Franklin California Tax Free Income Fund (0000225375) (Filer)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-02790

Franklin California Tax-Free Income Fund

(Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA 94403-1906

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

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

Date of fiscal year end: February 28

Date of reporting period: August 31, 2026

(a) The Report to Shareholders is filed herewith

This semi-annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2026, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

KEY FUND STATISTICS (as of August 31, 2026)

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^* (% of Total Investments)

23.713.112.410.69.29.17.76.72.62.31.70.9

This semi-annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2026, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

KEY FUND STATISTICS (as of August 31, 2026)

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^* (% of Total Investments)

23.713.112.410.69.29.17.76.72.62.31.70.9

This semi-annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2026, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

KEY FUND STATISTICS (as of August 31, 2026)

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^* (% of Total Investments)

23.713.112.410.69.29.17.76.72.62.31.70.9

This semi-annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2026, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

KEY FUND STATISTICS (as of August 31, 2026)

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^* (% of Total Investments)

23.713.112.410.69.29.17.76.72.62.31.70.9

This semi-annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2026, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

KEY FUND STATISTICS (as of August 31, 2026)

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^* (% of Total Investments)

23.713.112.410.69.29.17.76.72.62.31.70.9

(b) Not applicable

Not applicable

Not applicable

Not applicable.

Not applicable.

Franklin

California

Tax-Free

Income

Fund

Financial

Statements

and

Other

Important

Information

Semi-Annual

|

August 31, 2026

If

you

need

assistance

accessing

this

content,

please

reach

out

to

your

sales

representative

or

send

an

email

to

[email protected]

.

Table

of

Contents

franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

1

Financial

Highlights

and

Schedule

of

Investments

2

Financial

Statements

36

Notes

to

Financial

Statements

40

Changes

In

and

Disagreements

with

Accountants

48

Results

of

Meeting(s)

of

Shareholders

48

Remuneration

Paid

to

Directors,

Officers

and

Others

48

Board

Approval

of

Management

and

Subadvisory

Agreements

48

Franklin

California

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

2

a

Six

Months

Ended

August

31,

2026

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2022

b

Year

Ended

March

31,

2021

2026

2025

2024

a

2023

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

............

$6.89

$6.86

$6.89

$6.73

$7.44

$7.71

$7.50

Income

from

investment

operations

c

:

Net

investment

income

d

.

0.13

0.25

0.24

0.24

0.22

0.18

0.22

Net

realized

and

unrealized

gains

(losses)

...........

(0.26)

0.02

(0.03)

0.16

(0.71)

(0.28)

0.20

Total

from

investment

operations

...........

(0.13)

0.27

0.21

0.40

(0.49)

(0.10)

0.42

Less

distributions

from:

Net

investment

income

..

(0.12)

(0.24)

(0.24)

(0.24)

(0.22)

(0.17)

(0.21)

Net

asset

value,

end

of

period

..............

$6.64

$6.89

$6.86

$6.89

$6.73

$7.44

$7.71

Total

return

e

...........

(1.83)%

4.15%

3.06%

6.02%

(6.62)%

(1.30)%

5.66%

Ratios

to

average

net

assets

f

Expenses

.............

0.76%

0.77%

0.76%

g

0.76%

g

0.77%

g

0.75%

g

0.75%

g

Net

investment

income

...

3.78%

3.72%

3.48%

3.57%

3.27%

2.52%

2.79%

Supplemental

data

Net

assets,

end

of

period

(000’s)

..............

$2,920,515

$2,990,950

$2,853,539

$2,554,655

$2,282,254

$2,412,285

$2,074,343

Portfolio

turnover

rate

....

4.77%

11.93%

7.96%

14.01%

42.30%

19.33%

14.41%

a

For

the

year

ended

February

29.

b

For

the

period

April

1,

2021

to

February

28,

2022.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

3

a

Six

Months

Ended

August

31,

2026

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2022

b

Year

Ended

March

31,

2021

2026

2025

2024

a

2023

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

............

$6.88

$6.85

$6.88

$6.72

$7.43

$7.70

$7.49

Income

from

investment

operations

c

:

Net

investment

income

d

.

0.13

0.26

0.25

0.25

0.23

0.19

0.23

Net

realized

and

unrealized

gains

(losses)

...........

(0.25)

0.02

(0.03)

0.16

(0.71)

(0.27)

0.20

Total

from

investment

operations

...........

(0.12)

0.28

0.22

0.41

(0.48)

(0.08)

0.43

Less

distributions

from:

Net

investment

income

..

(0.13)

(0.25)

(0.25)

(0.25)

(0.23)

(0.19)

(0.22)

Net

asset

value,

end

of

period

..............

$6.63

$6.88

$6.85

$6.88

$6.72

$7.43

$7.70

Total

return

e

...........

(1.75)%

4.32%

3.22%

6.18%

(6.48)%

(1.17)%

5.83%

Ratios

to

average

net

assets

f

Expenses

.............

0.61%

0.61%

0.60%

g

0.61%

g

0.62%

g

0.59%

g

0.60%

g

Net

investment

income

...

3.94%

3.88%

3.64%

3.73%

3.42%

2.68%

2.97%

Supplemental

data

Net

assets,

end

of

period

(000’s)

..............

$5,864,142

$6,303,627

$6,986,725

$7,640,302

$8,130,315

$10,201,944

$11,084,478

Portfolio

turnover

rate

....

