cpn.,
1/01/27
.......................
7,105,000
6,384,166
COP,
2002,
AGMC
Insured,
ETM,
Zero
Cpn.,
1/01/29
.......................
7,105,000
6,007,192
San
Juan
Unified
School
District
,
GO,
2003
B,
NATL
Insured,
Zero
Cpn.,
8/01/26
...........................
11,360,000
10,065,010
GO,
2003
B,
NATL
Insured,
Zero
Cpn.,
8/01/27
...........................
18,605,000
16,169,146
GO,
2003
B,
NATL
Insured,
Zero
Cpn.,
8/01/28
...........................
19,470,000
16,318,648
San
Luis
Obispo
County
Financing
Authority
,
Revenue
,
2015
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/37
...............................................
10,000,000
10,299,935
San
Marino
Unified
School
District
,
GO
,
2000
A
,
NATL
Insured
,
Zero
Cpn.,
7/01/25
..
6,080,000
5,714,701
San
Mateo
Foster
City
Public
Financing
Authority
,
Estero
Municipal
Improvement
District
,
Revenue
,
2021
A
,
5
%
,
8/01/25
..................................
10,545,000
10,933,420
San
Rafael
City
High
School
District
,
GO
,
2018
B
,
4
%
,
8/01/47
.................
17,060,000
16,484,703
Sanger
Unified
School
District
,
GO
,
A
,
BAM
Insured
,
4
%
,
8/01/41
...............
10,000,000
9,943,805
Santa
Ana
Unified
School
District
,
COP
,
1999
,
AGMC
Insured
,
Zero
Cpn.,
4/01/24
...
2,685,000
2,630,366
Santa
Cruz
County
Redevelopment
Successor
Agency
,
Tax
Allocation
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/35
.................................
20,000,000
20,604,058
School
Facilities
Financing
Authority
,
Twin
Rivers
Unified
School
District
,
Revenue
,
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/42
....................................
49,000,000
19,826,782
Semitropic
Improvement
District
of
the
Semitropic
Water
Storage
District
,
Revenue,
Second
Lien
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/45
...............
10,000,000
10,312,705
Southern
California
Public
Power
Authority
,
Revenue,
2007
A,
5.25%,
11/01/27
.....................................
9,855,000
10,248,417
Revenue,
2007
A,
5%,
11/01/33
.......................................
17,500,000
18,313,276
Southern
Mono
Health
Care
District
,
GO,
A,
NATL
Insured,
Zero
Cpn.,
8/01/28
................................
2,340,000
1,937,788
GO,
A,
NATL
Insured,
Zero
Cpn.,
8/01/29
................................
2,440,000
1,934,062
GO,
A,
NATL
Insured,
Zero
Cpn.,
8/01/30
................................
2,550,000
1,938,907
GO,
A,
NATL
Insured,
Zero
Cpn.,
8/01/31
................................
2,660,000
1,945,509
State
of
California
,
GO,
Refunding,
5%,
9/01/23
.........................................
15,000,000
15,000,000
GO,
Refunding,
4%,
10/01/23
.........................................
31,000,000
31,021,486
GO,
Refunding,
5%,
12/01/23
.........................................
5,000,000
5,023,191
GO,
6%,
5/01/24
..................................................
640,000
642,932
GO,
NATL
Insured,
6%,
8/01/24
.......................................
255,000
258,075
GO,
5.625%,
9/01/24
...............................................
175,000
177,211
GO,
Refunding,
4%,
10/01/24
.........................................
5,685,000
5,746,586
GO,
Refunding,
4%,
11/01/24
.........................................
11,655,000
11,791,550
GO,
5%,
11/01/24
.................................................
5,000,000
5,114,933
GO,
4%,
12/01/24
.................................................
3,500,000
3,544,151
GO,
5%,
3/01/25
..................................................
10,000,000
10,288,360
GO,
AMBAC
Insured,
5.9%,
3/01/25
....................................
75,000
76,045
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)
State
of
California,
(continued)
GO,
Refunding,
5%,
4/01/25
.........................................
$
5,000,000
$
5,149,316
GO,
Refunding,
5%,
11/01/25
.........................................
39,975,000
41,575,239
GO,
Refunding,
5%,
12/01/25
.........................................
23,000,000
23,961,205
GO,
Refunding,
5%,
9/01/26
.........................................
8,500,000
8,991,912
GO,
5%,
3/01/27
..................................................
5,000,000
5,143,944
GO,
5%,
4/01/27
..................................................
4,000,000
4,287,375
GO,
Refunding,
5%,
4/01/28
.........................................
2,930,000
3,211,183
GO,
Refunding,
5%,
11/01/30
.........................................
5,320,000
6,064,584
GO,
Refunding,
5%,
10/01/32
.........................................
4,125,000
4,610,776
GO,
5%,
4/01/33
..................................................
5,000,000
5,543,140
GO,
Refunding,
5%,
3/01/35
.........................................
56,185,000
62,749,414
GO,
Refunding,
5%,
9/01/35
.........................................
9,000,000
9,454,032
GO,
Refunding,
4%,
3/01/37
.........................................
10,000,000
10,248,323
GO,
Refunding,
5%,
8/01/37
.........................................
2,900,000
3,122,127
GO,
5%,
10/01/39
.................................................
15,000,000
15,552,237
GO,
5%,
10/01/44
.................................................
25,000,000
25,305,185
GO,
5%,
3/01/45
..................................................
17,500,000
17,840,403
GO,
5%,
8/01/45
..................................................
22,085,000
22,630,102
GO,
5%,
9/01/45
..................................................
5,000,000
5,194,425
GO,
5%,
8/01/46
..................................................
45,200,000
46,875,121
GO,
5%,
9/01/46
..................................................
8,930,000
9,270,210
GO,
5%,
10/01/47
.................................................
1,000,000
1,031,164
GO,
5%,
10/01/48
.................................................
5,000,000
5,279,065
GO,
1996,
FGIC
Insured,
5.375%,
6/01/26
...............................
800,000
803,585
GO,
1997,
NATL,
FGIC
Insured,
5.625%,
10/01/26
.........................
5,005,000
5,089,438
GO,
2004,
5.125%,
4/01/24
..........................................
5,000
5,007
GO,
2004,
5.2%,
4/01/26
............................................
20,000
20,040
GO,
2017,
5%,
11/01/27
.............................................
2,380,000
2,576,999
GO,
2017,
5%,
11/01/47
.............................................
33,370,000
35,068,256
GO,
2022,
Refunding,
5%,
4/01/35
.....................................
12,985,000
14,219,605
GO,
2022,
Refunding,
5%,
4/01/35
.....................................
38,600,000
44,407,107
Department
of
Water
Resources,
Revenue,
BD,
5%,
12/01/26
................
3,250,000
3,461,972
Department
of
Water
Resources,
Revenue,
BD,
5%,
12/01/27
................
8,240,000
8,981,647
Department
of
Water
Resources,
Revenue,
BD,
5%,
12/01/28
................
1,650,000
1,835,939
Sulphur
Springs
Union
