UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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, 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: 2/29/24

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

.

Annual

Report

and

Shareholder

Letter

Franklin

California

Tax-Free

Income

Fund

February

29,

2024

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.

Franklin

California

Tax-Free

Income

Fund

1

franklintempleton.com

Annual

Report

SHAREHOLDER

LETTER

Dear

Shareholder,

We

are

pleased

to

provide

the

annual

report

of

Franklin

California

Tax-Free

Income

Fund

for

the

12-month

reporting

period

ended

February

29,

2024.

Please

read

on

for

a

detailed

look

at

prevailing

economic

and

market

conditions

during

the

Funds’

reporting

period

and

to

learn

how

those

conditions

have

affected

Fund

performance.

As

always,

we

remain

committed

to

providing

you

with

excellent

service

and

a

full

spectrum

of

investment

choices.

We

also

remain

committed

to

supplementing

the

support

you

receive

from

your

financial

advisor.

One

way

we

accomplish

this

is

through

our

website,

www.franklintempleton.com

.

Here

you

can

gain

immediate

access

to

market

and

investment

information,

including:

•

Fund

prices

and

performance;

•

Market

insights

and

commentaries

from

our

portfolio

Managers;

and

•

A

host

of

educational

resources.

We

look

forward

to

helping

you

meet

your

financial

goals.

Sincerely,

Gregory

E.

Johnson

Chairman

Franklin

California

Tax-Free

Income

Fund

Ben

Barber

Senior

Vice

President

Director

of

Municipal

Bonds

franklintempleton.com

Annual

Report

2

Contents

Fund

Overview

3

Performance

Summary

5

Your

Fund’s

Expenses

8

Financial

Highlights

and

Schedule

of

Investments

9

Financial

Statements

41

Notes

to

Financial

Statements

45

Report

of

Independent

Registered

Public

Accounting

Firm

54

Tax

Information

55

Board

Members

and

Officers

56

Shareholder

Information

61

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Annual

Report

Franklin

California

Tax-Free

Income

Fund

Fund

Overview

Q.

What

is

the

Fund's

investment

strategy?

A.

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

We

select

securities

that

we

believe

will

provide

the

best

balance

between

risk

and

return

within

the

Fund’s

range

of

allowable

investments

and

typically

invest

with

a

long-term

time

horizon.

This

means

we

generally

hold

securities

in

the

Fund’s

portfolio

for

income

purposes,

although

we

may

sell

a

security

at

any

time

if

we

believe

it

could

help

the

Fund

meet

its

goal.

Q.

What

were

the

overall

market

conditions

during

the

Fund's

reporting

period?

A.

The

12

months

ending

February

29,

2024,

saw

the

U.S.

Federal

Reserve

(Fed)

turn

more

cautious

in

its

monetary

policy

tightening

campaign,

in

an

effort

to

get

inflation

under

control

without

tipping

the

economy

into

recession.

The

Fed

delivered

three

25

basis

point

(bp)

hikes

during

the

period,

the

last

of

which

occurred

in

July

2023

and

took

the

fed

funds

target

rate

to

a

range

of

5.25%–5.50%,

a

more

than

20-year

high.

Since

then,

policymakers

have

maintained

a

restrictive

stance,

as

the

annual

headline

Consumer

Price

Index

(CPI)

declined

from

6.0%

for

February

2023

to

3.1%

in

January

2024.

At

its

most

recent

meeting

(in

January

2024),

the

Fed

still

left

the

policy

rate

unchanged

while

Fed

Chair

Jerome

Powell

pushed

back

against

investor

hopes

for

a

March

2024

rate

cut,

saying

that

the

Federal

Open

Market

Committee

was

waiting

to

see

further

confirmation

of

the

disinflationary

trend.

Meanwhile,

the

U.S.

economy

remained

robust,

with

real

gross

domestic

product

increasing

at

an

annualized

rate

of

3.3%

in

the

fourth

quarter

of

2023,

underpinned

by

strong

consumer

and

government

spending.

The

municipal

(muni)

bond

market

recorded

positive

total

returns

over

the

period

under

review,

helped

by

a

late-

year

rally

in

2023

which

was

fueled

by

increased

investor

optimism

that

monetary

policy

tightening

had

come

to

an

end.

Nevertheless,

for

most

of

the

last

12

months,

high

levels

of

uncertainty

kept

fund

flows

into

muni

bond

retail

vehicles

negative.

Anecdotal

feedback

suggested

that

many

asset

allocators

were

retaining

large

cash

and

cash-

equivalent

balances,

waiting

on

the

sidelines

for

volatility

to

decline.

Towards

the

end

of

the

period,

elevated

muni

bond

yields

helped

draw

investor

interest,

with

fund

flows

into

the

asset

class

turning

positive

in

January

2024.

Q.

How

did

we

respond

to

these

changing

market

conditions?

A.

The

past

12

months

witnessed

high

levels

of

uncertainty.

However,

market

volatility

was

largely

interest-rate

driven.

Credit

fundamentals

have

remained

stable,

with

robust

balance

sheets

that

were

supported

by

significant

“rainy-day”

funds

which,

in

turn,

were

bolstered

by

federal

COVID-19

aid,

increased

during

the

post-pandemic

recovery,

and

maintained

with

conservative

budgeting

and

fiscal

discipline.

Considering

our

view

of

the

fundamental

strength

in

the

muni

market,

the

Fund

is

consequently

tilted

towards

lower-rated

issuers

and

bonds

with

no

external

credit

rating.

Over

the

period,

we

looked

for

opportunities

that

had

the

potential

to

improve

the

overall

yield

of

the

portfolio

and

used

our

rigorous

bottom-up

research

process

to

help

us

identify

credits

that

represented

good

relative

value,

in

our

view.

Performance

Overview

The

Fund’s

Class

A

share

price,

as

measured

by

net

asset

value, 

increased

from 

$6.73

on

February

28,

2023

,

to 

$6.89

on

February

29,

2024

.

The

Fund’s

Class

A

shares

paid

dividends

totaling 

23.5636

cents

per

share

for

the reporting

period.

2

The

Performance

Summary

beginning

on

page 

5

shows

that

at

the

end

of

this

reporting

period

the

Fund’s

Class

A

shares’

distribution

rate

was

3.06%

,

based

on

an

annualization

of the

February

's

1.8251

 cents

per

share

monthly dividend

and

the

maximum

offering

price

of

$7.16

on

February

29,

2024

.

An

investor

in

the 

2024

 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 

6.52%

from

a

taxable

investment

to

match

the

Fund’s

Class

A

tax-free

distribution

rate.

For

other

performance

data,

please

see

the

Performance

Summary.

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

net

investment

income

distributions

for

the

period

shown.

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

14

.

Franklin

California

Tax-Free

Income

Fund

4

franklintempleton.com

Annual

Report

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

.

Q.

What

were

the

leading

contributors

to

performance?

A.

The

Fund

outperformed

its

benchmark

over

the

12

months

under

review,

supported

primarily

by

its

security

selection

among

rating

categories.

The

Fund’s

selection

in

AA,

A

and

BBB

rated

securities

boosted

relative

returns

over

the

period.

Q.

What

were

the

leading

detractors

from

performance?

A.

Negative

performance

over

the

period

came

from

the

Fund’s

overweight

to

bonds

rated

below

investment-grade.

Additionally,

while

yield

curve

positioning

had

a

largely

neutral

impact

on

relative

returns,

the

Fund’s

overweight

to

muni

bonds

with

10

or

more

years

to

maturity

hindered

results.

Q.

Were

there

any

significant

changes

to

the

Fund

during

the

reporting

period?

A.

There

were

no

significant

changes

to

the

Fund’s

overall

strategy.

However,

as

we

gained

more

clarity

around

the

Fed’s

monetary

tightening

path

and

became

more

comfortable

that

muni

fundamentals

were

generally

robust

in

the

face

of

tighter

financing

conditions

and

slowing

economic

activity,

the

Fund

increased

its

overweight

to

lower-rated

securities,

as

well

as

bonds

with

no

external

credit

rating.

The

Franklin

Templeton

Fixed

Income

research

team

conducts

an

in-depth

analysis

of

potential

investment

opportunities

and

is

therefore

able

to

find

what

they

deem

to

be

attractively

priced

securities

from

muni

issuers

with

solid

underlying

credit

fundamentals

that

could

weather

a

period

of

below-trend

growth.

Thank

you

for

your

continued

participation

in

Franklin

California

Tax-Free

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

February

29,

2024,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Portfolio

Composition

2/29/24

%

of

Total

Investments*

Transportation

26.00%

Local

13.27%

Health

Care

10.71%

Housing

10.45%

Utilities

10.08%

Education

8.31%

Special

Tax

6.79%

Industrial

Dev.

Revenue

and

Pollution

Control

5.11%

State

General

Obligation

3.70%

Refunded

2.52%

Lease

2.00%

Other

Revenue

Bonds

1.06%

*Does

not

include

cash

and

cash

equivalents.

Performance

Summary

as

of

February

29,

2024

Franklin

California

Tax-Free

Income

Fund

5

franklintempleton.com

Annual

Report

The

performance

tables

and

graphs

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

2/29/24

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

1-Year

+6.02%

+2.04%

5-Year

+9.72%

+1.10%

10-Year

+34.17%

+2.59%

Advisor

1-Year

+6.30%

+6.30%

5-Year

+11.12%

+2.13%

10-Year

+36.53%

+3.16%

Share

Class

Distribution

Rate

6

Taxable

Equivalent

Distribution

Rate

7

30-Day

Standardized

Yield

8

Taxable

Equivalent

30-Day

Standardized

Yield

7

A

3.06%

6.52%

3.11%

6.63%

Advisor

3.43%

7.31%

3.49%

7.44%

See

page

7

for

Performance

Summary

footnotes.

Franklin

California

Tax-Free

Income

Fund

Performance

Summary

6

franklintempleton.com

Annual

Report

See

page

7

for

Performance

Summary

footnotes.

Total

Return

Index

Comparison

for

a

Hypothetical

$10,000

Investment

1

Total

return

represents

the

change

in

value

of

an

investment

over

the

periods

shown.

It

includes

any

applicable

maximum

sales

charge,

Fund

expenses,

account

fees

and

reinvested

distributions.

The

unmanaged

index

includes

reinvestment

of

any

income

or

distributions.

It

differs

from

the

Fund

in

composition

and

does

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

Class

A

(2/28/14–2/29/24)

Advisor

Class

(2/28/14–2/29/24)

Franklin

California

Tax-Free

Income

Fund

Performance

Summary

7

franklintempleton.com

Annual

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

February

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

Class)

per

share

on

2/29/24.

7.

Taxable

equivalent

distribution

rate

and

yield

assume

the

published

rates

as

of

12/20/23

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.

Source:

FactSet.

The

Bloomberg

Municipal

Bond

California

Exempt

Index

is

the

California

component

of

the

Bloomberg

Municipal

Bond

Index,

which

is

a

market

val-

ue-weighted

index

of

tax-exempt,

investment-grade

municipal

bonds

with

maturities

of

one

year

or

more.

10.

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.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

Distributions

(3/1/23–2/29/24)

Share

Class

Net

Investment

Income

A

$0.235636

A1

$0.245884

C

$0.208786

R6

$0.254705

Advisor

$0.252494

Total

Annual

Operating

Expenses

10

Share

Class

A

0.75%

Advisor

0.50%

Your

Fund’s

Expenses

Franklin

California

Tax-Free

Income

Fund

8

franklintempleton.com

Annual

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

182/366

to

reflect

the

one-half

year

period.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

9/1/23

Ending

Account

Value

2/29/24

Expenses

Paid

During

Period

9/1/23–2/29/24

1

Ending

Account

Value

2/29/24

Expenses

Paid

During

Period

9/1/23–2/29/24

1

a

Annualized

Expense

Ratio

A

$1,000

$1,051.20

$3.94

$1,021.02

$3.89

0.77%

A1

$1,000

$1,052.10

$3.17

$1,021.77

$3.12

0.62%

C

$1,000

$1,049.30

$5.98

$1,019.03

$5.89

1.17%

R6

$1,000

$1,051.30

$2.50

$1,022.42

$2.47

0.49%

Advisor

$1,000

$1,052.70

$2.68

$1,022.26

$2.64

0.52%

Franklin

California

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

9

a

Year

Ended

February

28,

Year

Ended

February

28,

2022

b

Year

Ended

March

31,

Year

Ended

March

31,

2019

c

2024

a

2023

2021

2020

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.......

$6.73

$7.44

$7.71

$7.50

$7.44

$7.27

Income

from

investment

operations

d

:

Net

investment

income

e

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

0.24

0.22

0.18

0.22

0.22

0.14

Net

realized

and

unrealized

gains

(losses)

0.16

(0.71)

(0.28)

0.20

0.08

0.15

Total

from

investment

operations

........

0.40

(0.49)

(0.10)

0.42

0.30

0.29

Less

distributions

from:

Net

investment

income

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

(0.24)

(0.22)

(0.17)

(0.21)

(0.24)

(0.12)

Net

asset

value,

end

of

year

...........

$6.89

$6.73

$7.44

$7.71

$7.50

$7.44

Total

return

f

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

6.02%

(6.62)%

(1.30)%

5.66%

3.98%

4.11%

Ratios

to

average

net

assets

g

Expenses

h

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

0.76%

0.77%

0.75%

0.75%

0.76%

0.76%

Net

investment

income

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

3.57%

3.27%

2.52%

2.79%

2.97%

3.38%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.........

$2,554,655

$2,282,254

$2,412,285

$2,074,343

$1,395,165

$524,756

Portfolio

turnover

rate

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

14.01%

42.30%

19.33%

14.41%

15.74%

14.12%

a

For

the

year

ended

February

29.

b

For

the

period

April

1,

2021

to

February

28,

2022.

c

For

the

period

September

10,

2018

(effective

date)

to

March

31,

2019.

d

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.

e

Based

on

average

daily

shares

outstanding.

f

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

g

Ratios

are

annualized

for

periods

less

than

one

year.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

Year

Ended

February

28,

Year

Ended

February

28,

2022

b

Year

Ended

March

31,

2024

a

2023

2021

2020

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.......