4.77%

11.93%

7.96%

14.01%

42.30%

19.33%

14.41%

a

For

the

year

ended

February

29.

b

For

the

period

April

1,

2021

to

February

28,

2022.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

4

a

Six

Months

Ended

August

31,

2026

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2022

b

Year

Ended

March

31,

2021

2026

2025

2024

a

2023

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

............

$6.86

$6.84

$6.87

$6.71

$7.41

$7.69

$7.47

Income

from

investment

operations

c

:

Net

investment

income

d

.

0.12

0.22

0.21

0.21

0.20

0.15

0.19

Net

realized

and

unrealized

gains

(losses)

...........

(0.25)

0.02

(0.03)

0.16

(0.71)

(0.28)

0.21

Total

from

investment

operations

...........

(0.13)

0.24

0.18

0.37

(0.51)

(0.13)

0.40

Less

distributions

from:

Net

investment

income

..

(0.11)

(0.22)

(0.21)

(0.21)

(0.19)

(0.15)

(0.18)

Net

asset

value,

end

of

period

..............

$6.62

$6.86

$6.84

$6.87

$6.71

$7.41

$7.69

Total

return

e

...........

(1.88)%

3.61%

2.65%

5.61%

(6.88)%

(1.80)%

5.40%

Ratios

to

average

net

assets

f

Expenses

.............

1.16%

1.17%

1.16%

g

1.16%

g

1.17%

g

1.15%

g

1.16%

g

Net

investment

income

...

3.39%

3.33%

3.09%

3.19%

2.86%

2.13%

2.42%

Supplemental

data

Net

assets,

end

of

period

(000’s)

..............

$214,168

$246,506

$324,192

$395,396

$502,065

$723,593

$1,018,197

Portfolio

turnover

rate

....

4.77%

11.93%

7.96%

14.01%

42.30%

19.33%

14.41%

a

For

the

year

ended

February

29.

b

For

the

period

April

1,

2021

to

February

28,

2022.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

5

a

Six

Months

Ended

August

31,

2026

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2022

b

Year

Ended

March

31,

2021

2026

2025

2024

a

2023

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

............

$6.87

$6.84

$6.87

$6.71

$7.42

$7.69

$7.48

Income

from

investment

operations

c

:

Net

investment

income

d

.

0.14

0.27

0.26

0.26

0.24

0.20

0.24

Net

realized

and

unrealized

gains

(losses)

...........

(0.26)

0.02

(0.03)

0.15

(0.71)

(0.28)

0.20

Total

from

investment

operations

...........

(0.12)

0.29

0.23

0.41

(0.47)

(0.08)

0.44

Less

distributions

from:

Net

investment

income

..

(0.13)

(0.26)

(0.26)

(0.25)

(0.24)

(0.19)

(0.23)

Net

asset

value,

end

of

period

..............

$6.62

$6.87

$6.84

$6.87

$6.71

$7.42

$7.69

Total

return

e

...........

(1.69)%

4.47%

3.36%

6.33%

(6.37)%

(1.05)%

5.97%

Ratios

to

average

net

assets

f

Expenses

.............

0.47%

0.48%

0.47%

g

0.48%

g

0.49%

g

0.47%

g,h

0.47%

g,h

Net

investment

income

...

4.08%

4.02%

3.78%

3.87%

3.55%

2.81%

3.08%

Supplemental

data

Net

assets,

end

of

period

(000’s)

..............

$404,368

$404,787

$380,103

$316,077

$271,190

$345,058

$281,038

Portfolio

turnover

rate

....

4.77%

11.93%

7.96%

14.01%

42.30%

19.33%

14.41%

a

For

the

year

ended

February

29.

b

For

the

period

April

1,

2021

to

February

28,

2022.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

a

Six

Months

Ended

August

31,

2026

(unaudited)

Year

Ended

February

28,

Year

Ended

February

28,

2022

b

Year

Ended

March

31,

2021

2026

2025

2024

a

2023

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

............

$6.87

$6.84

$6.87

$6.71

$7.42

$7.69

$7.48

Income

from

investment

operations

c

:

Net

investment

income

d

.

0.14

0.27

0.26

0.26

0.24

0.20

0.24

Net

realized

and

unrealized

gains

(losses)

...........

(0.26)

0.02

(0.04)

0.15

(0.72)

(0.28)

0.20

Total

from

investment

operations

...........

(0.12)

0.29

0.22

0.41

(0.48)

(0.08)

0.44

Less

distributions

from:

Net

investment

income

..

(0.13)

(0.26)

(0.25)

(0.25)

(0.23)

(0.19)

(0.23)

Net

asset

value,

end

of

period

..............

$6.62

$6.87

$6.84

$6.87

$6.71

$7.42

$7.69

Total

return

e

...........

(1.57)%

4.28%

3.33%

6.30%

(6.40)%

(1.08)%

5.94%

Ratios

to

average

net

assets

f

Expenses

.............

0.51%

0.52%

0.51%

g

0.52%

g

0.52%

g

0.50%

g

0.51%

g

Net

investment

income

...

4.04%

3.99%

3.74%

3.84%

3.53%

2.78%

3.06%

Supplemental

data

Net

assets,

end

of

period

(000’s)

..............

$3,483,880

$3,338,223

$2,609,811

$2,425,421

$2,344,189

$2,619,688

$2,498,587

Portfolio

turnover

rate

....

4.77%

11.93%

7.96%

14.01%

42.30%

19.33%

14.41%

a

For

the

year

ended

February

29.

b

For

the

period

April

1,

2021

to

February

28,

2022.

c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited),

August

31,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

7

a

a

Shares

a

Value

a

Common

Stocks

0.0%

Independent

Power

and

Renewable

Electricity

Producers

0.0%

a,b

AES

Guayama

Holdings

BV

...........................................