School
District
,
COP,
2010,
AGMC
Insured,
ETM,
6.5%,
12/01/37
..........................
790,000
803,069
COP,
2010,
AGMC
Insured,
6.5%,
12/01/37
..............................
1,695,000
1,805,113
COP,
2010,
Pre-Refunded,
AGMC
Insured,
6.5%,
12/01/37
..................
4,480,000
4,788,421
COP,
2010,
Pre-Refunded,
AGMC
Insured,
6.5%,
12/01/37
..................
5,215,000
5,591,545
Temescal
Valley
Water
District
,
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/36
................................................
930,000
872,530
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/41
................................................
785,000
694,431
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/46
................................................
1,040,000
865,380
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/51
................................................
930,000
750,855
Three
Rivers
Levee
Improvement
Authority
,
Special
Tax,
2021
A,
Refunding,
3%,
9/01/23
.............................
220,000
220,000
Special
Tax,
2021
A,
Refunding,
3%,
9/01/24
.............................
245,000
239,374
Special
Tax,
2021
A,
Refunding,
4%,
9/01/25
.............................
280,000
277,997
Special
Tax,
2021
A,
Refunding,
4%,
9/01/36
.............................
1,080,000
997,333
Special
Tax,
2021
A,
Refunding,
4%,
9/01/41
.............................
2,840,000
2,404,002
Special
Tax,
2021
A,
Refunding,
4%,
9/01/46
.............................
2,700,000
2,147,346
Special
Tax,
2021
A,
Refunding,
4%,
9/01/51
.............................
5,065,000
3,923,003
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)
Tobacco
Securitization
Authority
of
Northern
California
,
Sacramento
County
Tobacco
Securitization
Corp.,
Revenue,
Senior
Lien,
2021
A,
1,
Refunding,
5%,
6/01/29
............................................
$
1,500,000
$
1,637,992
Sacramento
County
Tobacco
Securitization
Corp.,
Revenue,
Senior
Lien,
2021
A,
1,
Refunding,
4%,
6/01/49
............................................
8,000,000
7,168,451
Tobacco
Securitization
Authority
of
Southern
California
,
San
Diego
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2019
B-1
,
2
,
Refunding
,
5
%
,
6/01/48
.......
13,955,000
14,190,225
Town
of
Tiburon
,
Assessment
District
No.
2017-1,
1915
Act,
Special
Assessment,
2021
A,
2.375%,
9/02/41
........................................................
550,000
352,809
Assessment
District
No.
2017-1,
1915
Act,
Special
Assessment,
2021
A,
2.5%,
9/02/51
........................................................
1,250,000
722,820
Tracy
Community
Facilities
District
,
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
3%,
9/01/24
......................................
100,000
98,612
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/25
......................................
115,000
114,177
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/28
......................................
120,000
118,976
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/30
......................................
110,000
108,692
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/36
......................................
430,000
410,301
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/41
......................................
665,000
594,112
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/46
......................................
885,000
761,291
City
of
Tracy
Community
Facilities
District
No.
2016-02
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/51
......................................
2,210,000
1,842,409
Transbay
Joint
Powers
Authority
,
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/45
...........................
13,420,000
13,557,539
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/49
...........................
6,400,000
6,425,791
Truckee-Donner
Public
Utility
District
,
Water
System
,
Revenue
,
2022
A
,
5
%
,
11/15/47
3,230,000
3,488,663
Turlock
Irrigation
District
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/44
...............
9,060,000
9,766,819
Union
Elementary
School
District
,
GO,
1999
A,
NATL
Insured,
Zero
Cpn.,
9/01/24
...........................
2,000,000
1,932,821
GO,
2001
B,
NATL
Insured,
Zero
Cpn.,
9/01/25
...........................
5,500,000
5,137,250
GO,
2001
B,
NATL
Insured,
Zero
Cpn.,
9/01/26
...........................
5,850,000
5,287,400
University
of
California
,
Revenue,
2015
I,
Refunding,
5%,
5/15/40
................................
22,990,000
23,471,139
Revenue,
2015
I,
Refunding,
5%,
5/15/50
................................
25,420,000
25,873,889
Revenue,
2016
AR,
Refunding,
5%,
5/15/41
..............................
13,760,000
14,260,274
Revenue,
2016
K,
4%,
5/15/46
........................................
19,850,000
19,514,343
Revenue,
2017
AV,
5.25%,
5/15/47
.....................................
6,775,000
7,139,575
Revenue,
2017
M,
5%,
5/15/37
.......................................
15,410,000
16,298,849
Revenue,
2017
M,
5%,
5/15/47
.......................................
12,750,000
13,313,509
Revenue,
2018
AZ,
Refunding,
5%,
5/15/43
..............................
28,000,000
29,808,405
Revenue,
2018
AZ,
Refunding,
5%,
5/15/48
..............................
70,790,000
74,614,918
Revenue,
2018
O,
Refunding,
5%,
5/15/39
...............................
14,400,000
15,416,319
Revenue,
2018
O,
Refunding,
5%,
5/15/48
...............................
17,250,000
18,151,682
Revenue,
2020
BE,
Refunding,
5%,
5/15/42
..............................
5,000,000
5,436,153
Revenue,
2021
Q,
Refunding,
4%,
5/15/37
...............................
1,500,000
1,554,908
Revenue,
2022
BK,
5%,
5/15/52
.......................................
250,000,000
271,365,150
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
34
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Upland
Community
Facilities
District
,
City
of
Upland
Community
Facilities
District
No.
2016-1,
Special
Tax,
2021
A,
4%,
9/01/40
........................................................
$
260,000
$
231,908
City
of
Upland
Community
Facilities
District
No.
2016-1,
Special
Tax,
2021
A,
4%,
9/01/45
........................................................
165,000
138,361
City
of
Upland
Community
Facilities
District
No.
2016-1,
Special
Tax,
2021
A,
4%,
9/01/51
........................................................
260,000
210,267
Upland
Unified
School
District
,
GO
,
2011
C
,
Zero
Cpn.,
8/01/45
.................
62,900,000
21,628,958
Val
Verde
Unified
School
District
,
GO,
2010
B,
AGMC
Insured,
6.125%,
8/01/34
............................
1,000,000
1,211,308
GO,
2020
A,
BAM
Insured,
4%,
8/01/46
.................................
1,450,000
1,409,475
Community
Facilities
District
No.
2018-1,
Special