$6.72

$7.43

$7.70

$7.49

$7.43

$7.31

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.25

0.23

0.19

0.23

0.24

0.26

Net

realized

and

unrealized

gains

(losses)

0.16

(0.71)

(0.27)

0.20

0.07

0.12

Total

from

investment

operations

........

0.41

(0.48)

(0.08)

0.43

0.31

0.38

Less

distributions

from:

Net

investment

income

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

(0.25)

(0.23)

(0.19)

(0.22)

(0.25)

(0.26)

Net

asset

value,

end

of

year

...........

$6.88

$6.72

$7.43

$7.70

$7.49

$7.43

Total

return

e

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

6.18%

(6.48)%

(1.17)%

5.83%

4.14%

5.34%

Ratios

to

average

net

assets

f

Expenses

g

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

0.61%

0.62%

0.59%

0.60%

0.61%

0.60%

Net

investment

income

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

3.73%

3.42%

2.68%

2.97%

3.12%

3.54%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.........

$7,640,302

$8,130,315

$10,201,944

$11,084,478

$11,448,334

$11,824,206

Portfolio

turnover

rate

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

14.01%

42.30%

19.33%

14.41%

15.74%

14.12%

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.

Annual

Report

11

a

Year

Ended

February

28,

Year

Ended

February

28,

2022

b

Year

Ended

March

31,

2024

a

2023

2021

2020

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.......

$6.71

$7.41

$7.69

$7.47

$7.41

$7.30

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.21

0.20

0.15

0.19

0.20

0.22

Net

realized

and

unrealized

gains

(losses)

0.16

(0.71)

(0.28)

0.21

0.07

0.11

Total

from

investment

operations

........

0.37

(0.51)

(0.13)

0.40

0.27

0.33

Less

distributions

from:

Net

investment

income

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

(0.21)

(0.19)

(0.15)

(0.18)

(0.21)

(0.22)

Net

asset

value,

end

of

year

...........

$6.87

$6.71

$7.41

$7.69

$7.47

$7.41

Total

return

e

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

5.61%

(6.88)%

(1.80)%

5.40%

3.57%

4.63%

Ratios

to

average

net

assets

f

Expenses

g

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

1.16%

1.17%

1.15%

1.16%

1.16%

1.16%

Net

investment

income

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

3.19%

2.86%

2.13%

2.42%

2.57%

2.98%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.........

$395,396

$502,065

$723,593

$1,018,197

$1,118,612

$1,124,954

Portfolio

turnover

rate

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

14.01%

42.30%

19.33%

14.41%

15.74%

14.12%

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

Year

Ended

February

28,

Year

Ended

February

28,

2022

b

Year

Ended

March

31,

2024

a

2023

2021

2020

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.......

$6.71

$7.42

$7.69

$7.48

$7.42

$7.30

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.26

0.24

0.20

0.24

0.25

0.27

Net

realized

and

unrealized

gains

(losses)

0.15

(0.71)

(0.28)

0.20

0.07

0.12

Total

from

investment

operations

........

0.41

(0.47)

(0.08)

0.44

0.32

0.39

Less

distributions

from:

Net

investment

income

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

(0.25)

(0.24)

(0.19)

(0.23)

(0.26)

(0.27)

Net

asset

value,

end

of

year

...........

$6.87

$6.71

$7.42

$7.69

$7.48

$7.42

Total

return

e

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

6.33%

(6.37)%

(1.05)%

5.97%

4.28%

5.45%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

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

0.48%

0.49%

0.47%

0.47%

0.47%

0.47%

Expenses

net

of

waiver

and

payments

by

affiliates

g

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

0.48%

0.49%

0.47%

h

0.47%

h

0.46%

0.46%

Net

investment

income

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

3.87%

3.55%

2.81%

3.08%

3.27%

3.68%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.........

$316,077

$271,190

$345,058

$281,038

$186,078

$103,760

Portfolio

turnover

rate

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

14.01%

42.30%

19.33%

14.41%

15.74%

14.12%

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

13

a

Year

Ended

February

28,

Year

Ended

February

28,

2022

b

Year

Ended

March

31,

2024

a

2023

2021

2020

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.......

$6.71

$7.42

$7.69

$7.48

$7.42

$7.30

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.26

0.24

0.20

0.24

0.24

0.26

Net

realized

and

unrealized

gains

(losses)

0.15

(0.72)

(0.28)

0.20

0.08

0.13

Total

from

investment

operations

........

0.41

(0.48)

(0.08)

0.44

0.32

0.39

Less

distributions

from:

Net

investment

income

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

(0.25)

(0.23)

(0.19)

(0.23)

(0.26)

(0.27)

Net

asset

value,

end

of

year

...........

$6.87

$6.71

$7.42

$7.69

$7.48

$7.42

Total

return

e

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

6.30%

(6.40)%

(1.08)%

5.94%

4.24%

5.44%

Ratios

to

average

net

assets

f

Expenses

g

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

0.52%

0.52%

0.50%

0.51%

0.51%

0.51%

Net

investment

income

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

3.84%

3.53%

2.78%

3.06%

3.22%

3.63%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.........

$2,425,421

$2,344,189

$2,619,688

$2,498,587

$1,888,402

$1,641,388

Portfolio

turnover

rate

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

14.01%

42.30%

19.33%

14.41%

15.74%

14.12%

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,

February

29,

2024

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

a

a

Principal

Amount

a

Value

a

a

a

a

a

a

Senior

Floating

Rate

Interests

0.1%

Real

Estate

Management

&

Development

0.0%

†

b

,c

TBG

Hillcrest

Senior

II

LP

,

Delayed

Draw

CME

Term

Loan

,

6.89

%

,

(

1-month

SOFR

+

1.55

%

),

1/01/38

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

$

1,946,875

$

1,946,875

Residential

REITs

0.1%

b

,c

Centennial

Gardens

LP

,

d

CME

Term

Loan,

B

,

7.331

%

,

(

1-month

SOFR

+

1.55

%

),

1/01/38

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

8,032,384

8,086,528

Delayed

Draw

CME

Term

Loan

,

7.34

%

,

(

1-month

SOFR

+

2

%

),

1/08/25

.........

1,495,232

1,506,958

9,593,486

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$

11,474,490

)

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

11,540,361

Municipal

Bonds

97.5%

California

94.5%

ABAG

Finance

Authority

for

Nonprofit

Corp.

,

Eskaton

Properties,

Inc.

Obligated

Group

,

Revenue

,

2013

,

Refunding

,

5

%

,

11/15/35

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

10,000,000

9,999,756

Alameda

Corridor

Transportation

Authority

,

Revenue

,

2022

C

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/52

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

28,000,000

30,321,808

Revenue,

Sub.

Lien

,

2004

A

,

Refunding

,

AMBAC

Insured

,

Zero

Cpn.,

10/01/29

....

20,000,000

16,450,612

Revenue,

Sub.

Lien

,

2004

A

,

Refunding

,

AMBAC

Insured

,

Zero

Cpn.,

10/01/30

....

41,665,000

33,003,942

Alameda

Unified

School

District

,

GO

,

2015

A

,

5

%

,

8/01/39

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

18,000,000

18,468,968

Alhambra

City

Elementary

School

District

,

Alhambra

Unified

School

District

,

GO

,

2004

B

,

NATL

Insured

,

Zero

Cpn.,

9/01/27

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

3,035,000

2,701,101

Align

Capital

Trust

,

Revenue

,

2023-1

,

5.5

%

,

3/01/35

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

13,000,000

13,278,590

Alisal

Union

School

District

,

GO

,

2009

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/32

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

3,355,000

2,562,593

GO

,

2009

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/33

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

3,610,000

2,656,276

GO

,

2009

B

,

AGMC

Insured

,

Zero

Cpn.,

2/01/34

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

3,345,000

2,415,057

Alta

Loma

School

District

,

GO

,

2019

B

,

5

%

,

8/01/44

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

7,375,000

7,802,313

Alvord

Unified

School

District

,

GO

,

2011

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/36

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

15,000,000

9,061,918

GO

,

2011

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/46

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

42,500,000

49,119,324

Anaheim

Housing

&

Public

Improvements

Authority

,

City

of

Anaheim

Electric

System

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

10/01/52

.....

8,040,000

8,421,151

City

of

Anaheim

Water

System

,

Revenue

,

2022

A

,

5

%

,

10/01/52

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

8,345,000

8,769,224

Anaheim

Public

Financing

Authority

,

City

of

Anaheim

,

Revenue

,

1997

C

,

AGMC

Insured

,

Zero

Cpn.,

9/01/24

.........

26,855,000

26,425,089

City

of

Anaheim

,

Revenue

,

1997

C

,

AGMC

Insured

,

Zero

Cpn.,

9/01/26

.........

29,430,000

27,216,308

City

of

Anaheim

,

Revenue

,

1997

C

,

AGMC

Insured

,

Zero

Cpn.,

9/01/27

.........

22,860,000

20,520,547

City

of

Anaheim

,

Revenue

,

1997

C

,

AGMC

Insured

,

Zero

Cpn.,

9/01/28

.........

14,425,000

12,563,138

City

of

Anaheim

,

Revenue

,

1997

C

,

AGMC

Insured

,

Zero

Cpn.,

9/01/29

.........

24,810,000

20,938,856

City

of

Anaheim

,

Revenue

,

1997

C

,

AGMC

Insured

,

Zero

Cpn.,

9/01/32

.........

13,665,000

10,379,316

City

of

Anaheim

,

Revenue

,

1997

C

,

AGMC

Insured

,

Zero

Cpn.,

9/01/33

.........

37,070,000

27,114,877

City

of

Anaheim

,

Revenue

,

1997

C

,

AGMC

Insured

,

Zero

Cpn.,

9/01/34

.........

24,970,000

17,539,280

City

of

Anaheim

,

Revenue

,

1997

C

,

AGMC

Insured

,

ETM,

Zero

Cpn.,

3/01/37

.....

15,080,000

9,874,281

Anaheim

Union

High

School

District

,

GO

,

2002

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/26

8,570,000

7,962,067

Bay

Area

Toll

Authority

,

Revenue

,

2017

S-7

,

Refunding

,

4

%

,

4/01/42

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

119,305,000

119,786,408

Revenue

,

2017

S-7

,

Refunding

,

4

%

,

4/01/47

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

23,330,000

23,340,335

Revenue

,

2017

S-7

,

Refunding

,

4

%

,

4/01/49

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

13,625,000

13,620,336

e

Revenue

,

2021

A

,

Refunding

,

Mandatory

Put

,

2

%

,

4/01/28

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

12,000,000

11,156,888

Beaumont

Public

Improvement

Authority

,

City

of

Beaumont

Wastewater

,

Revenue

,

2018

A

,

AGMC

Insured

,

5

%

,

9/01/49

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

10,000,000

10,494,582

Beaumont

Unified

School

District

,

GO

,

2011

C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/40

..

11,000,000

5,521,602

Cabrillo

Unified

School

District

,

GO

,

2018

A

,

5

%

,

8/01/45

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

4,245,000

4,396,286

California

Affordable

Housing

Agency

,

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

4

%

,

10/01/40

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

1,580,000

1,581,928

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

4

%

,

10/01/45

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

1,930,000

1,894,008

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

15

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Affordable

Housing

Agency,

(continued)

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

4

%

,

10/01/50

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

$

1,855,000

$

1,758,860

e

California

Community

Choice

Financing

Authority

,

Revenue

,

2022

A-1

,

Mandatory

Put

,

4

%

,

8/01/28

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

100,000,000

100,632,750

Revenue

,

2023

C

,

Mandatory

Put

,

5.25

%

,

10/01/31

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

116,575,000

123,391,233

Revenue

,

2023

E-1

,

Mandatory

Put

,

5

%

,

3/01/31

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

38,855,000

41,424,252

Revenue

,

2023

G-1

,

Mandatory

Put

,

5.25

%

,

4/01/30

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

23,500,000

25,090,534

California

Community

College

Financing

Authority

,

Revenue

,

2001

A

,

NATL

Insured

,

5.125

%

,

4/01/31

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

880,000

881,112

NCCD-Orange

Coast

Properties

LLC

,

Revenue

,

2018

,

5.25

%

,

5/01/53

..........

8,150,000

8,280,086

f

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

4

%

,

2/01/56

..........

5,235,000

4,539,047

Brio

Apartments

&

Next

on

Lex

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

4

%

,

2/01/56

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

35,015,000

29,215,977

Exchange

at

Bayfront

Apartments

,

Revenue,

Senior

Lien

,

144A,

201

A-1

T

,

4.25

%

,

2/01/38

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

7,095,000

6,072,676

Exchange

at

Bayfront

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

3

%

,

2/01/57

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

59,855,000

36,765,042

Fountains

at

Emerald

Park

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/46

...

14,775,000

12,796,579

Fountains

at

Emerald

Park

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

3

%

,

8/01/56

..

46,440,000

32,649,247

K

Street

Flats

,

Revenue

,

144A,

2021

A-1

,

3

%

,

2/01/57

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

47,500,000

31,556,520

Summit

at

Sausalito

Apartments

,

Revenue

,

144A,

2021

A-1

,

3

%

,

2/01/57

........

16,260,000

11,095,606

Twin

Creek

Apartments

,

Revenue

,

144A,

2022

A-1

,

4.5

%

,

8/01/52

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

29,275,000

24,757,355

Twin

Creek

Apartments

,

Revenue,

Senior

Lien

,

144A,

2022

A-2

,

Zero

Cpn.,

8/01/65

79,990,000

4,898,204

Verdant

at

Green

Valley

Apartments

,

Revenue

,

144A,

2019

A

,

5

%

,

8/01/49

.......

13,550,000

12,912,546

California

County

Tobacco

Securitization

Agency

,

Alameda

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2002

,

5.875

%

,

6/01/35

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

1,675,000

1,709,951

Gold

Country

Settlement

Funding

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/40

1,120,000

1,136,167

Gold

Country

Settlement

Funding

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/49

2,000,000

1,950,182

Gold

Country

Settlement

Funding

Corp.

,

Revenue

,

2020

B-1

,

Refunding

,

4

%

,

6/01/49

35,000

34,963

Kern

County

Tobacco

Funding

Corp.