79,045

$

—

b

Total

Common

Stocks

(Cost

$

–

)

...............................................

—

Principal

Amount

a

a

a

a

Municipal

Bonds

99.4%

California

96.5%

Alameda

Corridor

Transportation

Authority

,

c

Revenue,

Sub.

Lien

,

2004

A

,

Refunding

,

AMBAC

Insured

,

3.36

%,

10/01/29

......

$

20,000,000

18,062,832

c

Revenue,

Sub.

Lien

,

2004

A

,

Refunding

,

AMBAC

Insured

,

3.5

%,

10/01/30

.......

41,665,000

36,200,877

Revenue,

Sub.

Lien

,

2022

C

,

Refunding

,

AG

Insured

,

5

%

,

10/01/52

............

28,000,000

28,394,960

c

Alhambra

City

Elementary

School

District

,

Alhambra

Unified

School

District

,

GO

,

2004

B

,

NATL

Insured

,

2.7

%,

9/01/27

.......................................

3,035,000

2,954,943

Align

Capital

Trust

,

Revenue

,

2023-1

,

5.5

%

,

3/01/35

.........................

13,000,000

13,453,340

c

Alisal

Union

School

District

,

GO

,

2009

B

,

AG

Insured

,

3.45

%,

8/01/32

................................

3,355,000

2,744,976

GO

,

2009

B

,

AG

Insured

,

3.56

%,

8/01/33

................................

3,610,000

2,834,158

GO

,

2009

B

,

AG

Insured

,

3.62

%,

2/01/34

................................

3,345,000

2,569,504

Alta

Loma

School

District

,

GO

,

2019

B

,

5

%

,

8/01/44

.........................

7,375,000

7,443,978

Alvord

Unified

School

District

,

GO

,

2011

B

,

AG

Insured

,

7.35

%

,

8/01/46

................................

42,500,000

52,500,309

c

GO

,

2011

B

,

AG

Insured

,

4.19

%,

8/01/36

................................

15,000,000

9,987,060

Anaheim

Housing

&

Public

Improvements

Authority

,

City

of

Anaheim

Electric

System

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

10/01/52

.....

8,040,000

8,086,087

City

of

Anaheim

Water

System

,

Revenue

,

2022

A

,

5

%

,

10/01/52

...............

8,345,000

8,408,654

c

Anaheim

Public

Financing

Authority

,

City

of

Anaheim

,

Revenue,

Sub.

Lien

,

1997

C

,

AG

Insured

,

5.85

%,

9/01/26

.......

29,430,000

29,430,000

City

of

Anaheim

,

Revenue,

Sub.

Lien

,

1997

C

,

AG

Insured

,

2.83

%,

9/01/27

.......

22,860,000

22,228,479

City

of

Anaheim

,

Revenue,

Sub.

Lien

,

1997

C

,

AG

Insured

,

2.93

%,

9/01/28

.......

14,425,000

13,613,344

City

of

Anaheim

,

Revenue,

Sub.

Lien

,

1997

C

,

AG

Insured

,

3.09

%,

9/01/29

.......

24,810,000

22,643,139

City

of

Anaheim

,

Revenue,

Sub.

Lien

,

1997

C

,

AG

Insured

,

3.48

%,

9/01/32

.......

13,665,000

11,129,462

City

of

Anaheim

,

Revenue,

Sub.

Lien

,

1997

C

,

AG

Insured

,

3.59

%,

9/01/33

.......

37,070,000

28,960,530

City

of

Anaheim

,

Revenue,

Sub.

Lien

,

1997

C

,

AG

Insured

,

3.71

%,

9/01/34

.......

24,970,000

18,654,857

City

of

Anaheim

,

Revenue,

Sub.

Lien

,

1997

C

,

AG

Insured

,

ETM,

3.64

%,

3/01/37

..

15,080,000

10,361,326

Bay

Area

Toll

Authority

,

Revenue

,

2017

S-7

,

Refunding

,

4

%

,

4/01/42

.............................

119,305,000

112,388,722

Revenue

,

2017

S-7

,

Refunding

,

4

%

,

4/01/47

.............................

23,330,000

21,680,424

Revenue

,

2017

S-7

,

Refunding

,

4

%

,

4/01/49

.............................

13,625,000

12,428,833

d

Revenue

,

2021

A

,

Refunding

,

Mandatory

Put

,

2

%

,

4/01/28

...................

12,000,000

11,804,477

Beaumont

Public

Improvement

Authority

,

Special

Tax

,

2025

B

,

5

%

,

9/01/55

........

1,250,000

1,196,883

Beaumont

Unified

School

District

,

c

GO

,

2011

C

,

AG

Insured

,

4.57

%,

8/01/40

................................

11,000,000

5,904,165

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

1

,

Special

Tax

,

2025

,

4.125

%

,

9/01/40

.................................................

280,000

263,148

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

1

,

Special

Tax

,

2025

,

4.375

%

,

9/01/45

.................................................

435,000

404,909

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

1

,

Special

Tax

,

2025

,

4.5

%

,

9/01/50

...................................................

640,000

590,623

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

1

,

Special

Tax

,

2025

,

4.5

%

,

9/01/55

...................................................

910,000

825,478

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

2

,

Special

Tax

,

2025

,

4.125

%

,

9/01/40

.................................................

310,000

291,342

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

2

,

Special

Tax

,

2025

,

4.375

%

,

9/01/45

.................................................

875,000

814,472

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

2

,

Special

Tax

,

2025

,

5

%

,

9/01/50

....................................................