Tax,
2022,
4%,
9/01/52
........
7,000,000
5,688,636
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1,
Special
Tax,
2023,
5%,
9/01/43
....................................................
1,230,000
1,232,164
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1,
Special
Tax,
2023,
5%,
9/01/48
....................................................
1,755,000
1,725,529
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
1,
Special
Tax,
2023,
5%,
9/01/53
....................................................
2,445,000
2,385,482
Vallejo
Public
Financing
Authority
,
City
of
Vallejo
Hiddenbrooke
Improvement
District
No.
1
,
Revenue
,
2004
A
,
5.8
%
,
9/01/31
.................................
3,225,000
3,255,100
Vista
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2015
B-1
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/37
..........................................
3,020,000
3,110,580
Vista
Unified
School
District
,
GO,
2002
A,
AGMC
Insured,
Zero
Cpn.,
8/01/26
...........................
7,150,000
6,420,818
GO,
2002
A,
AGMC
Insured,
Zero
Cpn.,
2/01/27
...........................
4,795,000
4,223,734
Washington
Township
Health
Care
District
,
GO
,
2015
B
,
5
%
,
8/01/45
.............
15,000,000
15,106,830
West
Basin
Municipal
Water
District
,
Revenue,
2021
A,
Refunding,
5%,
8/01/25
...............................
1,365,000
1,410,150
Revenue,
2021
A,
Refunding,
5%,
8/01/26
...............................
1,000,000
1,054,242
West
Sacramento
Area
Flood
Control
Agency
,
Special
Assessment,
2015,
AGMC
Insured,
5%,
9/01/40
.....................
3,000,000
3,073,078
Special
Assessment,
2015,
AGMC
Insured,
5%,
9/01/45
.....................
7,500,000
7,667,105
West
Sacramento
Financing
Authority
,
Special
Tax
,
A
,
AGMC
Insured
,
5
%
,
9/01/34
..
4,940,000
5,518,676
Westside
Union
School
District
,
Community
Facilities
District
No.
2016-1
Improvement
Area
B,
Special
Tax,
2023,
5%,
9/01/43
....................................................
1,175,000
1,125,519
Community
Facilities
District
No.
2016-1
Improvement
Area
B,
Special
Tax,
2023,
5.25%,
9/01/52
..................................................
1,890,000
1,806,735
12,801,272,591
Minnesota
0.1%
d,e
City
of
Fridley
,
Roers
Fridley
Apartments
Owner
II
LLC
,
Revenue
,
144A,
2023
B-1
,
Mandatory
Put
,
9
%
,
1/15/24
..........................................
11,560,000
11,562,322
Oregon
0.0%
†
e
State
of
Oregon
Housing
&
Community
Services
Department
,
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-2
,
6.75
%
,
12/01/25
...........................
2,525,000
2,476,075
Wisconsin
0.8%
e
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
30,400,000
23,529,655
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
83,000,000
83,042,330
106,571,985
U.S.
Territories
2.5%
Guam
0.2%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue,
2021
A,
Refunding,
2.499%,
10/01/25
...........................
2,660,000
2,463,476
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
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Guam
(continued)
Antonio
B
Won
Pat
International
Airport
Authority,
(continued)
Revenue,
2021
A,
Refunding,
2.899%,
10/01/27
...........................
$
2,150,000
$
1,904,733
Revenue,
2021
A,
Refunding,
3.099%,
10/01/28
...........................
3,140,000
2,725,289
Revenue,
2021
A,
Refunding,
3.189%,
10/01/29
...........................
3,560,000
3,015,306
Revenue,
2021
A,
Refunding,
3.339%,
10/01/30
...........................
2,400,000
1,996,646
Revenue,
2021
A,
Refunding,
3.489%,
10/01/31
...........................
2,155,000
1,765,653
Revenue,
2021
A,
Refunding,
3.839%,
10/01/36
...........................
9,650,000
7,615,559
Revenue,
2021
A,
Refunding,
4.46%,
10/01/43
............................
2,400,000
1,785,550
23,272,212
Puerto
Rico
2.3%
Children's
Trust
Fund
,
Revenue,
2002,
5.5%,
5/15/39
........................................
5,455,000
5,455,637
Revenue,
2002,
5.625%,
5/15/43
......................................
16,000,000
16,080,335
Puerto
Rico
Electric
Power
Authority
,
b,f
Revenue,
6%,
7/01/41
..............................................
9,260,673
9,260,673
b,f
Revenue,
7.125%,
7/01/59
...........................................
44,974,968
44,974,968
g
Revenue,
2012
A,
5%,
7/01/29
........................................
20,000,000
5,500,000
g
Revenue,
2013
A,
7%,
7/01/33
........................................
50,000,000
13,750,000
g
Revenue,
WW,
5%,
7/01/28
..........................................
12,030,000
3,308,250
g
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
AES
Puerto
Rico
LP
,
Revenue
,
2000
A
,
6.625
%
,
6/01/26
.....
5,200,000
3,640,000
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax,
Revenue,
A-1,
4.75%,
7/01/53
................................
29,500,000
27,655,648
Sales
Tax,
Revenue,
A-1,
5%,
7/01/58
..................................
184,264,000
178,810,799
308,436,310
Total
U.S.
Territories
....................................................................
331,708,522
Total
Municipal
Bonds
(Cost
$13,088,526,037)
..................................
13,253,591,495
Shares
Escrows
and
Litigation
Trusts
0.0%
†
b,h
Puerto
Rico
Electric
Power
Authority
.....................................
4,167,132
3,333,706
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
3,333,706
Total
Long
Term
Investments
(Cost
$13,090,021,269)
............................
13,258,445,953
a
a
a
a
a
Short
Term
Investments
0.1%
Principal
Amount
Municipal
Bonds
0.1%
California
0.1%
i
California
Health
Facilities
Financing
Authority
,
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2009
B
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.45
%
,
9/01/38
.........................................................
2,000,000
2,000,000
i
Eastern
Municipal
Water
District
,
Revenue
,
2018
A
,
Refunding
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
2.72
%
,
7/01/46
................................
400,000
400,000
i
Irvine
Ranch
Water
District
,
Water
Service
Corp.,
Special
Assessment,
2009
A,
LOC
US
Bank
NA,
Daily
VRDN
and
Put,
2.45%,
10/01/41
..........................................
9,655,000
9,655,000
Water
Service
Corp.,
Special
Assessment,
2009
B,
LOC
Bank
of
America
NA,
Daily
VRDN
and
Put,
2.17%,
10/01/41
.....................................
3,000,000
3,000,000
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
36
See
Abbreviations
on
page
48
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
California
(continued)
i
University
of
California
,
Revenue
,
2013
AL-1
,
Daily
VRDN
and
Put
,
2.92
%
,
5/15/48
..
$
1,200,000
$
1,200,000
16,255,000
Total
Municipal
Bonds
(Cost
$16,255,000)
......................................
16,255,000
Total
Short
Term
Investments
(Cost