,

Revenue

,

2014

,

Refunding

,

5

%

,

6/01/34

....

10,295,000

10,298,977

Kern

County

Tobacco

Funding

Corp.

,

Revenue

,

2014

,

Refunding

,

5

%

,

6/01/40

....

17,650,000

17,664,367

Los

Angeles

County

Securitization

Corp.

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

6/01/49

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

540,000

559,269

Los

Angeles

County

Securitization

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

4

%

,

6/01/49

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

3,525,000

3,437,197

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

4

%

,

6/01/36

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

470,000

488,280

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

4

%

,

6/01/38

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

530,000

543,199

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

4

%

,

6/01/40

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

625,000

634,022

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

4

%

,

6/01/42

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

100,000

100,724

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/35

..

350,000

366,153

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/36

..

600,000

623,336

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/37

..

530,000

546,070

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/38

..

790,000

809,675

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/39

..

620,000

632,251

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/40

..

830,000

841,981

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/49

..

3,520,000

3,432,321

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

6/01/49

.

745,000

773,425

Stanislaus

County

Tobacco

Funding

Corp.

,

Revenue

,

2002

A

,

5.875

%

,

6/01/43

...

4,255,000

4,256,668

California

Educational

Facilities

Authority

,

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

4

%

,

12/01/40

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

1,295,000

1,256,612

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

4

%

,

12/01/41

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

1,345,000

1,294,211

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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

Educational

Facilities

Authority,

(continued)

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

4

%

,

12/01/42

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

$

1,400,000

$

1,333,847

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

4

%

,

12/01/46

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

3,000,000

2,787,749

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

4

%

,

12/01/50

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

2,675,000

2,422,911

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

3

%

,

12/01/51

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

650,000

476,457

Chapman

University

,

Revenue

,

2015

,

5

%

,

4/01/40

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

5,000,000

5,055,687

Chapman

University

,

Revenue

,

2015

,

5

%

,

4/01/45

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

5,000,000

5,042,733

Chapman

University

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

4/01/27

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

475,000

508,021

Chapman

University

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

4/01/28

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

395,000

431,417

Chapman

University

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

4/01/29

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

400,000

444,319

Chapman

University

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

4/01/30

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

425,000

481,191

Chapman

University

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

4/01/31

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

475,000

545,337

Leland

Stanford

Junior

University

(The)

,

Revenue

,

T-1

,

5

%

,

3/15/39

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

2,815,000

3,479,464

Leland

Stanford

Junior

University

(The)

,

Revenue

,

U-1

,

5.25

%

,

4/01/40

.........

5,000,000

6,302,689

Leland

Stanford

Junior

University

(The)

,

Revenue

,

U-6

,

5

%

,

5/01/45

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

7,000,000

8,600,924

Leland

Stanford

Junior

University

(The)

,

Revenue

,

V-1

,

5

%

,

5/01/49

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

20,850,000

25,461,511

Loma

Linda

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

4/01/47

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

11,000,000

11,257,428

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

Zero

Cpn.,

10/01/26

7,620,000

6,981,488

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

Zero

Cpn.,

10/01/27

7,365,000

6,532,483

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

Zero

Cpn.,

10/01/28

4,120,000

3,535,824

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

Zero

Cpn.,

10/01/30

5,685,000

4,547,099

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

Zero

Cpn.,

10/01/31

7,615,000

5,863,258

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

Zero

Cpn.,

10/01/32

7,615,000

5,636,231

Santa

Clara

University

,

Revenue

,

1999

,

AMBAC

Insured

,

Zero

Cpn.,

9/01/26

.....

2,075,000

1,876,914

Santa

Clara

University

,

Revenue

,

2015

,

Refunding

,

5

%

,

4/01/45

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

15,495,000

15,739,482

St.

Mary's

College

of

California

,

Revenue

,

2023

A

,

Refunding

,

5.5

%

,

10/01/53

....

9,350,000

9,895,105

University

of

Redlands

,

Revenue

,

2022

A

,

5

%

,

10/01/44

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

3,835,000

3,998,650

University

of

Redlands

,

Revenue

,

2022

A

,

5

%

,

10/01/52

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

18,790,000

19,263,181

University

of

San

Francisco

,

Revenue

,

2018

A

,

5

%

,

10/01/48

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

10,000,000

10,395,073

University

of

San

Francisco

,

Revenue

,

2018

A

,

5

%

,

10/01/53

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

10,000,000

10,348,416

California

Enterprise

Development

Authority

,

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

5

%

,

8/01/40

..

650,000

675,638

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

5

%

,

8/01/45

..

650,000

672,077

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

5

%

,

8/01/50

..

650,000

670,199

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

5

%

,

8/01/55

..

3,175,000

3,245,571

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

5

%

,

8/01/57

..

500,000

509,724

California

Health

Facilities

Financing

Authority

,

Casa

Milagro

LLC

,

Revenue

,

2011

A

,

California

Mortgage

Insured

,

6.25

%

,

2/01/26

.

2,730,000

2,737,131

Cedars-Sinai

Medical

Center

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

8/15/41

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

5,000,000

5,607,558

Children's

Hospital

Los

Angeles

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

8/15/42

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

14,370,000

14,669,580

Children's

Hospital

Los

Angeles

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

8/15/47

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

7,750,000

7,854,996

Children's

Hospital

of

Orange

County

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

11/01/27

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

1,000,000

1,085,670

Children's

Hospital

of

Orange

County

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

11/01/29

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

1,350,000

1,527,177

City

of

Hope

Obligated

Group

,

Revenue

,

2019

,

5

%

,

11/15/49

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

27,000,000

27,565,448

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/36

.

15,770,000

16,162,042

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/37

.

3,000,000

3,058,593

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/38

.

7,075,000

7,162,924

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

3

%

,

4/01/44

.

4,340,000

3,513,834

El

Camino

Hospital

,

Revenue

,

2017

,

4.125

%

,

2/01/47

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

11,000,000

10,837,950

El

Camino

Hospital

,

Revenue

,

2017

,

5

%

,

2/01/47

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

12,500,000

12,837,535

Episcopal

Communities

&

Services

for

Seniors

Obligated

Group

,

Revenue

,

2024

B

,

5.25

%

,

11/15/48

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

1,905,000

2,047,986

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

17

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Health

Facilities

Financing

Authority,

(continued)

Episcopal

Communities

&

Services

for

Seniors

Obligated

Group

,

Revenue

,

2024

B

,

5.25

%

,

11/15/53

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

$

1,945,000

$

2,059,250

Episcopal

Communities

&

Services

for

Seniors

Obligated

Group

,

Revenue

,

2024

B

,

5.25

%

,

11/15/58

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

3,000,000

3,161,799

Kaiser

Foundation

Hospitals

,

Revenue

,

2017

A-2

,

4

%

,

11/01/38

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

25,000,000

25,322,938

Kaiser

Foundation

Hospitals

,

Revenue

,

2017

A-2

,

4

%

,

11/01/44

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

411,225,000

408,570,378

Kaiser

Foundation

Hospitals

,

Revenue

,

2017

A-2

,

5

%

,

11/01/47

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

12,500,000

14,848,630

Lucile

Salter

Packard

Children's

Hospital

at

Stanford

Obligated

Group

,

Revenue

,

2016

B

,

5

%

,

8/15/55

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

24,000,000

24,500,426

Lucile

Salter

Packard

Children's

Hospital

at

Stanford

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

11/15/56

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

10,300,000

10,702,252

Marshall

Medical

Center

,

Revenue

,

2020

A

,

Refunding

,

California

Mortgage

Insured

,

4

%

,

11/01/40

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

3,750,000

3,804,780

Marshall

Medical

Center

,

Revenue

,

2020

A

,

Refunding

,

California

Mortgage

Insured

,

5

%

,

11/01/50

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

25,065,000

26,540,466

On

Lok

Senior

Health

Services

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

8/01/40

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

800,000

850,902

On

Lok

Senior

Health

Services

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

8/01/50

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

2,375,000

2,464,901

On

Lok

Senior

Health

Services

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

8/01/55

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

850,000

876,986

Providence

St.

Joseph

Health

Obligated

Group

,

Revenue

,

2014

A

,

5

%

,

10/01/38

..

5,110,000

5,140,218

Scripps

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

11/15/43

.....

2,500,000

2,850,996

Sequoia

Living,

Inc.

,

Revenue

,

2015

,

Refunding

,

California

Mortgage

Insured

,

5

%

,

7/01/34

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

1,000,000

1,028,152

Sequoia

Living,

Inc.

,

Revenue

,

2015

,

Refunding

,

California

Mortgage

Insured

,

5

%

,

7/01/39

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

1,450,000

1,480,782

Sequoia

Living,

Inc.

,

Revenue

,

2015

,

Refunding

,

California

Mortgage

Insured

,

5

%

,

7/01/44

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

1,160,000

1,180,974

Sutter

Health

Obligated

Group

,

Revenue

,

2016

B

,

5

%

,

11/15/46

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

42,105,000

43,087,474

Sutter

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

4

%

,

11/15/48

......

10,585,000

10,199,781

Sutter

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

11/15/48

......

21,690,000

22,435,778

Sutter

Health

Obligated

Group

,

Revenue

,

2018

A

,

4

%

,

11/15/42

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

11,680,000

11,637,730

Sutter

Health

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

11/15/48

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

24,500,000

25,367,966

California

Housing

Finance

Agency

,

Revenue

,

2019-1

,

A

,

4.25

%

,

1/15/35

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

46,768,210

46,663,318

Revenue

,

2019-2

,

A

,

4

%

,

3/20/33

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

14,193,549

14,223,824

Revenue

,

2021-1

,

A

,

3.5

%

,

11/20/35

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

4,781,113

4,517,917

e,f

Shermanair

Apartments

Owner

LP

,

Revenue

,

144A,

2021

Q-1

,

Mandatory

Put

,

3

%

,

9/01/36

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

22,535,000

19,626,786

f

Shermanair

Apartments

Owner

LP

,

Revenue

,

144A,

2021

Q-2

,

5

%

,

9/01/36

......

1,940,000

1,589,687

California

Infrastructure

&

Economic

Development

Bank

,

Broad

(The)

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

6/01/28

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

500,000

556,559

e

California

Academy

of

Sciences

,

Revenue

,

2018

B

,

Refunding

,

Mandatory

Put

,

3.65

%

,

8/01/24

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

26,900,000

26,898,216

California

State

Teachers'

Retirement

System

,

Revenue

,

2019

,

5

%

,

8/01/44

......

12,750,000

13,747,727

California

State

Teachers'

Retirement

System

,

Revenue

,

2019

,

5

%

,

8/01/49

......

25,470,000

27,219,825

California

State

Water

Resources

Control

Board

Water

Pollution

Control

Revolving

Fund

,

Revenue

,

2018

,

5

%

,

10/01/43

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

10,000,000

10,728,192

e,f

DesertXpress

Enterprises

LLC

,

Revenue

,

144A,

2020

A

,

Mandatory

Put

,

3.95

%

,

1/30/25

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

35,000,000

34,998,225

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

11/01/45

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

850,000

833,583

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

11/01/50

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

860,000

817,058

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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)

California

Infrastructure

&

Economic

Development

Bank,

(continued)

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2021

B

,

4

%

,

11/01/56

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

$

1,000,000

$

928,557

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

B

,

5

%

,

11/01/47

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

2,300,000

2,463,337

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

B

,

4.125

%

,

11/01/52

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

3,100,000

2,981,226

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

B

,

5

%

,

11/01/57

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

5,500,000

5,797,996

Los

Angeles

County

Museum

of

Natural

History

Foundation

,

Revenue

,

2020

,

Refunding

,

3

%

,

7/01/50

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

18,995,000

14,587,292

e

Museum

Associates

,

Revenue

,

2021

A

,

Refunding

,

Mandatory

Put

,

1.2

%

,

6/01/28

.

15,000,000

13,272,315

University

of

California

,

Revenue

,

2017

,

5

%

,

5/15/52

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

31,305,000

33,052,270

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

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

81,985,000

73,726,520

Revenue,

Senior

Lien

,

2017

A

,

Refunding

,

4

%

,

8/15/52

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

27,350,000

24,719,493

1717

University

Associates

LLC

,

Revenue

,

2020

A

,

4.5

%

,

6/01/52

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

11,413,000

9,992,086

1717

University

Associates

LLC

,

Revenue

,

2020

A-T

,

5.25

%

,

6/01/52

...........

3,407,000

2,690,094

Bethany

Home

Society

of

San

Joaquin

County,

Inc.

,

Revenue

,

2023

,

California

Mortgage

Insured

,

5

%

,

11/15/52

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

26,465,000

28,806,303

California

Institute

of

the

Arts

,

Revenue

,

2021

,

4

%

,

10/01/51

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

2,355,000

2,115,200

Carmel

Valley

Manor

Obligated

Group

,

Revenue

,

2022

,

California

Mortgage

Insured

,

5

%

,

5/15/52

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

17,775,000

19,266,925

f

Century

CityView

LP

,

Revenue

,

144A,

2021

A

,

4

%

,

11/01/36

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

10,375,000

9,696,903

Channing

House

,

Revenue

,

2017

B

,

California

Mortgage

Insured

,

5

%

,

5/15/47

....