1,000,000

993,262

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Beaumont

Unified

School

District,

(continued)

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

2

,

Special

Tax

,

2025

,

5

%

,

9/01/55

....................................................

$

1,000,000

$

983,734

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

,

Revenue

,

2026

B

,

AG

Insured

,

4.625

%

,

7/01/51

...........................

5,000,000

4,790,314

Revenue,

Senior

Lien

,

2024

B

,

5.25

%

,

7/01/49

............................

6,750,000

6,938,680

Revenue,

Senior

Lien

,

2024

B

,

5.25

%

,

7/01/54

............................

8,500,000

8,659,894

Revenue,

Senior

Lien

,

2026

B

,

AG

Insured

,

5.5

%

,

7/01/55

...................

10,500,000

10,971,074

California

Affordable

Housing

Agency

,

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

4

%

,

10/01/40

..............

1,580,000

1,531,510

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

4

%

,

10/01/45

..............

1,930,000

1,776,051

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

4

%

,

10/01/50

..............

1,855,000

1,636,833

California

Community

Choice

Financing

Authority

,

d

Revenue

,

2022

A-1

,

Mandatory

Put

,

4

%

,

8/01/28

..........................

100,000,000

100,938,610

d

Revenue

,

2023

C

,

Mandatory

Put

,

5.25

%

,

10/01/31

........................

122,575,000

128,651,263

d

Revenue

,

2023

E-1

,

Mandatory

Put

,

5

%

,

3/01/31

..........................

38,855,000

40,461,141

d

Revenue

,

2023

G-1

,

Mandatory

Put

,

5.25

%

,

4/01/30

.......................

23,500,000

24,635,128

d

Revenue

,

2024

B

,

Mandatory

Put

,

5

%

,

12/01/32

...........................

28,340,000

28,796,659

d

Revenue

,

2024

D

,

Mandatory

Put

,

5

%

,

9/01/32

...........................

70,000,000

74,872,161

d

Revenue

,

2024

E

,

Mandatory

Put

,

5

%

,

9/01/32

............................

90,000,000

94,327,767

d

Revenue

,

2024

G

,

Mandatory

Put

,

5

%

,

8/01/32

...........................

40,660,000

41,349,016

d

Revenue

,

2025

A

,

Mandatory

Put

,

5

%

,

5/01/35

............................

6,000,000

6,117,403

d

Revenue

,

2025

B

,

Mandatory

Put

,

5

%

,

11/01/35

...........................

15,585,000

16,444,931

d

Revenue

,

2025

C

,

Mandatory

Put

,

5

%

,

10/01/33

...........................

47,500,000

49,251,325

Revenue

,

2025

G

,

5

%

,

12/01/35

.......................................

22,800,000

24,423,905

d

Revenue

,

2026

A-1

,

Mandatory

Put

,

5

%

,

2/01/36

..........................

55,000,000

57,904,072

Revenue

,

2026

B

,

5

%

,

3/01/36

........................................

109,940,000

112,988,361

Revenue

,

2026

F

,

5

%

,

6/01/36

........................................

65,000,000

69,528,537

California

Community

College

Financing

Authority

,

Revenue

,

2001

A

,

NATL

Insured

,

5.125

%

,

4/01/31

.........................

880,000

890,292

NCCD-Orange

Coast

Properties

LLC

,

Revenue

,

2018

,

5.25

%

,

5/01/53

..........

8,150,000

8,155,530

e

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

4

%

,

2/01/56

..........

5,235,000

4,264,032

Brio

Apartments

&

Next

on

Lex

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

4

%

,

2/01/56

....................................................

35,015,000

27,640,424

Exchange

at

Bayfront

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

3

%

,

2/01/57

........................................................

59,855,000

36,263,307

Exchange

at

Bayfront

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A-1-T

,

4.25

%

,

2/01/38

........................................................

7,095,000

6,165,214

Fountains

at

Emerald

Park

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/46

...

14,740,000

12,544,968

Fountains

at

Emerald

Park

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

3

%

,

8/01/56

..

46,440,000

31,072,242

K

Street

Flats

,

Revenue

,

144A,

2021

A-1

,

3

%

,

2/01/57

......................

47,500,000

32,049,343

Summit

at

Sausalito

Apartments

,

Revenue

,

144A,

2021

A-1

,

3

%

,

2/01/57

........

16,260,000

10,729,228

Twin

Creek

Apartments

,

Revenue

,

144A,

2022

A-1

,

4.5

%

,

8/01/52

.............

29,275,000

20,941,081

c

Twin

Creek

Apartments

,

Revenue,

Senior

Lien

,

144A,

2022

A-2

,

6.311

%,

8/01/65

..

79,990,000

2,678,393

Verdant

at

Green

Valley

Apartments

,

Revenue

,

144A,

2019

A

,

5

%

,

8/01/49

.......

15,765,000

14,376,408

California

County

Tobacco

Securitization

Agency

,

Gold

Country

Settlement

Funding

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/40

1,120,000

1,072,970

Gold

Country

Settlement

Funding

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/49

2,000,000

1,729,930

Kern

County

Tobacco

Funding

Corp.

,

Revenue

,

2014

,

Refunding

,

5

%

,

6/01/34

....

4,330,000

4,329,736

Kern

County

Tobacco

Funding

Corp.

,

Revenue

,

2014

,

Refunding

,

5

%

,

6/01/40

....

17,650,000

17,152,932

Los

Angeles

County

Securitization

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

4

%

,

6/01/49

....................................................