$16,255,000
)
................................
16,255,000
a
Total
Investments
(Cost
$13,106,276,269)
99.6%
................................
$13,274,700,953
Other
Assets,
less
Liabilities
0.4%
.............................................
43,682,728
Net
Assets
100.0%
...........................................................
$13,318,383,681
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
1(c)
regarding
senior
floating
rate
interests.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
10
regarding
fair
value
measurements.
c
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
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,
2023,
the
aggregate
value
of
these
securities
was
$1,076,999,963,
representing
8.1%
of
net
assets.
f
Security
purchased
on
a
when-issued
basis.
See
Note
1(b).
g
See
Note
7
regarding
defaulted
securities.
h
Non-income
producing.
i
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
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,
2023
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
37
Franklin
California
Tax-
Free
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$13,106,276,269
Value
-
Unaffiliated
issuers
..................................................................
$13,274,700,953
Cash
....................................................................................
261,182
Receivables:
Capital
shares
sold
........................................................................
5,287,088
Interest
.................................................................................
129,853,304
Total
assets
..........................................................................
13,410,102,527
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
52,024,596
Capital
shares
redeemed
...................................................................
26,368,038
Management
fees
.........................................................................
4,956,851
Distribution
fees
..........................................................................
1,40
7,750
Transfer
agent
fees
........................................................................
1,314,411
Trustees'
fees
and
expenses
.................................................................
2,325
Distributions
to
shareholders
.................................................................
5,455,583
Accrued
expenses
and
other
liabilities
...........................................................
189,292
Total
liabilities
.........................................................................
91,718,846
Net
assets,
at
value
.................................................................
$13,318,383,681
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$14,126,915,873
Total
distributable
earnings
(losses)
.............................................................
(808,532,192)
Net
assets,
at
value
.................................................................
$13,318,383,681
Franklin
California
Tax-Free
Income
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
August
31,
2023
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
38
Franklin
California
Tax-
Free
Income
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$2,405,355,747
Shares
outstanding
........................................................................
360,411,614
Net
asset
value
per
share
a
..................................................................
$6.67
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%)
................................
$6.93
Class
A1:
Net
assets,
at
value
.......................................................................
$7,743,709,274
Shares
outstanding
........................................................................
1,161,936,194
Net
asset
value
per
share
a
..................................................................
$6.66
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%)
................................
$6.92
Class
C:
Net
assets,
at
value
.......................................................................
$452,950,298
Shares
outstanding
........................................................................
68,101,265
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$6.65
Class
R6:
Net
assets,
at
value
.......................................................................
$289,476,928
Shares
outstanding
........................................................................
43,492,626
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$6.66
Advisor
Class:
Net
assets,
at
value
.......................................................................
$2,426,891,434
Shares
outstanding
........................................................................
364,783,781
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$6.65
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
Franklin
California
Tax-Free
Income
Fund
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
August
31,
2023
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
39
Franklin
California
Tax-
Free
Income
Fund
Investment
income:
Interest:
Unaffiliated
issuers
........................................................................
$296,249,015
Expenses:
Management
fees
(Note
3
a
)
...................................................................
30,184,264
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
2,986,505
    Class
A1
...............................................................................
3,964,911
    Class
C
................................................................................
1,575,580
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
627,732
    Class
A1
...............................................................................
2,126,218
    Class
C
................................................................................
127,396
    Class
R6
...............................................................................
32,900
    Advisor
Class
............................................................................
640,275
Custodian
fees
(Note
4
)
......................................................................
39,463
Reports
to
shareholders
fees
..................................................................
81,817
Registration
and
filing
fees
....................................................................
55,102
Professional
fees
...........................................................................
396,129
Trustees'
fees
and
expenses
..................................................................
79,407
Other
....................................................................................
202,247
Total
expenses
.........................................................................