10,000,000

10,368,223

CHF-Davis

I

LLC

,

Revenue

,

2018

,

5

%

,

5/15/51

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

10,000,000

10,217,627

CHF-Davis

II

LLC

,

Revenue

,

2021

,

BAM

Insured

,

5

%

,

5/15/24

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

500,000

501,138

CHF-Davis

II

LLC

,

Revenue

,

2021

,

BAM

Insured

,

5

%

,

5/15/25

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

400,000

406,540

CHF-Davis

II

LLC

,

Revenue

,

2021

,

BAM

Insured

,

5

%

,

5/15/26

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

400,000

413,820

CHF-Davis

II

LLC

,

Revenue

,

2021

,

BAM

Insured

,

5

%

,

5/15/27

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

500,000

526,644

CHF-Davis

II

LLC

,

Revenue

,

2021

,

BAM

Insured

,

5

%

,

5/15/28

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

400,000

428,472

CHF-Davis

II

LLC

,

Revenue

,

2021

,

BAM

Insured

,

5

%

,

5/15/29

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

600,000

652,841

CHF-Davis

II

LLC

,

Revenue

,

2021

,

BAM

Insured

,

5

%

,

5/15/30

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

700,000

772,304

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/01/42

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

15,900,000

16,259,063

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/01/47

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

19,145,000

19,451,598

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

2/01/51

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

7,000,000

6,238,641

Concordia

University

Irvine

,

Revenue

,

2021

,

4

%

,

1/01/37

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

1,040,000

1,049,569

Concordia

University

Irvine

,

Revenue

,

2021

,

4

%

,

1/01/38

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

1,000,000

994,574

Concordia

University

Irvine

,

Revenue

,

2021

,

4

%

,

1/01/39

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

1,100,000

1,081,484

Concordia

University

Irvine

,

Revenue

,

2021

,

4

%

,

1/01/40

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

1,175,000

1,145,480

Concordia

University

Irvine

,

Revenue

,

2021

,

4

%

,

1/01/41

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

1,280,000

1,237,843

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

4

%

,

11/15/42

....

450,000

391,259

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

4

%

,

11/15/52

....

1,000,000

790,743

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

4

%

,

11/15/56

....

1,100,000

850,821

Eisenhower

Medical

Center

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/47

.........

9,100,000

9,199,304

f

IH

Citrus

Whittier

LLC

,

Revenue

,

144A,

2023

,

I-A

,

6.25

%

,

1/01/60

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

29,830,000

29,859,970

f

IH

Citrus

Whittier

LLC

,

Revenue

,

144A,

2023

,

I-B

,

9

%

,

7/01/42

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

1,800,000

1,819,030

f

IH

Lakes

Concord

LLC

,

Revenue

,

144A,

2022

A-1

,

4.375

%

,

12/01/32

...........

22,510,000

21,537,354

f

IH

Parkside

Fairfield

LLC

,

Revenue

,

144A,

2023

A-1

,

6.75

%

,

9/01/53

...........

51,750,000

55,126,077

f

IH

Parkside

Fairfield

LLC

,

Revenue

,

144A,

2023

A-2

,

8

%

,

9/01/27

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

565,000

567,421

Inland

Christian

Home,

Inc.

,

Revenue

,

2020

,

California

Mortgage

Insured

,

4

%

,

12/01/49

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

2,670,000

2,678,121

Inland

Counties

Regional

Center,

Inc.

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/15/45

...

23,300,000

23,531,928

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/31/37

8,500,000

8,644,275

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

19

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Municipal

Finance

Authority,

(continued)

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/31/38

$

5,000,000

$

5,067,690

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/31/43

46,895,000

46,898,723

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/31/47

55,745,000

55,741,243

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

B

,

5

%

,

6/01/48

14,325,000

14,274,732

f

NCCD-Claremont

Properties

LLC

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.25

%

,

7/01/40

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

7,065,000

7,207,322

f

NCCD-Claremont

Properties

LLC

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.5

%

,

7/01/50

21,145,000

21,585,357

f

NCCD-Claremont

Properties

LLC

,

Revenue

,

144A,

2023

A

,

Refunding

,

6

%

,

7/01/53

12,485,000

13,046,621

f

NCCD-Claremont

Properties

LLC

,

Revenue

,

144A,

2023

B

,

Refunding

,

6.5

%

,

7/01/32

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

2,470,000

2,395,449

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2017

A

,

5.25

%

,

11/01/41

..

5,500,000

5,529,896

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

11/01/47

....

8,650,000

8,070,107

Northern

California

Retired

Officers

Community

,

Revenue

,

2019

A

,

California

Mortgage

Insured

,

5

%

,

1/01/43

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

10,000,000

10,635,313

Northern

California

Retired

Officers

Community

,

Revenue

,

2019

A

,

California

Mortgage

Insured

,

5

%

,

1/01/49

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

18,990,000

20,044,179

Palomar

Health

Obligated

Group

,

COP

,

2022

A

,

Refunding

,

AGMC

Insured

,

5.25

%

,

11/01/52

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

43,040,000

48,279,944

Samuel

Merritt

University

,

Revenue

,

2022

,

5.25

%

,

6/01/53

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

39,750,000

42,819,729

South

Central

Los

Angeles

Regional

Center

for

Developmentally

Disabled

Persons

,

Revenue

,

2013

,

5.75

%

,

12/01/43

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

33,895,000

33,933,857

University

of

La

Verne

,

Revenue

,

2017

A

,

Refunding

,

4

%

,

6/01/47

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

10,500,000

10,250,847

California

Pollution

Control

Financing

Authority

,

f

Poseidon

Resources

Channelside

LP

,

Revenue

,

144A,

2019

,

Refunding

,

5

%

,

7/01/39

7,250,000

7,500,520

f

Poseidon

Resources

Channelside

LP

,

Revenue

,

144A,

2019

,

Refunding

,

5

%

,

11/21/45

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

11,365,000

11,613,234

f

Poseidon

Resources

Channelside

LP

,

Revenue

,

144A,

2023

,

5

%

,

7/01/30

.......

5,200,000

5,614,377

f

Poseidon

Resources

Channelside

LP

,

Revenue

,

144A,

2023

,

5

%

,

7/01/31

.......

3,000,000

3,262,131

f

Poseidon

Resources

Channelside

LP

,

Revenue

,

144A,

2023

,

5

%

,

7/01/32

.......

5,500,000

6,016,252

f

Poseidon

Resources

Channelside

LP

,

Revenue

,

144A,

2023

,

5

%

,

7/01/33

.......

6,000,000

6,595,209

f

Poseidon

Resources

Channelside

LP

,

Revenue

,

144A,

2023

,

5

%

,

7/01/34

.......

3,250,000

3,556,323

f

Poseidon

Resources

Channelside

LP

,

Revenue

,

144A,

2023

,

5

%

,

7/01/35

.......

3,250,000

3,529,711

f

Poseidon

Resources

Channelside

LP

,

Revenue

,

144A,

2023

,

5

%

,

7/01/36

.......

2,650,000

2,860,853

f

Poseidon

Resources

Channelside

LP

,

Revenue

,

144A,

2023

,

5

%

,

7/01/37

.......

2,300,000

2,466,319

f

Poseidon

Resources

Channelside

LP

,

Revenue

,

144A,

2023

,

5

%

,

7/01/38

.......

2,000,000

2,131,826

f

Poseidon

Resources

Channelside

LP

,

Revenue

,

144A,

2023

,

5

%

,

11/21/45

......

2,200,000

2,284,583

San

Jose

Water

Co.

,

Revenue

,

2016

,

4.75

%

,

11/01/46

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

15,000,000

15,275,280

California

Public

School

District

Financing

Authority

,

Southern

Kern

Unified

School

District

,

Revenue

,

1996

B

,

AGMC

Insured

,

ETM,

5.9

%

,

9/01/26

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

630,000

654,026

f

California

School

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Refunding

,

5

%

,

10/01/42

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

1,325,000

1,340,471

Revenue

,

144A,

2022

A

,

Refunding

,

5

%

,

10/01/52

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

2,265,000

2,224,288

Revenue

,

144A,

2022

A

,

Refunding

,

5

%

,

10/01/61

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

3,905,000

3,767,192

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2021

A

,

2.125

%

,

8/01/31

.

500,000

440,372

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2021

A

,

4

%

,

8/01/36

....

325,000

319,023

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2021

A

,

4

%

,

8/01/41

....

525,000

485,975

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2021

A

,

4

%

,

8/01/51

....

800,000

680,294

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2022

A

,

5

%

,

8/01/52

....

2,935,000

2,942,900

Camino

Nuevo

Charter

Academy

Obligated

Group

,

Revenue

,

144A,

2023

A

,

Refunding

,

5

%

,

6/01/43

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

1,000,000

1,000,760

Camino

Nuevo

Charter

Academy

Obligated

Group

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.25

%

,

6/01/53

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

1,550,000

1,546,395

Granada

Hills

Charter

High

School

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

4

%

,

7/01/29

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

275,000

274,782

Granada

Hills

Charter

High

School

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

4

%

,

7/01/38

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

465,000

435,588

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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)

f

California

School

Finance

Authority,

(continued)

Granada

Hills

Charter

High

School

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

4

%

,

7/01/48

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

$

675,000

$

568,430

Green

Dot

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2022

A

,

Refunding

,

5.75

%

,

8/01/52

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

1,500,000

1,583,739

KIPP

SoCal

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2020

A

,

4

%

,

7/01/40

800,000

746,252

STEM

Preparatory

Schools

-

Obligated

Group

,

Revenue

,

144A,

2023

A

,

5.125

%

,

6/01/53

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

1,000,000

990,921

STEM

Preparatory

Schools

-

Obligated

Group

,

Revenue

,

144A,

2023

A

,

5.375

%

,

5/01/63

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

1,000,000

1,001,701

Value

Schools

,

Revenue

,

144A,

2023

A

,

Refunding

,

5

%

,

7/01/40

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

550,000

560,131

Value

Schools

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.25

%

,

7/01/48

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

725,000

733,085

California

State

Public

Works

Board

,

Judicial

Council

of

California

,

Revenue

,

2014

B

,

5

%

,

10/01/39

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

10,000,000

10,065,455

State

of

California

Department

of

Corrections

&

Rehabilitation

,

Revenue

,

2019

C

,

5

%

,

11/01/44

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

5,000,000

5,419,990

State

of

California

Department

of

General

Services

,

Revenue

,

2021

D

,

4

%

,

11/01/35

1,210,000

1,310,401

California

State

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/01/43

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

11,000,000

11,289,330

Revenue

,

2016

A

,

Refunding

,

5

%

,

11/01/36

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

3,760,000

3,930,865

e

Revenue

,

2016

B-2

,

Refunding

,

Mandatory

Put

,

0.55

%

,

11/01/26

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

12,000,000

10,839,091

Revenue

,

2017

A

,

Refunding

,

5

%

,

11/01/42

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

12,310,000

12,965,756

Revenue

,

2017

A

,

Refunding

,

5

%

,

11/01/47

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

53,000,000

55,436,140

Revenue

,

2018

A

,

Refunding

,

5

%

,

11/01/39

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

3,675,000

4,027,822

Revenue

,

2018

A

,

Refunding

,

5

%

,

11/01/43

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

3,330,000

3,600,342

Revenue

,

2018

A

,

Refunding

,

5

%

,

11/01/48

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

17,385,000

18,613,979

Revenue

,

2019

A

,

5

%

,

11/01/44

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

40,010,000

43,652,278

Revenue

,

2019

A

,

5

%

,

11/01/49

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

77,595,000

83,708,741

California

Statewide

Communities

Development

Authority

,

Revenue

,

2004

A

,

AGMC

Insured

,

5.25

%

,

10/01/24

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

60,000

60,104

Special

Tax

,

2023

A

,

5.25

%

,

9/01/51

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

3,305,000

3,354,464

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

3/01/35

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

9,250,000

9,512,633

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

3/01/48

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

67,585,000

69,291,231

Cedars-Sinai

Medical

Center

Obligated

Group

,

Revenue

,

2018

,

5

%

,

7/01/48

.....

7,980,000

8,333,560

Community

Facilities

District

No.

2020-02

Improvement

Area

No.

2

,

Special

Tax

,

2022

,

5.25

%

,

9/01/52

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

1,650,000

1,690,850

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

,

5

%

,

9/01/43

........

1,000,000

1,064,823

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

,

5

%

,

9/01/53

........

1,850,000

1,925,874

Community

Facilities

District

No.

20220

,

Special

Tax

,

2023

,

5

%

,

9/01/43

.........

1,030,000

1,067,321

Community

Facilities

District

No.

20220

,

Special

Tax

,

2023

,

5

%

,

9/01/48

.........

1,120,000

1,137,369

Community

Facilities

District

No.

20220

,

Special

Tax

,

2023

,

5

%

,

9/01/53

.........

1,000,000

1,008,639

Community

Facilities

District

No.

2022-03

,

Special

Tax

,

2023

,

5

%

,

9/01/38

.......

1,715,000

1,761,779

Community

Facilities

District

No.

2022-03

,

Special

Tax

,

2023

,

5

%

,

9/01/43

.......

380,000

383,542

Community

Facilities

District

No.

2022-03

,

Special

Tax

,

2023

,

5

%

,

9/01/53

.......

1,250,000

1,235,715

Community

Facilities

District

No.

2022-10

,

Special

Tax

,

2023

,

5.5

%

,

9/01/53

......

1,770,000

1,861,483

Enloe

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

AGMC

Insured

,

5

%

,

8/15/42

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

600,000

661,093

Enloe

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

AGMC

Insured

,

5.125

%

,

8/15/47

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

880,000

965,564

Enloe

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

AGMC

Insured

,

5.25

%

,

8/15/52

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

11,215,000

12,278,439

Enloe

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

AGMC

Insured

,

5.375

%

,

8/15/57

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

17,930,000

19,743,006

Marin

General

Hospital

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

8/01/34

........

1,225,000

1,284,672

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

21

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Statewide

Communities

Development

Authority,

(continued)

Methodist

Hospital

of

Southern

California

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

4

%

,

1/01/34

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

$

3,485,000

$

3,450,270

Carlsbad

Unified

School

District

,

GO

,

2009

B

,

Refunding

,

6

%

,

5/01/34

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

14,000,000

14,054,204

GO

,

2011

C

,

Zero

Cpn.,

8/01/35

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

33,000,000

37,371,094

GO

,

B

,

2

%

,

8/01/24

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

1,000,000

993,050

Centinela

Valley

Union

High

School

District

,

GO

,

2004

A

,

Refunding

,

NATL

Insured

,

5.5

%

,

8/01/33

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

15,630,000

17,547,663

Cerritos

Community

College

District

,

GO

,

2014

A

,

4

%

,

8/01/44

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

10,000,000

9,999,523

Chabot-Las

Positas

Community

College

District

,

GO

,

B

,

5

%

,

8/01/24

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

5,500,000

5,544,422

Chaffey

Joint

Union

High

School

District

,

GO

,

B

,

5

%

,

8/01/44

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

27,500,000

27,896,484

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

1,635,981

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

8

,

Special

Tax

,

2021

,

4

%

,

9/01/46

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

1,000,000

919,121

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

8

,

Special

Tax

,

2021

,

4

%

,

9/01/51

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

1,250,000

1,121,155

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9

,

Special

Tax

,

2022

,

5

%

,

9/01/37

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

2,740,000

2,910,660

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9

,

Special

Tax

,

2022

,

5.25

%

,

9/01/42

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

2,000,000

2,101,787

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9

,

Special

Tax

,

2022

,

5.375

%

,

9/01/47

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

2,000,000

2,090,784

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9

,

Special

Tax

,

2022

,

5.375

%

,

9/01/52

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

2,695,000

2,792,482

Chino

Valley

Unified

School

District

,

GO

,

2020

B

,

3.375

%

,

8/01/50

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

20,500,000

17,848,782

GO

,

2020

B

,

5

%

,

8/01/55

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

12,500,000

13,467,318

City

&

County

of

San

Francisco

,

GO

,

2022

R-1

,

Refunding

,

5

%

,

6/15/26

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

5,000,000

5,277,763

f

District

No.