3,525,000

3,125,800

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

4

%

,

6/01/36

....................................................

470,000

468,099

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

4

%

,

6/01/38

....................................................

530,000

517,816

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

9

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

County

Tobacco

Securitization

Agency,

(continued)

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

4

%

,

6/01/40

....................................................

$

625,000

$

598,756

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

4

%

,

6/01/42

....................................................

100,000

95,186

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/35

..

350,000

351,097

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/36

..

600,000

597,573

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/37

..

530,000

521,779

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/38

..

790,000

776,654

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/39

..

620,000

600,081

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/40

..

830,000

795,148

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/49

..

3,520,000

3,053,876

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

6/01/49

.

170,000

167,713

California

Educational

Facilities

Authority

,

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

4

%

,

12/01/40

................

1,295,000

1,170,795

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

4

%

,

12/01/41

................

1,345,000

1,193,493

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

4

%

,

12/01/42

................

1,400,000

1,231,616

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

4

%

,

12/01/46

................

3,000,000

2,607,989

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

4

%

,

12/01/50

................

2,675,000

2,226,005

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

3

%

,

12/01/51

................

650,000

439,119

Chapman

University

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

4/01/31

...............

475,000

521,414

Leland

Stanford

Junior

University

(The)

,

Revenue

,

T-1

,

5

%

,

3/15/39

............

2,815,000

3,222,912

Leland

Stanford

Junior

University

(The)

,

Revenue

,

U-1

,

5.25

%

,

4/01/40

.........

5,000,000

5,839,652

Leland

Stanford

Junior

University

(The)

,

Revenue

,

U-6

,

5

%

,

5/01/45

............

7,000,000

7,903,714

Leland

Stanford

Junior

University

(The)

,

Revenue

,

V-1

,

5

%

,

5/01/49

............

20,850,000

22,928,747

Loma

Linda

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

4/01/47

.............

11,000,000

10,678,414

c

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

2.84

%,

10/01/26

..

7,620,000

7,601,687

c

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

2.92

%,

10/01/27

..

7,365,000

7,138,892

c

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

3.02

%,

10/01/28

..

4,120,000

3,872,224

c

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

3.32

%,

10/01/30

..

5,685,000

4,975,275

c

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

3.44

%,

10/01/31

..

7,615,000

6,410,436

c

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

3.56

%,

10/01/32

..

7,615,000

6,155,245

c

Santa

Clara

University

,

Revenue

,

1999

,

AMBAC

Insured

,

5.263

%,

9/01/26

.......

655,000

655,000

St.

Mary's

College

of

California

,

Revenue

,

2023

A

,

Refunding

,

5.5

%

,

10/01/53

....

10,850,000

10,247,350

University

of

Redlands

,

Revenue

,

2022

A

,

5

%

,

10/01/44

.....................

3,835,000

3,777,744

University

of

Redlands

,

Revenue

,

2022

A

,

5

%

,

10/01/52

.....................

18,790,000

17,848,516

University

of

San

Francisco

,

Revenue

,

2018

A

,

5

%

,

10/01/48

.................

10,000,000

9,652,125

University

of

Southern

California

,

Revenue

,

2025

A

,

5

%

,

10/01/55

.............

50,000,000

52,003,680

California

Enterprise

Development

Authority

,

Castilleja

School

Foundation

,

Revenue

,

2024

,

5

%

,

6/01/49

...................

2,800,000

2,863,990

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

5

%

,

8/01/40

..

650,000

656,236

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

5

%

,

8/01/45

..

650,000

652,253

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

5

%

,

8/01/50

..

650,000

641,158

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

5

%

,

8/01/55

..

3,175,000

3,132,730

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

5

%

,

8/01/57

..

500,000

485,327

California

Health

Facilities

Financing

Authority

,

Cedars-Sinai

Medical

Center

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

8/15/41

........................................................

5,000,000

5,301,908

Children's

Hospital

Los

Angeles

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

8/15/42

........................................................

14,370,000

14,203,539

Children's

Hospital

Los

Angeles

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

8/15/47

........................................................

7,750,000

7,588,881

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/36

.

13,220,000

13,269,170

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/37

.

5,550,000

5,543,762

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/38

.

7,075,000

6,989,813

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

3

%

,

4/01/44

.

4,340,000

3,615,010

El

Camino

Hospital

LP

,

Revenue

,

2017

,

4.125

%

,

2/01/47

....................

11,000,000

10,270,835

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Health

Facilities

Financing

Authority,

(continued)

El

Camino

Hospital

LP

,

Revenue

,

2017

,

5

%

,

2/01/47

.......................

$

12,500,000

$

12,558,285

Episcopal

Communities

&

Services

for

Seniors

Obligated

Group

,

Revenue

,

2024

B

,

5.25

%

,

11/15/48

.................................................

1,905,000

1,935,900

Episcopal

Communities

&

Services

for

Seniors

Obligated

Group

,

Revenue

,

2024

B

,

5.25

%

,

11/15/53

.................................................

1,945,000

1,955,008

Episcopal

Communities

&

Services

for

Seniors

Obligated

Group

,

Revenue

,

2024

B

,

5.25

%

,

11/15/58

.................................................

3,100,000

3,106,867

Kaiser

Foundation

Hospitals

,

Revenue

,

2017

A-2

,

4

%

,

11/01/38

...............

25,000,000

24,447,258

Kaiser

Foundation

Hospitals

,

Revenue

,

2017

A-2

,

4

%

,

11/01/44

...............

411,225,000

386,299,296

Kaiser

Foundation

Hospitals

,

Revenue

,

2017

A-2

,

5

%

,

11/01/47

...............