43,119,946
Expense
reductions
(Note
4
)
...............................................................
(39,462)
Net
expenses
.........................................................................
43,080,484
Net
investment
income
................................................................
253,168,531
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(767,324)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(117,196,631)
Net
realized
and
unrealized
gain
(loss)
............................................................
(117,963,955)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$135,204,576
Franklin
California
Tax-Free
Income
Fund
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
40
Franklin
California
Tax-Free
Income
Fund
Six
Months
Ended
August
31,
2023
(unaudited)
Year
Ended
February
28,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$253,168,531
$481,551,050
Net
realized
gain
(loss)
.................................................
(767,324)
(251,280,134)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(117,196,631)
(1,298,821,901)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
135,204,576
(1,068,550,985)
Distributions
to
shareholders:
Class
A
.............................................................
(41,411,926)
(69,389,422)
Class
A1
............................................................
(146,504,144)
(291,237,786)
Class
C
.............................................................
(7,454,784)
(15,920,211)
Class
R6
............................................................
(6,035,891)
(9,932,240)
Advisor
Class
........................................................
(45,421,779)
(80,017,223)
Total
distributions
to
shareholders
..........................................
(246,828,524)
(466,496,882)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
144,448,476
100,621,549
Class
A1
............................................................
(325,193,297)
(1,115,843,080)
Class
C
.............................................................
(45,883,918)
(155,679,199)
Class
R6
............................................................
22,435,432
(40,507,767)
Advisor
Class
........................................................
104,187,955
(26,099,903)
Total
capital
share
transactions
............................................
(100,005,352)
(1,237,508,400)
Net
increase
(decrease)
in
net
assets
...................................
(211,629,300)
(2,772,556,267)
Net
assets:
Beginning
of
period
.....................................................
13,530,012,981
16,302,569,248
End
of
period
..........................................................
$13,318,383,681
$13,530,012,981
Franklin
California
Tax-Free
Income
Fund
41
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
1.
Organization
and
Significant
Accounting
Policies
Franklin
California
Tax-Free
Income
Fund (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
Fund
offers
five
classes
of
shares:
Class
A,
Class
A1,
Class
C,
Class
R6
and
Advisor
Class.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation 
The
Fund’s
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Fund’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Fund
's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
b.
Securities
Purchased
on
a
When-Issued
Basis
The
Fund
purchases
securities
on
a
when-issued
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)
42
franklintempleton.com
Semiannual
Report
c.
Senior
Floating
Rate
Interests
The
Fund
invests
in
senior
secured
corporate
loans
that
pay
interest
at
rates
which
are
periodically
reset
by
reference
to
a
base
lending
rate
plus
a
spread.
These
base
lending
rates
are
generally
the
prime
rate
offered
by
a
designated
U.S.
bank
or
the
London
Interbank
Offered
Rate
(LIBOR).
Senior
secured
corporate
loans
often
require
prepayment
of
principal
from
excess
cash
flows
or
at
the
discretion
of
the
borrower.
As
a
result,
actual
maturity
may
be
substantially
less
than
the
stated
maturity.
Senior
secured
corporate
loans
in
which
the Fund
invests
are
generally
readily
marketable,
but
may
be
subject
to
certain
restrictions
on
resale.
d.
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,
2023,
the
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests. 
e.
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
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
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.
f.
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.
g.
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.
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
43
franklintempleton.com
Semiannual
Report
h.
Guarantees
and
Indemnifications
Under
the
Fund's
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Fund
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Fund
that
have
not
yet
occurred.
Currently,
the
Fund
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
August
31,
2023,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund’s
shares
were
as
follows:
Six
Months
Ended
August
31,
2023
Year
Ended
February
28,
2023
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
44,476,655
$301,974,658
113,906,985
$778,585,782
Shares
issued
in
reinvestment
of
distributions
..........
5,524,393
37,440,661
9,225,724
62,821,340
Shares
redeemed
...............................
(28,752,717)
(194,966,843)
(108,208,870)
(740,785,573)
Net
increase
(decrease)
..........................
21,248,331
$144,448,476
14,923,839
$100,621,549
Class
A1
Shares:
Shares
sold
...................................
9,693,985
$65,694,384
36,946,535
$252,962,604
Shares
issued
in
reinvestment
of
distributions
..........
18,038,297
122,092,361
35,780,874
243,500,586
Shares
redeemed
...............................
(75,750,657)
(512,980,042)
(236,002,608)
(1,612,306,270)
Net
increase
(decrease)
..........................
(48,018,375)
$(325,193,297)
(163,275,199)
$(1,115,843,080)
Class
C
Shares:
Shares
sold
...................................
3,652,922
$24,686,116
7,542,898
$51,411,332
Shares
issued
in
reinvestment
of
distributions
..........
1,060,480
7,166,383
2,243,152
15,238,724
Shares
redeemed
a
..............................
(11,481,040)
(77,736,417)
(32,514,202)
(222,329,255)
Net
increase
(decrease)
..........................
(6,767,638)
$(45,883,918)
(22,728,152)
$(155,679,199)
Class
R6
Shares:
Shares
sold
...................................
16,696,889
$114,211,189
23,952,395
$167,059,723
Shares
issued
in
reinvestment
of
distributions
..........
773,826
5,232,660
1,425,457
9,689,791
Shares
redeemed
...............................
(14,387,771)
(97,008,417)
(31,468,180)
(217,257,281)
Net
increase
(decrease)
..........................