2020-1

Development

,

Special

Tax

,

144A,

2023

A

,

5.75

%

,

9/01/50

.....

850,000

881,652

f

District

No.

2020-1

Office

,

Special

Tax

,

144A,

2023

B

,

5.75

%

,

9/01/53

..........

1,835,000

1,893,875

City

of

Beaumont

,

Community

Facilities

District

No.

2016-3

,

Special

Tax

,

2023

,

5

%

,

9/01/38

........

500,000

535,032

Community

Facilities

District

No.

2016-3

,

Special

Tax

,

2023

,

5

%

,

9/01/43

........

625,000

653,044

Community

Facilities

District

No.

2016-3

,

Special

Tax

,

2023

,

5

%

,

9/01/48

........

745,000

763,982

Community

Facilities

District

No.

2016-3

,

Special

Tax

,

2023

,

5

%

,

9/01/53

........

950,000

966,875

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2024

,

5

%

,

9/01/39

........

400,000

425,069

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2024

,

5

%

,

9/01/44

........

650,000

678,618

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2024

,

5

%

,

9/01/49

........

1,000,000

1,025,936

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2024

,

5

%

,

9/01/54

........

1,500,000

1,527,819

City

of

Corona

,

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

1

,

Special

Tax

,

2020

,

4

%

,

9/01/45

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

650,000

600,837

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

1

,

Special

Tax

,

2020

,

4

%

,

9/01/50

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

1,500,000

1,338,332

City

of

Dublin

,

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

4

,

Special

Tax

,

2022

,

5.25

%

,

9/01/42

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

2,005,000

2,094,101

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

4

,

Special

Tax

,

2022

,

5.5

%

,

9/01/47

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

2,630,000

2,755,295

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

4

,

Special

Tax

,

2022

,

5.5

%

,

9/01/51

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

3,040,000

3,163,417

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

5

,

Special

Tax

,

2023

,

5.125

%

,

9/01/43

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

1,275,000

1,312,927

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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)

City

of

Fillmore

,

Community

Facilities

District

No.

5

Improvement

Area

B

,

Special

Tax

,

2023

,

5

%

,

9/01/38

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

$

1,000,000

$

1,058,768

Community

Facilities

District

No.

5

Improvement

Area

B

,

Special

Tax

,

2023

,

5

%

,

9/01/43

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

1,100,000

1,142,439

Community

Facilities

District

No.

5

Improvement

Area

B

,

Special

Tax

,

2023

,

5

%

,

9/01/48

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

2,375,000

2,413,644

Community

Facilities

District

No.

5

Improvement

Area

B

,

Special

Tax

,

2023

,

5

%

,

9/01/53

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

3,740,000

3,777,973

City

of

Fontana

,

Community

Facilities

District

No.

85

,

Special

Tax

,

2020

,

4

%

,

9/01/45

...........

850,000

795,681

Community

Facilities

District

No.

85

,

Special

Tax

,

2020

,

4

%

,

9/01/50

...........

900,000

814,364

Community

Facilities

District

No.

88

,

Special

Tax

,

2020

,

4

%

,

9/01/45

...........

1,100,000

1,009,724

Community

Facilities

District

No.

88

,

Special

Tax

,

2020

,

4

%

,

9/01/51

...........

1,545,000

1,357,495

Community

Facilities

District

No.

89

,

Special

Tax

,

2020

,

4

%

,

9/01/40

...........

750,000

729,769

Community

Facilities

District

No.

89

,

Special

Tax

,

2020

,

4

%

,

9/01/51

...........

1,500,000

1,358,316

Community

Facilities

District

No.

90

,

Special

Tax

,

2021

,

4

%

,

9/01/41

...........

530,000

518,493

Community

Facilities

District

No.

90

,

Special

Tax

,

2021

,

4

%

,

9/01/46

...........

475,000

446,761

Community

Facilities

District

No.

90

,

Special

Tax

,

2021

,

4

%

,

9/01/51

...........

1,825,000

1,663,222

Community

Facilities

District

No.

99

,

Special

Tax

,

2023

,

5

%

,

9/01/45

...........

600,000

618,177

Community

Facilities

District

No.

99

,

Special

Tax

,

2023

,

5

%

,

9/01/53

...........

500,000

507,424

City

of

Irvine

,

Assessment

District

No.

21-1

,

1915

Act,

Special

Assessment

,

Refunding

,

4

%

,

9/02/26

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

1,245,000

1,269,643

Assessment

District

No.

21-1

,

1915

Act,

Special

Assessment

,

Refunding

,

4

%

,

9/02/27

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

1,500,000

1,544,093

City

of

Lake

Elsinore

,

Community

Facilities

District

No.

2006-6

,

Special

Tax

,

2022

,

4.75

%

,

9/01/52

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

1,000,000

977,066

City

of

Lincoln

,

Community

Facilities

District

No.

2006-1

Area

No.

1

,

Special

Tax

,

2021

,

Refunding

,

4

%

,

9/01/39

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

290,000

289,243

Community

Facilities

District

No.

2006-1

Area

No.

1

,

Special

Tax

,

2021

,

Refunding

,

4

%

,

9/01/40

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

160,000

158,307

Community

Facilities

District

No.

2006-1

Area

No.

1

,

Special

Tax

,

2021

,

Refunding

,

4

%

,

9/01/43

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

320,000

309,217

Community

Facilities

District

No.

2019-1

,

Special

Tax

,

2022

,

5

%

,

9/01/42

........

2,015,000

2,053,874

Community

Facilities

District

No.

2019-1

,

Special

Tax

,

2022

,

5

%

,

9/01/47

........

3,430,000

3,446,498

Community

Facilities

District

No.

2019-1

,

Special

Tax

,

2022

,

5

%

,

9/01/52

........

2,090,000

2,077,368

City

of

Long

Beach

,

Harbor

,

Revenue

,

2017

C

,

Refunding

,

5

%

,

5/15/47

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

15,660,000

16,354,634

Harbor

,

Revenue

,

2019

A

,

5

%

,

5/15/44

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

15,045,000

16,369,690

Harbor

,

Revenue

,

2019

A

,

5

%

,

5/15/49

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

8,705,000

9,364,427

City

of

Los

Angeles

,

Department

of

Airports

,

Revenue

,

2015

D

,

5

%

,

5/15/33

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

11,420,000

11,593,414

Department

of

Airports

,

Revenue

,

2015

D

,

5

%

,

5/15/41

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

17,000,000

17,137,114

Department

of

Airports

,

Revenue

,

2016

B

,

5

%

,

5/15/41

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

10,000,000

10,172,748

Department

of

Airports

,

Revenue

,

2016

B

,

5

%

,

5/15/46

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

15,265,000

15,463,494

Department

of

Airports

,

Revenue

,

2017

A

,

5

%

,

5/15/42

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

3,680,000

3,784,581

Department

of

Airports

,

Revenue

,

2017

A

,

5

%

,

5/15/47

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

51,110,000

52,180,346

Department

of

Airports

,

Revenue

,

2017

B

,

5

%

,

5/15/42

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

4,000,000

4,213,054

Department

of

Airports

,

Revenue

,

2018

A

,

5

%

,

5/15/44

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

32,985,000

34,082,645

Department

of

Airports

,

Revenue

,

2018

A

,

5.25

%

,

5/15/48

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

10,000,000

10,382,161

Department

of

Airports

,

Revenue

,

2018

C

,

5

%

,

5/15/37

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

9,550,000

9,978,296

Department

of

Airports

,

Revenue

,

2018

C

,

5

%

,

5/15/44

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

39,405,000

40,544,108

Department

of

Airports

,

Revenue

,

2018

E

,

Refunding

,

5

%

,

5/15/43

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

16,995,000

18,536,576

Department

of

Airports

,

Revenue

,

2018

E

,

Refunding

,

5

%

,

5/15/48

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

33,145,000

35,642,714

Department

of

Airports

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/15/49

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

10,000,000

10,337,018

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

23

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

,

2019

C

,

5

%

,

5/15/39

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

$

2,305,000

$

2,545,921

Department

of

Airports

,

Revenue

,

2019

E

,

5

%

,

5/15/44

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

23,485,000

25,381,270

Department

of

Airports

,

Revenue

,

2019

E

,

5

%

,

5/15/49

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

10,495,000

11,199,622

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

5/15/35

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

10,005,000

11,399,804

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

5/15/36

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

6,000,000

6,797,024

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

5/15/37

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

5,000,000

5,623,093

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

5/15/38

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

15,925,000

17,840,204

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

5/15/40

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

22,485,000

24,973,754

Department

of

Airports

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

5/15/36

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

3,665,000

4,020,623

Department

of

Airports

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

5/15/38

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

4,920,000

5,321,573

Department

of

Airports

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

5/15/41

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

7,005,000

7,476,794

Department

of

Airports

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

5/15/46

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

25,965,000

27,374,445

Department

of

Airports

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

5/15/51

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

26,450,000

27,684,871

Department

of

Airports

,

Revenue

,

2021

D

,

5

%

,

5/15/33

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

4,735,000

5,282,403

Department

of

Airports

,

Revenue

,

2021

D

,

5

%

,

5/15/34

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

2,500,000

2,782,556

Department

of

Airports

,

Revenue

,

2021

D

,

Pre-Refunded

,

5

%

,

5/15/34

..........

140,000

157,847

Department

of

Airports

,

Revenue

,

2022

C

,

Refunding

,

5

%

,

5/15/45

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

8,000,000

8,510,511

Department

of

Airports

,

Revenue,

Senior

Lien

,

2015

A

,

5

%

,

5/15/40

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

3,000,000

3,026,547

Department

of

Airports

,

Revenue,

Senior

Lien

,

2020

B

,

Refunding

,

4

%

,

5/15/39

...

2,000,000

2,087,761

Department

of

Airports

,

Revenue,

Senior

Lien

,

2020

C

,

5

%

,

5/15/37

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

6,595,000

7,156,957

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

G

,

4

%

,

5/15/42

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

16,575,000

16,422,860

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

G

,

4

%

,

5/15/47

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

11,325,000

10,925,742

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

H

,

5

%

,

5/15/42

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

1,415,000

1,520,332

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

H

,

5

%

,

5/15/47

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

25,000,000

26,471,045

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

H

,

5.25

%

,

5/15/47

.........

24,000,000

25,854,031

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

I

,

5

%

,

5/15/42

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

2,360,000

2,685,376

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

I

,

4

%

,

5/15/48

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

2,000,000

2,023,104

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

I

,

5

%

,

5/15/48

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

6,265,000

6,945,429

Wastewater

System

,

Revenue

,

2015

A

,

5

%

,

6/01/44

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

9,500,000

9,683,749

Wastewater

System

,

Revenue

,

2015

C

,

Refunding

,

5

%

,

6/01/45

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

24,190,000

24,647,573

Wastewater

System

,

Revenue

,

2018

A

,

5

%

,

6/01/43

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

10,000,000

10,701,500

City

of

Menifee

,

Community

Facilities

District

No.

2019-1

Meadow

Run

,

Special

Tax

,

2022

,

4

%

,

9/01/37

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

320,000

315,302

Community

Facilities

District

No.

2019-1

Meadow

Run

,

Special

Tax

,

2022

,

3

%

,

9/01/43

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

135,000

104,226

Community

Facilities

District

No.

2019-1

Meadow

Run

,

Special

Tax

,

2022

,

4

%

,

9/01/51

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

565,000

506,762

Community

Facilities

District

No.

2022-1

Quartz

Ranch

,

Special

Tax

,

2023

A

,

5

%

,

9/01/38

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

500,000

536,658

Community

Facilities

District

No.

2022-1

Quartz

Ranch

,

Special

Tax

,

2023

A

,

5

%

,

9/01/43

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

600,000

628,345

Community

Facilities

District

No.

2022-1

Quartz

Ranch

,

Special

Tax

,

2023

A

,

5

%

,

9/01/48

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

700,000

722,715

Community

Facilities

District

No.

2022-1

Quartz

Ranch

,

Special

Tax

,

2023

A

,

5

%

,

9/01/53

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

1,000,000

1,020,060

City

of

Newport

Beach

,

Assessment

District

No.

113

,

1915

Act,

Special

Assessment

,

2021

A

,

2.25

%

,

9/02/41

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

1,290,000

891,496

City

of

Ontario

,

Community

Facilities

District

No.

13

,

Special

Tax

,

2021

,

Refunding

,

4

%

,

9/01/38

...

400,000

382,931

Community

Facilities

District

No.

45

,

Special

Tax

,

2020

,

4

%

,

9/01/43

...........

410,000

397,771

Community

Facilities

District

No.

45

,

Special

Tax

,

2020

,

4

%

,

9/01/51

...........

1,565,000

1,440,064

Community

Facilities

District

No.

53

,

Special

Tax

,

2021

,

4

%

,

9/01/36

...........

525,000

525,607

Community

Facilities

District

No.

53

,

Special

Tax

,

2021

,

4

%

,

9/01/42

...........

650,000

609,374

Community

Facilities

District

No.

55

,

Special

Tax

,

2022

,

5

%

,

9/01/42

...........