12,500,000

13,358,449

Lucile

Salter

Packard

Children's

Hospital

at

Stanford

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

11/15/56

.............................................

10,300,000

10,343,314

On

Lok

Senior

Health

Services

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

8/01/40

........................................................

1,450,000

1,475,837

On

Lok

Senior

Health

Services

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

8/01/50

........................................................

2,375,000

2,336,246

On

Lok

Senior

Health

Services

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

8/01/55

........................................................

850,000

819,984

Providence

St.

Joseph

Health

Obligated

Group

,

Revenue

,

2014

A

,

5

%

,

10/01/38

..

5,110,000

5,113,529

Scripps

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

11/15/42

.....

2,500,000

2,616,754

Sutter

Health

Obligated

Group

,

Revenue

,

2016

B

,

5

%

,

11/15/46

...............

42,105,000

42,320,498

Sutter

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

4

%

,

11/15/48

......

10,585,000

9,298,538

Sutter

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

11/15/48

......

21,690,000

21,901,185

Sutter

Health

Obligated

Group

,

Revenue

,

2018

A

,

4

%

,

11/15/42

...............

11,680,000

10,856,400

Sutter

Health

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

11/15/48

...............

24,500,000

24,758,686

Sutter

Health

Obligated

Group

,

Revenue

,

2026

A

,

Refunding

,

5

%

,

11/15/56

......

50,000,000

50,589,080

California

Housing

Finance

Agency

,

Revenue

,

2019-1

,

A

,

4.25

%

,

1/15/35

...................................

41,353,085

42,176,677

Revenue

,

2019-2

,

A

,

4

%

,

3/20/33

......................................

12,331,913

12,426,044

e

Foothill

San

Regis

Apartments

LLC

,

Revenue

,

144A,

2026

U-1

,

I

,

5.8

%

,

4/01/36

...

42,300,000

41,515,805

e

Found

Middle

LP

,

Revenue

,

144A,

2024

L

,

5.2

%

,

12/01/27

...................

5,000,000

5,044,211

d,e

Shermanair

Apartments

Owner

LP

,

Revenue

,

144A,

2021

Q-1

,

Mandatory

Put

,

3

%

,

9/01/36

........................................................

22,535,000

19,969,661

e

Shermanair

Apartments

Owner

LP

,

Revenue

,

144A,

2021

Q-2

,

5

%

,

9/01/36

......

1,940,000

1,614,462

California

Infrastructure

&

Economic

Development

Bank

,

California

State

Teachers'

Retirement

System

,

Revenue

,

2019

,

5

%

,

8/01/44

......

12,750,000

13,040,106

California

State

Teachers'

Retirement

System

,

Revenue

,

2019

,

5

%

,

8/01/49

......

16,040,000

16,312,261

California

State

Water

Resources

Control

Board

Water

Pollution

Control

Revolving

Fund

,

Revenue

,

2018

,

5

%

,

10/01/43

..................................

10,000,000

10,185,417

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

11/01/45

.......................................................

850,000

776,284

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

11/01/50

.......................................................

860,000

743,488

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2021

B

,

4

%

,

11/01/56

.......................................................

1,000,000

827,281

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

B

,

5

%

,

11/01/47

.......................................................

2,300,000

2,339,706

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

B

,

4.125

%

,

11/01/52

.......................................................

3,100,000

2,698,771

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

B

,

5

%

,

11/01/57

.......................................................

5,500,000

5,498,453

Los

Angeles

County

Museum

of

Natural

History

Foundation

,

Revenue

,

2020

,

Refunding

,

3

%

,

7/01/50

............................................

18,995,000

13,341,287

Los

Angeles

County

Museum

of

Natural

History

Foundation

,

Revenue

,

2026

,

5

%

,

7/01/56

........................................................

31,000,000

31,725,608

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

11

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Infrastructure

&

Economic

Development

Bank,

(continued)

Los

Angeles

County

Museum

of

Natural

History

Foundation

,

Revenue

,

2026

,

5.5

%

,

7/01/56

........................................................

$

29,250,000

$

31,194,271

d

Museum

Associates

,

Revenue

,

2021

A

,

Refunding

,

Mandatory

Put

,

1.2

%

,

6/01/28

.

15,000,000

14,360,910

University

of

California

,

Revenue

,

2017

,

5

%

,

5/15/52

.......................

31,305,000

31,573,246

California

Municipal

Finance

Authority

,

e

Revenue

,

144A,

2025

A

,

6.375

%

,

8/01/37

...............................

28,300,000

28,771,478

Revenue

,

2025

A

,

6.1

%

,

12/01/37

.....................................

23,875,000

23,541,875

d,e

Revenue

,

144A,

2026-1

,

Mandatory

Put

,

5.67

%

,

7/01/44

....................

4,500,000

4,466,527

Revenue,

Senior

Lien

,

2017

A

,

Refunding

,

4

%

,

8/15/52

.....................

27,350,000

22,606,479

Special

Tax

,

2024

C

,

5

%

,

9/01/44

......................................

1,100,000

1,083,672

Special

Tax

,

2024

C

,

5

%

,

9/01/54

......................................

1,000,000

959,831

Special

Tax

,

2024

E

,

5

%

,

9/01/55

......................................

2,485,000

2,415,292

Special

Tax

,

2025

A

,

5

%

,

9/01/50

......................................

1,350,000

1,333,504

Special

Tax

,

2025

B

,

5.125

%

,

9/01/50

..................................