3,082,944
$22,435,432
(6,090,328)
$(40,507,767)
Advisor
Class
Shares:
Shares
sold
...................................
57,343,601
$387,364,898
348,276,868
$2,358,628,835
Shares
issued
in
reinvestment
of
distributions
..........
6,100,402
41,221,765
10,560,690
71,717,632
Shares
redeemed
...............................
(48,128,168)
(324,398,708)
(362,624,261)
(2,456,446,370)
Net
increase
(decrease)
..........................
15,315,835
$104,187,955
(3,786,703)
$(26,099,903)
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
44
franklintempleton.com
Semiannual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the
Fund
are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Advisers
based
on
the
month-end
net
assets
of
the
Fund
as
follows:
For
the
period
ended
August
31,
2023,
the
annualized
gross
effective
investment
management
fee
rate
was 0.440%
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
plan,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
Under
the
Class
A
and
A1
reimbursement
distribution
plans,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund’s
Class
C
compensation
distribution
plan,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.625%
Up
to
and
including
$100
million
0.500%
Over
$100
million,
up
to
and
including
$250
million
0.450%
Over
$250
million,
up
to
and
including
$7.5
billion
0.440%
Over
$7.5
billion,
up
to
and
including
$10
billion
0.430%
Over
$10
billion,
up
to
and
including
$12.5
billion
0.420%
Over
$12.5
billion,
up
to
and
including
$15
billion
0.400%
Over
$15
billion,
up
to
and
including
$17.5
billion
0.380%
Over
$17.5
billion,
up
to
and
including
$20
billion
0.360%
In
excess
of
$20
billion
Class
A
....................................................................................
0.25%
Class
A1
...................................................................................
0.10%
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
45
franklintempleton.com
Semiannual
Report
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
Fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
Effective
October
1,
2022,
the
fees
are
based
on
an
annualized
asset
based
fee
of
0.016%
plus
a
reduced
transaction
based
fee.
Prior
to
October
1,
2022,
the
fees
were
based
on
an
annualized
asset
based
fee
of
0.02%
plus
a
transaction
based
fee.
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
are
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
specific
to
that
class.
For
the
period
ended
August
31,
2023,
the
Fund
paid
transfer
agent
fees
of
$3,554,521,
of
which
$1,413,669
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,
2024.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund’s
fiscal
year
end.
Investor
Services
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
so
that
the
Class
R6
transfer
agent
fees
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
June
30,
2024.
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,
2023,
these
purchase
and
sale
transactions
aggregated
$42,991,326
and
$96,450,000,
respectively.
4.
Expense
Offset
Arrangement
The Fund has
entered
into
an
arrangement
with
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
custodian
expenses.
During
the
period
ended
August
31,
2023,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations. 
Class
C
....................................................................................
0.65%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$31,583
CDSC
retained
..............................................................................
$139,298
3.
Transactions
with
Affiliates
(continued)
c.
Distribution
Fees
(continued)
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
46
franklintempleton.com
Semiannual
Report
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains. 
At
February
28,
2023,
the
capital
loss
carryforwards
were
as
follows:
At
August
31
,
2023
,
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
bond
discounts
and
premiums
and
wash
sales.
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
August
31,
2023,
aggregated
$569,019,141 and
$578,105,620,
respectively. 
7.
Defaulted
Securities
The
Fund
held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
August
31,
2023,
the
aggregate
value
of
these
securities
was
$26,198,250,
representing
0.2%
of
the
Fund's
net
assets.
The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The
securities
have
been
identified
in
the
accompanying
Schedule
of
Investments.
8.
Concentration
of
Risk
The
Fund
invests
a
large
percentage
of
its total
assets
in
obligations
of
issuers
within
its California
and
U.S.
territories.
Such
concentration
may
subject
the
Fund
to
risks
associated
with
industrial
or
regional
matters,
and
economic,
political
or
legal
developments
occurring
within
California
and
U.S.
territories. Investments
in
these
securities
are
sensitive
to
interest
rate
changes
and
credit
risk
of
the
issuer
and
may
subject
the
Fund
to
increased
market
volatility.
The
market
for
these
investments
may
be
limited,
which
may
make
them
difficult
to
buy
or
sell.
9.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
February
2,
2024.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$608,343,144
Long
term
................................................................................
396,110,365
Total
capital
loss
carryforwards
...............................................................
$1,004,453,509
Cost
of
investments
..........................................................................
$13,101,985,136
Unrealized
appreciation
........................................................................
$724,108,223
Unrealized
depreciation
........................................................................
(551,392,406)
Net
unrealized
appreciation
(depreciation)
..........................................................
$172,715,817
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
47
franklintempleton.com
Semiannual
Report
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
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,
2023,
the Fund
did
not
use
the
Global
Credit
Facility.
10.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
August
31,
2023,
in
valuing
the
Fund's assets carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
11.
New
Accounting
Pronouncements
In
March
2020,
the FASB
issued
Accounting
Standards
Update
(ASU)
No.
2020-04,
Reference
Rate
Reform
(Topic
848)
–
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
In
January
2021
and
December
2022,
the
FASB
issued
ASU
No.
2021-01
and
ASU
No.
2022-06,
with
further
amendments
to
Topic
848.
The
amendments
in
the
ASUs
provide
optional
temporary
accounting
recognition
and financial
reporting
relief
from
the
effect