750,000

780,436

Community

Facilities

District

No.

55

,

Special

Tax

,

2022

,

5

%

,

9/01/47

...........

800,000

820,590

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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)

City

of

Ontario,

(continued)

Community

Facilities

District

No.

55

,

Special

Tax

,

2022

,

5

%

,

9/01/53

...........

$

845,000

$

858,136

Community

Facilities

District

No.

57

,

Special

Tax

,

2022

,

4.25

%

,

9/01/37

.........

415,000

416,082

Community

Facilities

District

No.

57

,

Special

Tax

,

2022

,

4.625

%

,

9/01/42

........

650,000

655,609

Community

Facilities

District

No.

57

,

Special

Tax

,

2022

,

4.75

%

,

9/01/47

.........

840,000

840,583

Community

Facilities

District

No.

57

,

Special

Tax

,

2022

,

4.75

%

,

9/01/52

.........

825,000

808,562

City

of

Orange

,

Community

Facilities

District

No.

06-1

,

Special

Tax

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/40

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

7,500,000

7,698,781

City

of

Pasadena

,

Electric

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

6/01/46

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

22,625,000

22,632,403

City

of

Rancho

Cordova

,

Arista

Del

Sol

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

1

,

Special

Tax

,

2023

,

5.125

%

,

9/01/43

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

525,000

545,836

Arista

Del

Sol

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

1

,

Special

Tax

,

2023

,

5.375

%

,

9/01/53

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

1,100,000

1,137,859

City

of

Riverside

,

Electric

,

Revenue

,

2013

A

,

Refunding

,

5

%

,

10/01/43

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

11,535,000

11,535,481

Sewer

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

8/01/40

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

25,000,000

25,563,080

City

of

Roseville

,

Electric

System

,

COP

,

2004

,

AGMC

Insured

,

5

%

,

2/01/34

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

5,000

5,007

Ranch

at

Sierra

Vista

Community

Facilities

District

No.

1

,

Special

Tax

,

2023

,

5

%

,

9/01/38

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

1,165,000

1,239,084

Ranch

at

Sierra

Vista

Community

Facilities

District

No.

1

,

Special

Tax

,

2023

,

5

%

,

9/01/43

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

1,000,000

1,040,149

Ranch

at

Sierra

Vista

Community

Facilities

District

No.

1

,

Special

Tax

,

2023

,

5

%

,

9/01/48

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

1,000,000

1,020,095

Ranch

at

Sierra

Vista

Community

Facilities

District

No.

1

,

Special

Tax

,

2023

,

5

%

,

9/01/53

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

1,150,000

1,165,168

City

of

Sacramento

,

Transient

Occupancy

Tax

,

Revenue

,

2018

A

,

5

%

,

6/01/43

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

13,555,000

14,242,145

Transient

Occupancy

Tax

,

Revenue

,

2018

A

,

5

%

,

6/01/48

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

12,000,000

12,509,200

Transient

Occupancy

Tax

,

Revenue

,

2018

C

,

5

%

,

6/01/48

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

9,415,000

9,799,562

City

of

San

Diego

,

Community

Facilities

District

No.

2

,

Special

Tax

,

2021

,

Refunding

,

4

%

,

9/01/28

....

880,000

914,502

Community

Facilities

District

No.

2

,

Special

Tax

,

2021

,

Refunding

,

4

%

,

9/01/29

....

690,000

721,785

Community

Facilities

District

No.

2

,

Special

Tax

,

2021

,

Refunding

,

4

%

,

9/01/30

....

425,000

447,251

City

of

San

Francisco

,

Public

Utilities

Commission

Water

,

Revenue

,

2023

AB-A

,

5.25

%

,

11/01/48

.......

47,895,000

55,629,439

Public

Utilities

Commission

Water

,

Revenue

,

2023

AB-A

,

5.25

%

,

11/01/52

.......

40,170,000

46,099,498

City

of

Santa

Paula

,

Harvest

Community

Facilities

District

No.

1

Improvement

Area

A

,

Special

Tax

,

2022

,

4

%

,

9/01/42

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

575,000

535,637

Harvest

Community

Facilities

District

No.

1

Improvement

Area

A

,

Special

Tax

,

2022

,

4

%

,

9/01/47

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

1,460,000

1,302,202

Harvest

Community

Facilities

District

No.

1

Improvement

Area

A

,

Special

Tax

,

2022

,

4

%

,

9/01/52

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

3,530,000

3,039,927

Harvest

Community

Facilities

District

No.

1

Improvement

Area

A

,

Special

Tax

,

2023

,

5

%

,

9/01/49

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

325,000

330,684

Harvest

Community

Facilities

District

No.

1

Improvement

Area

A

,

Special

Tax

,

2023

,

5

%

,

9/01/53

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

1,345,000

1,362,739

City

of

Upland

,

San

Antonio

Regional

Hospital

Obligated

Group

,

COP

,

Refunding

,

5

%

,

1/01/47

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

14,400,000

14,700,289

City

of

Vernon

,

Electric

System

,

Revenue

,

2021

A

,

5

%

,

10/01/24

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

2,500,000

2,515,655

Electric

System

,

Revenue

,

2021

A

,

5

%

,

4/01/28

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

2,000,000

2,103,613

Electric

System

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

8/01/34

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

1,350,000

1,487,021

Electric

System

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

8/01/39

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

425,000

456,247

Electric

System

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

8/01/40

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

365,000

390,595

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

25

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

Vernon,

(continued)

Electric

System

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

8/01/41

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

$

420,000

$

447,990

f

CMFA

Special

Finance

Agency

,

Latitude33

,

Revenue

,

144A,

2021

A-1

,

3

%

,

12/01/56

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

9,000,000

6,281,522

Solana

at

Grand

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

4

%

,

8/01/56

..........

54,800,000

47,628,176

f

CMFA

Special

Finance

Agency

Enclave

,

Revenue,

Senior

Lien

,

144A,

2022

A-1

,

4

%

,

8/01/58

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

26,500,000

20,658,655

f

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

A-1

,

3

%

,

8/01/56

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

94,250,000

63,927,061

f

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

3

%

,

8/01/56

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

34,750,000

23,527,703

f

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue,

Senior

Lien

,

144A,

2022

A-1

,

3.25

%

,

2/01/57

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

27,500,000

20,193,184

Coachella

Valley

Unified

School

District

,

GO

,

2016

F

,

BAM

Insured

,

5

%

,

8/01/46

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

7,135,000

7,310,089

GO

,

C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/36

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

8,000,000

5,120,334

GO

,

C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/37

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

8,000,000

4,868,432

GO

,

C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/40

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

7,500,000

3,869,281

GO

,

C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/43

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

10,000,000

4,326,130

Colton

Joint

Unified

School

District

,

GO

,

2010

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/42

.

16,365,000

7,335,775

Contra

Costa

Community

College

District

,

GO

,

2020

C

,

4

%

,

8/01/32

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

1,200,000

1,303,641

Contra

Costa

Water

District

,

Revenue

,

V

,

Refunding

,

5

%

,

10/01/49

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

7,500,000

8,122,358

Corona-Norco

Unified

School

District

,

GO

,

1998

B

,

AGMC

Insured

,

Zero

Cpn.,

9/01/24

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

2,620,000

2,575,939

GO

,

1998

B

,

AGMC

Insured

,

Zero

Cpn.,

3/01/25

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

1,400,000

1,353,201

GO

,

1998

C

,

NATL

Insured

,

Zero

Cpn.,

9/01/25

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

4,655,000

4,425,268

GO

,

1998

C

,

NATL

Insured

,

Zero

Cpn.,

9/01/26

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

6,080,000

5,597,910

County

of

El

Dorado

,

Community

Facilities

District

No.

2014-1

,

Special

Tax

,

2023

,

5

%

,

9/01/48

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

1,000,000

1,023,937

County

of

Orange

,

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2022

A

,

5

%

,

8/15/37

......

1,300,000

1,387,750

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2022

A

,

5

%

,

8/15/42

......

850,000

886,763

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2022

A

,

5

%

,

8/15/47

......

1,250,000

1,282,006

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2022

A

,

5

%

,

8/15/52

......

8,200,000

8,358,114

County

of

Placer

,

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

2

,

Special

Tax

,

2023

,

5

%

,

9/01/43

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

900,000

914,557

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

2

,

Special

Tax

,

2023

,

5

%

,

9/01/48

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

1,360,000

1,351,510

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

2

,

Special

Tax

,

2023

,

5

%

,

9/01/53

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

1,000,000

976,614

County

of

Riverside

,

Revenue

,

2023

,

5

%

,

6/28/24

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

11,000,000

11,065,166

Community

Facilities

District

No.

07-2

,

Special

Tax

,

2020

,

AGMC

Insured

,

4

%

,

9/01/45

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

2,730,000

2,738,907

County

of

Sacramento

,

Airport

System

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

7/01/41

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

9,000,000

9,258,684

Airport

System

,

Revenue,

Senior

Lien

,

2016

A

,

Refunding

,

5

%

,

7/01/41

.........

10,000,000

10,332,536

Community

Facilities

District

No.

2014-2

,

Special

Tax

,

2021

,

4

%

,

9/01/41

........

325,000

301,884

Community

Facilities

District

No.

2014-2

,

Special

Tax

,

2021

,

4

%

,

9/01/46

........

325,000

289,891

f

CSCDA

Community

Improvement

Authority

,

1818

Platinum

Triangle-Anaheim

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

3.35

%

,

4/01/47

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

10,000,000

8,001,953

777

Place-Pomona

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

3.6

%

,

5/01/47

.......

10,000,000

8,283,975

777

Place-Pomona

,

Revenue,

Senior

Lien

,

144A,

2021

A-2

,

3.25

%

,

5/01/57

......

12,500,000

8,681,450

Acacia

on

Santa

Rosa

Creek

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

10/01/56

.

13,000,000

11,161,639

Cameo/Garrison

Apartments

,

Revenue

,

144A,

2021

B

,

4

%

,

3/01/57

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

7,000,000

5,132,697

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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)

f

CSCDA

Community

Improvement

Authority,

(continued)

Cameo/Garrison

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

2.8

%

,

3/01/47

$

21,800,000

$

16,141,086

Cameo/Garrison

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A-2

,

3

%

,

3/01/57

.

7,430,000

5,104,665

Crescent

(The)

,

Revenue,

Senior

Lien

,

144A,

2022

A-1

,

3.25

%

,

7/01/43

.........

6,530,000

5,138,029

Crescent

(The)

,

Revenue,

Senior

Lien

,

144A,

2022

A-2

,

4.3

%

,

7/01/59

..........

18,250,000

15,424,540

Dublin

,

Revenue

,

144A,

2021

B

,

4

%

,

2/01/57

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

16,110,000

11,908,828

Dublin

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

2.45

%

,

2/01/47

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

39,600,000

31,838,036

Dublin

,

Revenue,

Senior

Lien

,

144A,

2021

A-2

,

3

%

,

2/01/57

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

45,500,000

31,786,291

Escondido

Portfolio

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

3

%

,

6/01/48

........

10,000,000

6,966,108

Jefferson

Platinum

Triangle

Apartments

,

Revenue

,

144A,

2021

A-1

,

2.875

%

,

8/01/41

18,755,000

16,737,112

Jefferson

Platinum

Triangle

Apartments

,

Revenue

,

144A,

2021

A-2

,

3.125

%

,

8/01/56

54,465,000

38,980,328

Monterey

Station

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

3

%

,

7/01/43

.

8,000,000

6,276,496

Park

Crossing

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

3.25

%

,

12/01/58

.

18,750,000

12,831,405

Parrallel-Anaheim

,

Revenue

,

144A,

2021

A

,

4

%

,

8/01/56

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

17,840,000

14,891,601

Pasadena

Portfolio

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

2.65

%

,

12/01/46

.....

1,420,000

1,103,060

Pasadena

Portfolio

,

Revenue,

Senior

Lien

,

144A,

2021

A-2

,

3

%

,

12/01/56

.......

39,820,000

27,943,808

Renaissance

at

City

Center

,

Revenue

,

144A,

2020

A

,

5

%

,

7/01/51

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

18,625,000

17,807,592

Theo

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

3.5

%

,

5/01/47

........

5,000,000

4,097,062

Towne

at

Glendale

Apartments

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

9/01/62

.....

53,000,000

28,094,304

Vineyard

Garden

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

3.25

%

,

10/01/58

14,000,000

9,624,731

Waterscape

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

3

%

,

9/01/56

......

5,000,000

3,342,012

Westgate

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

3

%

,

6/01/47

......

14,500,000

10,620,545

Wood

Creek

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

3

%

,

12/01/49

...

30,000,000

20,495,718

Wood

Creek

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A-2

,

4

%

,

12/01/58

...

25,000,000

19,152,723

Daly

City

Housing

Development

Finance

Agency

,

Franciscan

Park

LLC

,

Revenue

,

2007

A

,

Refunding

,

5

%

,

12/15/47

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

17,870,000

17,880,316

Day

Creek

Square

Public

Facilities

,

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2020

,

4

%

,

9/01/40

........

625,000

603,097

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2020

,

4

%

,

9/01/45

........

700,000

639,964

Delano

Joint

Union

High

School

District

,

GO

,

2003

A

,

Refunding

,

NATL

Insured

,

5.15

%

,

2/01/32

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

8,520,000

9,364,083

East

Bay

Municipal

Utility

District

,

Water

System

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

6/01/35

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

10,000,000

10,042,930

Water

System

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

6/01/24

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

4,140,000

4,160,401

Water

System

,

Revenue

,

2014

C

,

Refunding

,

5

%

,

6/01/44

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

14,000,000

14,060,102

Water

System

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

6/01/36

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

7,355,000

7,530,837

Water

System

,

Revenue

,

2015

C

,

4

%

,

6/01/45

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

9,070,000

9,073,198

Water

System

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

6/01/45

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

4,240,000

4,473,839

Water

System

,

Revenue

,

2019

A

,

5

%

,

6/01/44

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

4,000,000

4,363,046

Eastern

Municipal

Water

District

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/28

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

2,480,000

2,643,325

e

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

3.4

%

,

7/01/24

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

7,500,000

7,482,295

Community

Facilities

District

No.