1,275,000

1,280,501

Special

Tax

,

2025

C

,

5

%

,

9/01/50

......................................

1,275,000

1,259,420

Special

Tax

,

2025

C

,

5

%

,

9/01/55

......................................

1,090,000

1,051,509

f

1717

University

Associates

LLC

,

Revenue

,

2020

A

,

8.5

%

,

6/01/52

.............

11,413,000

9,019,912

f

1717

University

Associates

LLC

,

Revenue

,

2020

A-T

,

9.25

%

,

6/01/52

...........

3,407,000

2,544,480

e

Ascent

613

,

Revenue

,

144A,

2025

A

,

5.25

%

,

1/01/45

.......................

2,500,000

2,493,458

e

Ascent

613

,

Revenue

,

144A,

2025

A

,

5.375

%

,

1/01/55

......................

3,500,000

3,442,102

e

Ascent

613

,

Revenue

,

144A,

2025

A

,

5.5

%

,

1/01/60

........................

3,100,000

3,071,037

Bethany

Home

Society

of

San

Joaquin

County,

Inc.

,

Revenue

,

2023

,

California

Mortgage

Insured

,

5

%

,

11/15/52

.....................................

26,465,000

27,027,056

BOLD

Program

,

Special

Tax

,

2026

A

,

5

%

,

9/01/56

.........................

2,015,000

1,904,096

Boone

534

LLC

,

Revenue

,

2026

A

,

6

%

,

2/01/38

...........................

33,820,000

33,033,049

California

Institute

of

the

Arts

,

Revenue

,

2021

,

4

%

,

10/01/51

.................

2,355,000

1,907,864

Caritas

Corp.

CMFA

Mobile

Home

Park

Financing

2024

Portfolio

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

8/15/49

............................................

1,235,000

1,232,240

Caritas

Corp.

CMFA

Mobile

Home

Park

Financing

2024

Portfolio

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

8/15/54

............................................

1,800,000

1,766,406

Caritas

Corp.

CMFA

Mobile

Home

Park

Financing

2024

Portfolio

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

8/15/59

............................................

2,600,000

2,529,797

e

Century

CityView

LP

,

Revenue

,

144A,

2021

A

,

4

%

,

11/01/36

..................

10,375,000

9,796,459

CHF-Davis

I

LLC

,

Revenue

,

2018

,

5

%

,

5/15/51

...........................

10,000,000

9,888,881

City

of

Elk

Grove

Community

Facilities

District

No.

2023-7

Improvement

Area

No.

1

,

Special

Tax

,

2024

,

5

%

,

9/01/39

......................................

580,000

587,489

City

of

Elk

Grove

Community

Facilities

District

No.

2023-7

Improvement

Area

No.

1

,

Special

Tax

,

2024

,

5

%

,

9/01/44

......................................

900,000

902,251

City

of

Elk

Grove

Community

Facilities

District

No.

2023-7

Improvement

Area

No.

1

,

Special

Tax

,

2024

,

5

%

,

9/01/49

......................................

785,000

777,976

City

of

Elk

Grove

Community

Facilities

District

No.

2023-7

Improvement

Area

No.

1

,

Special

Tax

,

2024

,

5

%

,

9/01/54

......................................

750,000

736,011

Community

Facilities

District

No.

2020-6

,

Special

Tax

,

2025

,

5

%

,

9/01/50

........

1,000,000

987,780

Community

Facilities

District

No.

2020-6

,

Special

Tax

,

2025

,

5

%

,

9/01/55

........

1,500,000

1,453,552

Community

Facilities

District

No.

2021-13

,

Special

Tax

,

2025

,

5

%

,

9/01/45

.......

1,085,000

1,083,617

Community

Facilities

District

No.

2021-13

,

Special

Tax

,

2025

,

5

%

,

9/01/50

.......

1,250,000

1,234,726

Community

Facilities

District

No.

2021-13

,

Special

Tax

,

2025

,

5

%

,

9/01/55

.......

1,400,000

1,356,648

Community

Facilities

District

No.

2021-9

Improvement

Area

No.

1

,

Special

Tax

,

2025

,

5.125

%

,

9/01/50

.................................................

1,725,000

1,724,025

Community

Facilities

District

No.

2021-9

Improvement

Area

No.

1

,

Special

Tax

,

2025

,

5.25

%

,

9/01/55

..................................................

2,425,000

2,428,431

Community

Facilities

District

No.

2022-6

Improvement

Area

No.

1

,

Special

Tax

,

2024

,

5

%

,

9/01/44

....................................................

1,000,000

1,000,178

Community

Facilities

District

No.

2022-6

Improvement

Area

No.

1

,

Special

Tax

,

2024

,

5

%

,

9/01/49

....................................................

1,250,000

1,233,800

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Municipal

Finance

Authority,

(continued)

Community

Facilities

District

No.

2022-6

Improvement

Area

No.

1

,

Special

Tax

,

2024

,

5

%

,

9/01/54

....................................................

$

4,025,000

$

3,932,382

Community

Facilities

District

No.

2023-5

Area

No.

2

Improvement

Area

No.

2

,

Special

Tax

,

2025

,

5

%

,

9/01/50

............................................

1,000,000

987,780

Community

Facilities

District

No.

2023-5

Area

No.

2

Improvement

Area

No.

2

,

Special

Tax

,

2025

,

5

%

,

9/01/55

............................................

1,120,000

1,090,219

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/01/42

............................................

15,900,000

15,914,749

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/01/47

............................................

19,145,000

18,882,530

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

2/01/51

........................................................