of
certain
types
of
contract
modifications
due
to
the
planned
discontinuation
of
the
LIBOR and
other
interbank-offered
based
reference
rates
as
of
the
end
of
2021
Level
1
Level
2
Level
3
Total
Franklin
California
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Senior
Floating
Rate
Interests
...............
$
—
$
—
$
1,520,752
$
1,520,752
Municipal
Bonds
:
California
.............................
—
12,801,272,591
—
12,801,272,591
Minnesota
............................
—
11,562,322
—
11,562,322
Oregon
..............................
—
2,476,075
—
2,476,075
Wisconsin
............................
—
106,571,985
—
106,571,985
U.S.
Territories
..........................
Guam
...............................
—
23,272,212
—
23,272,212
Puerto
Rico
...........................
—
254,200,669
54,235,641
308,436,310
Escrows
and
Litigation
Trusts
...............
—
—
3,333,706
3,333,706
Short
Term
Investments
...................
—
16,255,000
—
16,255,000
Total
Investments
in
Securities
...........
$—
$13,215,610,854
$59,090,099
$13,274,700,953
9.
Credit
Facility
(continued)
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
48
franklintempleton.com
Semiannual
Report
for
certain
LIBOR
settings
and
2023
for
the
remainder. The
ASUs
are
effective
for
certain
reference
rate-related
contract
modifications
that
occur
during
the
period
March
12,
2020
through
December
31,
2024.
Management
has
reviewed
the
requirements
and
believes
the
adoption
of
these
ASUs
will
not
have
a
material
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
ABAG
Association
of
Bay
Area
Governments
AGMC
Assured
Guaranty
Municipal
Corp.
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
LIBOR
London
Interbank
Offered
Rate
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
REIT
Real
Estate
Investment
Trust
SPA
Standby
Purchase
Agreement
11.
New
Accounting
Pronouncements
(continued)
Franklin
California
Tax-Free
Income
Fund
Shareholder
Information
49
franklintempleton.com
Semiannual
Report
Board
Approval
of
Investment
Management
Agreements
FRANKLIN
CALIFORNIA
TAX-FREE
INCOME
FUND
At
an
in-person
meeting
held
on
April
18,
2023
(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
in
considering
whether
to
approve
the
continuation
of
the
Management
Agreement.
In
considering
the
continuation
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
reviewed
and
considered
prior
to
and
at
the
Meeting.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
the
Management
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
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
and
considered
information
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
management’s
continued
development
of
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
including
various
regulatory
initiatives
and
continuing
geopolitical
concerns.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Manager’s
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
reassessment
of
the
fund
offerings
in
response
to
the
market
environment
and
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
technological
innovation
and
advancement
and
investments
to
promote
alternative
investing.
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.
Franklin
California
Tax-Free
Income
Fund
Shareholder
Information
50
franklintempleton.com
Semiannual
Report
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
December
31,
2022.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
the
Fund’s
performance
results
is
below.
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
California
municipal
debt
funds.
The
Board
noted
that
the
Fund’s
annualized
income
return
and
annualized
total
return
for
the
one-,
three-,
five-
and
10-year
periods
were
above
the
medians
of
its
Performance
Universe.
The
Board
further
noted
management’s
view
regarding
the
income-related
attributes
of
the
Fund
(e.g.,
a
fund’s
investment
objective)
as
set
forth
in
the
Fund’s
registration
statement
and
that
the
evaluation
of
the
Fund’s
performance
relative
to
its
peers
on
an
income
return
basis
was
appropriate
given
these
attributes.
The
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
transfer
agent
expenses;
underlying
fund
expenses;
Rule
12b-1
and
non-Rule
12b-1
service
fees;
and
other
non-
management
fees.
The
Board
also
noted
the
quarterly
and
annual
reports
it
receives
on
all
marketing
support
payments
made
by
FT
to
financial
intermediaries.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
and
the
actual
total
expense
ratio,
for
comparative
consistency,
was
shown
for
Class
A1
shares
for
the
Fund
and
for
Class
A
or
Class
M
shares
for
each
other
fund
in
the
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
the
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
10
other
California
municipal
debt
funds.
The
Board
noted
that
the
Management
Rate
for
the
Fund
was
slightly
above
the
median
of
its
Expense
Group,
but
its
actual
total
expense
ratio
was
below
the
median
and
in
the
first
quintile
(least
expensive)
of
its
Expense
Group.
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,
2022,
being
the
most
recent
fiscal
year-
end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Fund’s
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
PricewaterhouseCoopers
LLP,
auditor
to
FRI
and
certain
FT
funds,
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund’s
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
the
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
the
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
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
Franklin
California
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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
continuation
of
the
Management
Agreement
for
an
additional
one-year
period.
Liquidity
Risk
Management
Program
Each
of
the
Franklin
Templeton
and
Legg
Mason
Funds
has
adopted
and
implemented
a
written
Liquidity
Risk
Management
Program
(the
“LRMP”)
as
required
by
Rule
22e-4
under
the
Investment
Company
Act
of
1940
(the
“Liquidity
Rule”).
The
LRMP
is
designed
to
assess
and
manage
each
Fund’s
liquidity
risk,
which
is
defined
as
the
risk
that
the
Fund
could
not
meet
requests
to
redeem
shares
issued
by
the
Fund
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
In
accordance
with
the
Liquidity
Rule,
the
LRMP
includes
policies
and
procedures
that
provide
for:
(1)
assessment,
management,
and
review
(no
less
frequently
than
annually)
of
each
Fund’s
liquidity
risk;
(2)
classification
of
each
Fund’s
portfolio
holdings
into
one
of
four
liquidity
categories
(Highly
Liquid,
Moderately
Liquid,
Less
Liquid,
and
Illiquid);
(3)
for
Funds
that
do
not
primarily
hold
assets
that
are
Highly
Liquid,
establishing
and