2017-79

,

Special

Tax

,

2021

,

4

%

,

9/01/46

.......

2,815,000

2,536,037

Community

Facilities

District

No.

2017-79

,

Special

Tax

,

2021

,

4

%

,

9/01/51

.......

3,405,000

2,963,621

Community

Facilities

District

No.

2019-83

,

Special

Tax

,

2022

,

4

%

,

9/01/51

.......

2,790,000

2,428,342

Community

Facilities

District

No.

2019-86

,

Special

Tax

,

2023

,

5

%

,

9/01/48

.......

855,000

870,872

Community

Facilities

District

No.

2019-86

,

Special

Tax

,

2023

,

5

%

,

9/01/54

.......

1,775,000

1,793,053

Eastern

Municipal

Water

District

Financing

Authority

,

Revenue

,

2015

B

,

5

%

,

7/01/46

.

30,705,000

31,320,196

Elk

Grove

Finance

Authority

,

Special

Tax

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/38

1,500,000

1,529,761

Fairfax

School

District

,

GO

,

2011

,

AGMC

Insured

,

Zero

Cpn.,

11/01/48

...........

10,380,000

3,262,308

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

Revenue

,

2019-ML06

,

ACA

,

Revenue

,

2.493

%

,

7/25/35

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

1,014,199

823,020

Folsom

Cordova

Unified

School

District

School

Facilities

Improvement

Dist

No.

5

,

GO

,

C

,

4

%

,

10/01/43

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

17,500,000

17,557,741

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue

,

2013

A

,

Refunding

,

AGMC

Insured

,

5.5

%

,

1/15/31

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

35,000,000

41,039,820

Revenue

,

2013

A

,

Refunding

,

AGMC

Insured

,

5.625

%

,

1/15/32

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

37,260,000

43,853,045

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

27

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Foothill-Eastern

Transportation

Corridor

Agency,

(continued)

Revenue

,

2013

A

,

Refunding

,

6.85

%

,

1/15/42

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

$

98,000,000

$

119,062,689

Revenue

,

2013

A

,

Refunding

,

AGMC

Insured

,

Zero

Cpn.,

1/15/37

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

41,250,000

25,652,331

Revenue

,

2013

A

,

Refunding

,

AGMC

Insured

,

Zero

Cpn.,

1/15/38

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

77,650,000

45,896,516

Revenue

,

2013

A

,

Refunding

,

AGMC

Insured

,

Zero

Cpn.,

1/15/39

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

56,100,000

31,552,654

Revenue

,

2013

A

,

Refunding

,

Zero

Cpn.,

1/15/42

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

130,000,000

60,040,669

Revenue,

Senior

Lien

,

1995

A

,

ETM,

Zero

Cpn.,

1/01/25

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

20,660,000

20,122,152

Revenue,

Senior

Lien

,

1995

A

,

ETM,

Zero

Cpn.,

1/01/26

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

23,475,000

22,218,766

Revenue,

Senior

Lien

,

1995

A

,

ETM,

Zero

Cpn.,

1/01/27

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

15,000,000

13,832,904

Revenue,

Senior

Lien

,

1995

A

,

ETM,

Zero

Cpn.,

1/01/28

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

2,000,000

1,798,996

Revenue,

Senior

Lien

,

1995

A

,

ETM,

Zero

Cpn.,

1/01/29

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

35,310,000

30,947,280

Revenue,

Senior

Lien

,

2021

A

,

Refunding

,

4

%

,

1/15/46

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

17,500,000

17,026,767

Fowler

Unified

School

District

,

GO

,

2010

C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/41

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

3,095,000

1,467,834

GO

,

2010

C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/42

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

3,005,000

1,352,779

Fresno

Unified

School

District

,

GO

,

2020

B

,

5

%

,

8/01/46

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

2,635,000

2,856,137

GO

,

2020

B

,

4

%

,

8/01/48

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

3,205,000

3,211,259

GO

,

2020

B

,

4

%

,

8/01/52

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

6,585,000

6,506,940

GO

,

2020

B

,

4

%

,

8/01/55

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

4,000,000

3,926,227

Glendale

Community

College

District

,

GO

,

2003

C

,

NATL

Insured

,

Zero

Cpn.,

8/01/28

10,735,000

8,928,766

Glendora

Public

Finance

Authority

,

Glendora

Community

Redevelopment

Agency

,

Tax

Allocation

,

2003

A

,

NATL

Insured

,

5

%

,

9/01/24

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

995,000

996,157

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2022

A-1

,

Refunding

,

5

%

,

6/01/51

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

21,350,000

22,409,660

Golden

Valley

Unified

School

District

Financing

Authority

,

Community

Facilities

District

No.

2017-1

,

Revenue

,

2021

A

,

4

%

,

9/01/46

........

250,000

221,416

Community

Facilities

District

No.

2017-1

,

Revenue

,

2021

A

,

4

%

,

9/01/51

........

500,000

425,756

Community

Facilities

District

No.

2017-1

,

Revenue

,

2021

A

,

4

%

,

9/01/56

........

745,000

622,305

Grossmont

Union

High

School

District

,

GO

,

2004

,

AGMC

Insured

,

Zero

Cpn.,

8/01/24

5,110,000

5,039,440

Grossmont-Cuyamaca

Community

College

District

,

GO

,

2018

B

,

4

%

,

8/01/47

......

10,000,000

10,004,258

Hacienda

La

Puente

Unified

School

District

,

GO

,

2017

A

,

4

%

,

8/01/47

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

655,000

655,216

Hartnell

Community

College

District

,

GO

,

2009

C

,

6.125

%

,

8/01/33

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

20,000,000

25,052,050

Hawthorne

School

District

,

GO

,

2008

C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/48

.......

37,665,000

12,042,570

Hemet

Unified

School

District

,

Community

Facilities

District

No.

2021-7

,

Special

Tax

,

2023

,

5

%

,

9/01/48

........

1,500,000

1,533,597

Community

Facilities

District

No.

2021-7

,

Special

Tax

,

2023

,

5

%

,

9/01/53

........

1,000,000

1,016,236

Huntington

Beach

City

School

District

,

GO

,

2003

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/28

10,005,000

8,420,254

Independent

Cities

Finance

Authority

,

Augusta

Communities

LLC

,

Revenue

,

2022

A

,

Refunding

,

5.25

%

,

5/15/56

.......

4,000,000

4,233,043

f

City

of

Compton

Sales

Tax

,

Revenue

,

144A,

2021

,

AGMC

Insured

,

4

%

,

6/01/36

...

700,000

729,242

f

City

of

Compton

Sales

Tax

,

Revenue

,

144A,

2021

,

AGMC

Insured

,

4

%

,

6/01/41

...

900,000

916,681

f

City

of

Compton

Sales

Tax

,

Revenue

,

144A,

2021

,

AGMC

Insured

,

4

%

,

6/01/46

...

925,000

929,449

f

City

of

Compton

Sales

Tax

,

Revenue

,

144A,

2021

,

AGMC

Insured

,

4

%

,

6/01/51

...

1,250,000

1,234,669

Millennium

Housing

LLC

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

9/15/46

...........

1,000,000

782,979

Millennium

Housing

LLC

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

9/15/56

...........

2,000,000

1,401,404

Millennium

Housing

LLC

,

Revenue

,

2022

,

Refunding

,

4

%

,

9/15/42

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

2,000,000

1,933,424

Millennium

Housing

LLC

,

Revenue

,

2022

,

Refunding

,

4.25

%

,

9/15/50

...........

2,000,000

1,909,020

Millennium

Housing

LLC

,

Revenue

,

2022

,

Refunding

,

5

%

,

9/15/50

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

2,000,000

2,077,802

Irvine

Unified

School

District

,

Special

Tax

,

2020

A

,

4

%

,

9/01/40

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

2,945,000

2,841,795

Special

Tax

,

2020

A

,

4

%

,

9/01/44

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

6,215,000

5,796,498

Special

Tax

,

2020

A

,

BAM

Insured

,

4

%

,

9/01/50

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

7,960,000

7,872,559

Community

Facilities

District

No.

01-1

,

Special

Tax

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/38

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

7,000,000

7,128,785

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2017

D

,

5

%

,

3/01/57

........

10,940,000

11,148,547

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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)

Jefferson

Union

High

School

District

,

GO

,

2000

A

,

Refunding

,

NATL

Insured

,

6.45

%

,

8/01/25

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

$

805,000

$

832,321

GO

,

2000

A

,

Refunding

,

NATL

Insured

,

6.45

%

,

8/01/29

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

3,075,000

3,417,864

Jurupa

Community

Services

District

,

Community

Facilities

District

No.

52

,

Special

Tax

,

2021

A

,

4

%

,

9/01/39

..........

135,000

129,526

Community

Facilities

District

No.

52

,

Special

Tax

,

2021

A

,

4

%

,

9/01/40

..........

140,000

132,712

Community

Facilities

District

No.

52

,

Special

Tax

,

2021

A

,

4

%

,

9/01/50

..........

1,000,000

878,476

Community

Facilities

District

No.

54

,

Special

Tax

,

2021

A

,

4

%

,

9/01/46

..........

900,000

802,775

Community

Facilities

District

No.

54

,

Special

Tax

,

2021

A

,

4

%

,

9/01/51

..........

875,000

753,261

La

Mirada

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2010

A

,

Refunding

,

AGMC

Insured

,

5

%

,

8/15/28

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

1,855,000

1,858,851

Lake

Elsinore

Unified

School

District

,

Community

Facilities

District

No.

2006-3

Area

B

,

Special

Tax

,

2022

,

5

%

,

9/01/47

..

350,000

358,021

Community

Facilities

District

No.

2006-3

Area

B

,

Special

Tax

,

2022

,

5

%

,

9/01/52

..

500,000

506,551

g

Community

Facilities

District

No.

2017-2

,

Special

Tax

,

2024

,

5

%

,

9/01/49

........

1,250,000

1,274,721

g

Community

Facilities

District

No.

2017-2

,

Special

Tax

,

2024

,

5

%

,

9/01/54

........

850,000

863,163

Lakeside

Union

School

District

,

GO

,

2010

B

,

Zero

Cpn.,

8/01/45

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

11,540,000

4,479,569

Lammersville

Joint

Unified

School

District

,

GO

,

2016

A

,

4

%

,

8/01/46

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

41,340,000

41,274,050

Lancaster

School

District

,

GO

,

2001

,

NATL

Insured

,

Zero

Cpn.,

8/01/25

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

5,495,000

5,222,003

GO

,

2001

,

NATL

Insured

,

Zero

Cpn.,

7/01/26

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

5,965,000

5,490,874

Lassen

Municipal

Utility

District

,

COP

,

2021

,

4

%

,

5/01/51

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

3,000,000

2,748,671

Lawndale

Redevelopment

Agency

,

Tax

Allocation

,

2009

,

AGMC

Insured

,

5.5

%

,

8/01/39

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

10,280,000

10,295,756

Tax

Allocation

,

2009

,

AGMC

Insured

,

5.5

%

,

8/01/44

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

6,085,000

6,093,300

Lemon

Grove

School

District

,

GO

,

2010

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/50

.....

20,990,000

6,531,555

Lodi

Unified

School

District

,

GO

,

2017

,

4

%

,

8/01/41

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

15,000,000

15,102,557

Long

Beach

Bond

Finance

Authority

,

Revenue

,

2007

A

,

5.5

%

,

11/15/28

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

8,000,000

8,597,907

Revenue

,

2007

A

,

5

%

,

11/15/29

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

17,465,000

18,559,221

Revenue

,

2007

A

,

5.5

%

,

11/15/30

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

5,000,000

5,509,129

Revenue

,

2007

A

,

5

%

,

11/15/35

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

69,855,000

77,066,020

Revenue

,

2007

A

,

5.5

%

,

11/15/37

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

35,000,000

40,146,116

Los

Angeles

Community

College

District

,

GO

,

2015

C

,

Refunding

,

5

%

,

8/01/25

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

5,890,000

6,076,323

GO

,

2016

,

Refunding

,

5

%

,

8/01/38

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

10,000,000

10,462,374

GO

,

2016

D

,

5

%

,

8/01/25

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

6,620,000

6,829,415

Los

Angeles

County

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A

,

5

%

,

6/01/26

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

4,000,000

4,216,037

Sales

Tax

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

6/01/35

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

17,655,000

18,467,868

Sales

Tax

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

6/01/37

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

10,970,000

11,448,509

Sales

Tax

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

6/01/38

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

7,705,000

8,015,787

Sales

Tax

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

6/01/39

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

5,000,000

5,194,946

Sales

Tax

,

Revenue

,

2017

A

,

5

%

,

7/01/38

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

10,455,000

11,163,679

Sales

Tax

,

Revenue

,

2017

A

,

5

%

,

7/01/39

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

7,860,000

8,376,303

Sales

Tax

,

Revenue

,

2017

A

,

5

%

,

7/01/41

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

12,350,000

13,096,991

Sales

Tax

,

Revenue

,

2017

A

,

5

%

,

7/01/42

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

26,910,000

28,486,493

Sales

Tax

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/01/32

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

6,700,000

7,779,305

Sales

Tax

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/01/35

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

18,960,000

21,865,965

Sales

Tax

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/01/36

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

5,375,000

6,170,370

Sales

Tax

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/01/37

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

10,330,000

11,772,091

Sales

Tax

,

Revenue

,

2021

A

,

5

%

,

6/01/24

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

5,500,000

5,526,565

Sales

Tax

,

Revenue,

Senior

Lien

,

2021

A

,

5

%

,

7/01/28

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

3,830,000

4,262,040

Sales

Tax

,

Revenue,

Senior

Lien

,

2021

A

,

5

%

,

7/01/36

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

2,500,000

2,943,235

Sales

Tax

,

Revenue,

Senior

Lien

,

2021

A

,

5

%

,

7/01/38

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

3,875,000

4,494,982

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

29

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Los

Angeles

County

Sanitation

Districts

Financing

Authority

,

Revenue

,

2022

A

,

5

%

,

10/01/25

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

$

6,830,000

$

7,077,037

Los

Angeles

County

Sanitation

District

No.