7,000,000

5,904,281

Concordia

University

Irvine

,

Revenue

,

2021

,

4

%

,

1/01/37

....................

975,000

902,588

Concordia

University

Irvine

,

Revenue

,

2021

,

4

%

,

1/01/38

....................

815,000

743,045

Concordia

University

Irvine

,

Revenue

,

2021

,

4

%

,

1/01/39

....................

1,040,000

931,868

Concordia

University

Irvine

,

Revenue

,

2021

,

4

%

,

1/01/40

....................

1,025,000

894,259

Concordia

University

Irvine

,

Revenue

,

2021

,

4

%

,

1/01/41

....................

1,030,000

876,373

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

4

%

,

11/15/42

....

450,000

413,034

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

4

%

,

11/15/52

....

1,000,000

820,436

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

4

%

,

11/15/56

....

1,100,000

881,294

Eisenhower

Medical

Center

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/47

.........

9,100,000

8,877,005

Eskaton

Properties,

Inc.

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

5

%

,

11/15/44

1,500,000

1,528,564

e

IH

Citrus

Whittier

LLC

,

Revenue

,

144A,

2023

,

I-A

,

6.25

%

,

1/01/60

.............

29,830,000

28,575,717

e

IH

Citrus

Whittier

LLC

,

Revenue

,

144A,

2023

,

I-B

,

9

%

,

7/01/42

................

1,800,000

1,802,230

e

IH

Lakes

Concord

LLC

,

Revenue

,

144A,

2022

A-1

,

4.375

%

,

12/01/32

...........

22,510,000

21,995,491

e

IH

Parkside

Fairfield

LLC

,

Revenue

,

144A,

2023

A-1

,

6.75

%

,

9/01/53

...........

51,750,000

53,218,774

e

IH

Parkside

Fairfield

LLC

,

Revenue

,

144A,

2023

A-2

,

8

%

,

9/01/27

.............

565,000

570,709

Inland

Counties

Regional

Center,

Inc.

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/15/45

...

23,300,000

23,307,097

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

........

81,985,000

68,226,843

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/31/37

8,500,000

8,622,476

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/31/38

5,000,000

5,060,806

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/31/43

46,895,000

47,148,993

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/31/47

55,745,000

55,068,986

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

B

,

5

%

,

6/01/48

14,325,000

14,011,616

e

NCCD-Claremont

Properties

LLC

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.25

%

,

7/01/40

........................................................

7,065,000

7,344,933

e

NCCD-Claremont

Properties

LLC

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.5

%

,

7/01/50

21,145,000

21,808,598

e

NCCD-Claremont

Properties

LLC

,

Revenue

,

144A,

2023

A

,

Refunding

,

6

%

,

7/01/53

12,485,000

13,335,650

e

NCCD-Claremont

Properties

LLC

,

Revenue

,

144A,

2023

B

,

Refunding

,

6.5

%

,

7/01/32

........................................................

2,470,000

2,460,538

Northbay

Healthcare

Corp.

Obligated

Group

,

Revenue

,

2017

A

,

5.25

%

,

11/01/41

..

5,500,000

5,483,164

Northbay

Healthcare

Corp.

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

11/01/47

.....

8,650,000

8,078,203

Northern

California

Retired

Officers

Community

,

Revenue

,

2019

A

,

California

Mortgage

Insured

,

5

%

,

1/01/43

......................................

10,000,000

10,214,299

Palomar

Health

Obligated

Group

,

COP

,

2022

A

,

Refunding

,

AG

Insured

,

5.25

%

,

11/01/52

.......................................................

43,040,000

42,264,811

Porter

1107

LLC

,

Revenue

,

2025

A

,

6.2

%

,

11/01/37

........................

43,500,000

43,418,324

PRG

-

Potrero

Properties

LLC

,

Revenue

,

2026

A

,

5.25

%

,

9/01/51

..............

5,500,000

5,725,800

PRG

-

Potrero

Properties

LLC

,

Revenue

,

2026

A

,

5.5

%

,

9/01/56

...............

7,000,000

7,407,906

Samuel

Merritt

University

,

Revenue

,

2022

,

5.25

%

,

6/01/53

...................

39,750,000

40,547,667

Scripps

College

,

Revenue

,

2025

,

5.5

%

,

7/01/60

...........................

8,500,000

8,873,065

e

Sierra

Ridge

3600

LLC

,

Revenue

,

144A,

2024

A

,

5.75

%

,

11/01/39

.............

48,085,000

46,648,605

University

of

La

Verne

,

Revenue

,

2017

A

,

Refunding

,

4

%

,

6/01/47

.............

10,500,000

9,297,990

e

Verner

6430

LLC

,

Revenue

,

144A,

2026

A

,

6

%

,

6/01/38

.....................

36,050,000

35,473,813

California

Pollution

Control

Financing

Authority

,

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2019

,

Refunding

,

5

%

,

7/01/39

.

7,250,000

7,390,773

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

13

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Pollution

Control

Financing

Authority,

(continued)

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2019

,

Refunding

,

5

%

,

11/21/45

$

11,365,000

$

11,506,994

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

5

%

,

7/01/30

..........

5,200,000

5,499,381

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

5

%

,

7/01/31

..........

3,000,000

3,201,672

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

5

%

,

7/01/32

..........

5,500,000

5,925,196

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

5

%

,

7/01/33

..........

6,000,000

6,527,018

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

5

%

,

7/01/34

..........

3,250,000

3,521,772

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

5

%

,

7/01/35

..........

3,250,000

3,507,479

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

5

%

,

7/01/36

..........

2,650,000

2,841,268

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,