maintaining
a
minimum
percentage
of
the
Fund’s
net
assets
in
Highly
Liquid
investments
(called
a
“Highly
Liquid
Investment
Minimum”
or
“HLIM”);
and
(4)
prohibiting
the
Fund’s
acquisition
of
Illiquid
investments
that
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
Illiquid
assets.
The
LRMP
also
requires
reporting
to
the
Securities
and
Exchange
Commission
(“SEC”)
(on
a
non-public
basis)
and
to
the
Board
if
the
Fund’s
holdings
of
Illiquid
assets
exceed
15%
of
the
Fund’s
net
assets.
Funds
with
HLIMs
must
have
procedures
for
addressing
HLIM
shortfalls,
including
reporting
to
the
Board
and,
with
respect
to
HLIM
shortfalls
lasting
more
than
seven
consecutive
calendar
days,
reporting
to
the
SEC
(on
a
non-public
basis).
The
Director
of
Liquidity
Risk
within
the
Investment
Risk
Management
Group
(the
“IRMG”)
is
the
appointed
Administrator
of
the
LRMP.
The
IRMG
maintains
the
Investment
Liquidity
Committee
(the
“ILC”)
to
provide
oversight
and
administration
of
policies
and
procedures
governing
liquidity
risk
management
for
Franklin
Templeton
and
Legg
Mason
products
and
portfolios.
The
ILC
includes
representatives
from
Franklin
Templeton’s
Risk,
Trading,
Global
Compliance,
Legal,
Investment
Compliance,
Investment
Operations,
Valuation
Committee,
Product
Management
and
Global
Product
Strategy.
In
assessing
and
managing
each
Fund’s
liquidity
risk,
the
ILC
considers,
as
relevant,
a
variety
of
factors,
including
the
Fund’s
investment
strategy
and
the
liquidity
of
its
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions;
its
short
and
long-term
cash
flow
projections;
and
its
cash
holdings
and
access
to
other
funding
sources
including
the
Funds’
interfund
lending
facility
and
line
of
credit.
Classification
of
the
Fund’s
portfolio
holdings
in
the
four
liquidity
categories
is
based
on
the
number
of
days
it
is
reasonably
expected
to
take
to
convert
the
investment
to
cash
(for
Highly
Liquid
and
Moderately
Liquid
holdings)
or
sell
or
dispose
of
the
investment
(for
Less
Liquid
and
Illiquid
investments),
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
Franklin
California
Tax-Free
Income
Fund
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52
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Each
Fund
primarily
holds
liquid
assets
that
are
defined
under
the
Liquidity
Rule
as
"Highly
Liquid
Investments,"
and
therefore
is
not
required
to
establish
an
HLIM.
Highly
Liquid
Investments
are
defined
as
cash
and
any
investment
reasonably
expected
to
be
convertible
to
cash
in
current
market
conditions
in
three
business
days
or
less
without
the
conversion
to
cash
significantly
changing
the
market
value
of
the
investment.
At
meetings
of
the
Funds’
Board
of
Trustees
held
in
May
2023,
the
Program
Administrator
provided
a
written
report
to
the
Board
addressing
the
adequacy
and
effectiveness
of
the
program
for
the
year
ended
December
31,
2022.
The
Program
Administrator
report
concluded
that
(i.)
the
LRMP,
as
adopted
and
implemented,
remains
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk;
(ii.)
the
LRMP,
including
the
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
was
implemented
and
operated
effectively
to
achieve
the
goal
of
assessing
and
managing
each
Fund’s
liquidity
risk;
and
(iii.)
each
Fund
was
able
to
meet
requests
for
redemption
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Fund’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Schedule
of
Investments
The
Fund
files
a
complete
schedule
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
the
Fund’s
financial
reports
every
six
months.
In
addition,
you
will
receive
an
annual
updated
summary
prospectus
(detail
prospectus
available
upon
request).
To
reduce
Fund
expenses,
we
try
to
identify
related
shareholders
in
a
household
and
send
only
one
copy
of
the
financial
reports
(to
the
extent
received
by
mail)
and
summary
prospectus.
This
process,
called
“householding,”
will
continue
indefinitely
unless
you
instruct
us
otherwise.
If
you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)
632-2301.
At
any
time
you
may
view
current
prospectuses/
summary
prospectuses
and
financial
reports
on
our
website.
If
you
choose,
you
may
receive
these
documents
through
electronic
delivery.
1112
S
10/23
©
2023
Franklin
Templeton
Investments.
All
rights
reserved.
Authorized
for
distribution
only
when
accompanied
or
preceded
by
a
summary
prospectus
and/or
prospectus.
Investors
should
carefully
consider
a
fund’s
investment
goals,
risks,
charges
and
expenses
before
investing.
A
prospectus
contains
this
and
other
information;
please
read
it
carefully
before
investing.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
Franklin
California
Tax-Free
Income
Fund
Investment
Manager
Distributor
Shareholder
Services
Franklin
Advisers,
Inc.
Franklin
Distributors,
LLC
(800)
DIAL
BEN
®
/
342-5236
franklintempleton.com
(800)
632-2301
Item 2. Code of Ethics.
 
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.
 
(c) N/A
 
(d) N/A
 
(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
 
 
Item 3. Audit Committee Financial Expert.
 
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
 
(2) The audit committee financial expert is Mary C. Choksi and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
 
 
Item 4. Principal Accountant Fees and Services.       N/A
 
 
Item 5. Audit Committee of Listed Registrants.        N/A            
 
 
Item 6. Schedule of Investments.                      N/A
 
 
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.               N/A
 
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies.                                               N/A
 
 
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers.        N/A
 
 
Item 10. 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 11. Controls and Procedures.
(a) Evaluation of Disclosure Controls and Procedures.
The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
 
(b) Changes in Internal Controls.
There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.
 
 
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                             N/A
 
 
Item 13. Exhibits.
 
(a)(1) Code of Ethics
 
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
 
(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.
 
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
 
 
 
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\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date  October 30, 2023
 
 
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\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date  October 30, 2023
 
 
By S\CHRISTOPHER KINGS______________________
      Christopher Kings
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  October 30, 2023