20

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

10/01/42

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

16,430,000

16,485,758

Los

Angeles

Department

of

Water

,

Water

System

,

Revenue

,

2020

C

,

Refunding

,

5

%

,

7/01/41

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

6,455,000

7,198,929

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2014

D

,

5

%

,

7/01/44

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

51,940,000

52,092,979

Power

System

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

7/01/35

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

15,105,000

15,345,014

Power

System

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

7/01/36

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

17,795,000

18,074,750

Power

System

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/46

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

15,000,000

15,401,805

Power

System

,

Revenue

,

2016

B

,

5

%

,

7/01/35

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

11,995,000

12,465,210

Power

System

,

Revenue

,

2017

A

,

5

%

,

7/01/42

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

22,375,000

23,421,823

Power

System

,

Revenue

,

2017

A

,

5

%

,

7/01/47

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

5,000,000

5,197,109

Power

System

,

Revenue

,

2017

C

,

5

%

,

7/01/47

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

99,525,000

104,104,295

Power

System

,

Revenue

,

2018

D

,

Refunding

,

5

%

,

7/01/38

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

8,960,000

9,758,276

Power

System

,

Revenue

,

2018

D

,

Refunding

,

5

%

,

7/01/39

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

8,215,000

8,927,623

Power

System

,

Revenue

,

2019

A

,

5

%

,

7/01/45

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

9,535,000

10,284,995

Power

System

,

Revenue

,

2019

A

,

5.25

%

,

7/01/49

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

12,555,000

13,586,516

Power

System

,

Revenue

,

2019

D

,

Refunding

,

5

%

,

7/01/44

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

17,555,000

19,110,880

Power

System

,

Revenue

,

2020

B

,

Refunding

,

5

%

,

7/01/40

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

9,020,000

10,096,689

Power

System

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

7/01/48

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

20,800,000

22,857,929

Power

System

,

Revenue

,

2021

C

,

5

%

,

7/01/45

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

14,455,000

16,125,861

Power

System

,

Revenue

,

2022

A

,

5

%

,

7/01/51

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

8,500,000

9,346,251

Power

System

,

Revenue

,

2022

C

,

Refunding

,

5

%

,

7/01/40

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

6,000,000

6,867,698

Power

System

,

Revenue

,

2022

C

,

Refunding

,

5

%

,

7/01/41

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

5,000,000

5,682,866

Power

System

,

Revenue

,

2022

C

,

Refunding

,

5

%

,

7/01/42

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

6,250,000

7,082,450

Power

System

,

Revenue

,

2022

C

,

Refunding

,

5

%

,

7/01/43

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

5,000,000

5,649,416

Power

System

,

Revenue

,

2023

A

,

Refunding

,

5

%

,

7/01/31

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

10,000,000

11,891,929

Water

System

,

Revenue

,

2014

A

,

5

%

,

7/01/44

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

84,000,000

84,258,308

Water

System

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/41

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

29,820,000

30,754,228

Water

System

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/46

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

24,610,000

25,286,812

Water

System

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/41

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

34,330,000

36,064,492

Water

System

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/44

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

18,475,000

19,306,172

Water

System

,

Revenue

,

2018

A

,

5

%

,

7/01/25

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

3,940,000

4,051,744

Water

System

,

Revenue

,

2018

A

,

5

%

,

7/01/43

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

5,425,000

5,804,764

Water

System

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

7/01/43

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

8,380,000

9,038,455

Water

System

,

Revenue

,

2022

C

,

Refunding

,

5

%

,

7/01/41

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

2,970,000

3,407,867

Los

Angeles

Unified

School

District

,

GO

,

2016

A

,

Refunding

,

5

%

,

7/01/26

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

4,000,000

4,126,161

GO

,

2017

A

,

Refunding

,

5

%

,

7/01/25

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

18,750,000

19,274,359

GO

,

2020

C

,

4

%

,

7/01/33

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

7,000,000

7,616,755

GO

,

2020

C

,

4

%

,

7/01/36

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

8,975,000

9,510,901

GO

,

2020

RYQ

,

4

%

,

7/01/44

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

10,730,000

10,966,409

GO

,

2023

QRR

,

5.25

%

,

7/01/48

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

25,000,000

28,982,390

Los

Gatos-Saratoga

Joint

High

School

District

,

GO

,

A

,

4

%

,

8/01/39

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

10,635,000

10,608,550

GO

,

A

,

4

%

,

8/01/44

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

6,090,000

6,016,766

Marin

Municipal

Water

District

,

Revenue

,

2022

,

Refunding

,

4

%

,

6/15/52

..........

27,295,000

27,432,436

Marina

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2023

A

,

5

%

,

9/01/43

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

1,000,000

1,039,535

Tax

Allocation

,

2023

B

,

5

%

,

9/01/43

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

2,100,000

2,163,538

Menifee

Union

School

District

,

Special

Tax

,

2023

,

5

%

,

9/01/48

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

500,000

511,199

Special

Tax

,

2023

,

5

%

,

9/01/54

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

1,230,000

1,246,244

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

5

,

Special

Tax

,

2021

,

4

%

,

9/01/45

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

875,000

803,190

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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)

Menifee

Union

School

District,

(continued)

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

5

,

Special

Tax

,

2021

,

4

%

,

9/01/51

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

$

1,825,000

$

1,603,513

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

6

,

Special

Tax

,

2021

,

4

%

,

9/01/26

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

75,000

75,461

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

6

,

Special

Tax

,

2021

,

4

%

,

9/01/27

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

140,000

141,656

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

6

,

Special

Tax

,

2021

,

4

%

,

9/01/28

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

105,000

106,731

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

7

,

Special

Tax

,

2022

,

5

%

,

9/01/42

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

1,000,000

1,039,145

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

7

,

Special

Tax

,

2022

,

5.125

%

,

9/01/47

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

2,000,000

2,067,445

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

7

,

Special

Tax

,

2022

,

5.25

%

,

9/01/52

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

2,000,000

2,067,769

Community

Facilities

District

No.

2019-2

,

Special

Tax

,

2021

,

4

%

,

9/01/35

........

200,000

202,920

Community

Facilities

District

No.

2019-2

,

Special

Tax

,

2021

,

4

%

,

9/01/44

........

565,000

526,954

Community

Facilities

District

No.

2019-2

,

Special

Tax

,

2021

,

4

%

,

9/01/51

........

675,000

599,682

Metropolitan

Water

District

of

Southern

California

,

e

Revenue

,

2017

C

,

Mandatory

Put

,

3.44

%

,

5/21/24

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

13,000,000

12,990,634

e

Revenue

,

2017

D

,

Refunding

,

Mandatory

Put

,

3.44

%

,

5/21/24

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

10,000,000

9,992,795

e

Revenue

,

2017

E

,

Refunding

,

Mandatory

Put

,

3.44

%

,

5/21/24

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

13,000,000

12,990,633

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/25

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

10,000,000

10,286,251

Revenue

,

2020

A

,

5

%

,

10/01/45

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

15,665,000

17,198,489

Revenue

,

2022

B

,

Refunding

,

3

%

,

7/01/28

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

20,000,000

20,025,620

Middle

Fork

Project

Finance

Authority

,

Revenue

,

2020

,

Refunding

,

5

%

,

4/01/30

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

2,505,000

2,711,746

Revenue

,

2020

,

Refunding

,

5

%

,

4/01/32

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

4,095,000

4,422,088

Revenue

,

2020

,

Refunding

,

5

%

,

4/01/34

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

1,150,000

1,239,805

Revenue

,

2020

,

Refunding

,

5

%

,

4/01/35

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

1,200,000

1,291,017

Revenue

,

2020

,

Refunding

,

5

%

,

4/01/36

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

4,980,000

5,332,427

Midpeninsula

Regional

Open

Space

District

,

Field

Employees

Corp.

,

GO

,

2018

,

4

%

,

9/01/48

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

11,220,000

11,237,475

Modesto

High

School

District

,

GO

,

2002

A

,

NATL

Insured

,

Zero

Cpn.,

5/01/27

......

12,770,000

11,549,658

Monterey

Peninsula

Unified

School

District

,

GO

,

2016

C

,

Refunding

,

5

%

,

8/01/41

...

11,190,000

11,684,939

Moorpark

Unified

School

District

,

GO

,

2009

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/32

...

5,870,000

4,380,966

Moreno

Valley

Unified

School

District

,

GO

,

2004

A

,

AGMC

Insured

,

ETM,

Zero

Cpn.,

8/01/27

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

6,315,000

5,739,527

GO

,

2004

A

,

AGMC

Insured

,

ETM,

Zero

Cpn.,

8/01/28

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

6,625,000

5,872,626

GO

,

2018

B

,

AGMC

Insured

,

5

%

,

8/01/47

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

6,075,000

6,452,079

Mount

Diablo

Unified

School

District

,

GO

,

2022

B

,

Refunding

,

4

%

,

8/01/25

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

3,100,000

3,145,198

GO

,

B

,

4

%

,

8/01/24

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

1,425,000

1,429,735

Mount

San

Antonio

Community

College

District

,

GO

,

2013

A

,

Zero

Cpn.,

8/01/43

....

55,000,000

54,386,832

M-S-R

Energy

Authority

,

Revenue

,

2009

B

,

6.5

%

,

11/01/39

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

25,000,000

32,141,762

Murrieta

Valley

Unified

School

District

,

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2021

,

4

%

,

9/01/24

........

60,000

59,938

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2021

,

4

%

,

9/01/44

........

500,000

455,082

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2021

,

4

%

,

9/01/51

........

1,000,000

862,912

Newport

Mesa

Unified

School

District

,

GO

,

2011

,

6.3

%

,

8/01/42

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

20,000,000

24,145,548

Norman

Y

Mineta

San

Jose

International

Airport

SJC

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

3/01/36

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

4,590,000

4,765,709

Revenue

,

2017

A

,

Refunding

,

5

%

,

3/01/37

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

4,475,000

4,629,850

Revenue

,

2017

A

,

Refunding

,

5

%

,

3/01/41

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

12,685,000

12,997,524

Revenue

,

2017

B

,

Refunding

,

5

%

,

3/01/47

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

10,000,000

10,385,077

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/32

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

1,800,000

1,984,163

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

31

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Norman

Y

Mineta

San

Jose

International

Airport

SJC,

(continued)

Revenue

,

2021

B

,

Refunding

,

5

%

,

3/01/29

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

$

500,000

$

562,973

Revenue

,

2021

B

,

Refunding

,

5

%

,

3/01/30

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

600,000

690,554

Revenue

,

2021

B

,

Refunding

,

5

%

,

3/01/31

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

1,000,000

1,173,699

Revenue

,

2021

B

,

Refunding

,

5

%

,

3/01/33

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

1,400,000

1,636,454

Oceanside

Unified

School

District

,

GO

,

2010

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/38

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

10,590,000

6,096,665

GO

,

2010

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/39

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

7,860,000

4,294,106

GO

,

2015

,

Refunding

,

5

%

,

8/01/48

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

12,000,000

12,236,767

GO

,

2022

,

Refunding

,

5

%

,

8/01/39

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

1,005,000

1,149,585

GO

,

G

,

5

%

,

8/01/40

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

1,020,000

1,161,753

GO

,

G

,

5

%

,

8/01/43

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

1,000,000

1,124,360

Ontario

International

Airport

Authority

,

Revenue

,

2021

B

,

AGMC

Insured

,

5

%

,

5/15/33

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

1,000,000

1,110,297

Revenue

,

2021

B

,

AGMC

Insured

,

5

%

,

5/15/34

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

1,000,000

1,109,218

Orange

County

Community

Facilities

District

,

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2023

A

,

5.5

%

,

8/15/48

.....

1,550,000

1,625,032

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2023

A

,

5.5

%

,

8/15/53

.....

1,200,000

1,249,738

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2023

A

,

5.75

%

,

8/15/53

....

1,085,000

1,136,894

Orange

County

Sanitation

District

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

2/01/36

......

8,350,000

8,408,282

Orange

County

Water

District

,

COP

,

2003

B

,

NATL

Insured

,

ETM,

5

%

,

8/15/28

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

13,740,000

14,539,764

COP

,

2003

B

,

NATL

Insured

,

ETM,

5

%

,

8/15/34

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

3,305,000

3,781,602

COP

,

2003

B

,

Pre-Refunded

,

NATL

Insured

,

5

%

,

8/15/34

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

4,140,000

4,930,633

Palomar

Community

College

District

,

GO

,

2010

B

,

Zero

Cpn.,

8/01/39

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

69,410,000

81,398,960

Palomar

Health

,

Obligated

Group

,

GO

,

2009

A

,

AGMC

Insured

,

7

%

,

8/01/38

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

36,000,000

41,783,810

Obligated

Group

,

GO

,

2010

A

,

6.75

%

,

8/01/40

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

60,000,000

69,394,590

Palomar

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/47

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

35,000,000

36,178,440

Panoche

Financing

Authority

,

Panoche

Water

District

,

Revenue

,

2021

A

,

4

%

,

9/01/43

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

1,120,000

1,066,551

Panoche

Water

District

,

Revenue

,

2021

A

,

4

%

,

9/01/51

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

6,070,000

5,404,377

Panoche

Water

District

,

Revenue

,

2021

B

,

1.408

%

,

9/01/24

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

125,000

122,558

Panoche

Water

District

,

Revenue

,

2021

B

,

1.553

%

,

9/01/25

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

130,000

122,997

Panoche

Water

District

,

Revenue

,

2021

B

,

2.006

%

,

9/01/27

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

395,000

355,979

Panoche

Water

District

,

Revenue

,

2021

B

,

2.456

%

,

9/01/29

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

415,000

360,007

Panoche

Water

District

,

Revenue

,

2021

B

,

2.756

%

,

9/01/31

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

435,000

363,687

Panoche

Water

District

,

Revenue

,

2021

B

,

3.106

%

,

9/01/35

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

880,000

704,094

Panoche

Water

District

,

Revenue

,

2021

B

,

3.571

%

,

9/01/40

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

1,155,000

888,118

Patterson

Joint

Unified

School

District

,

GO

,

2001

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/24

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

2,075,000

2,043,961

GO

,

2001

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/25

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

2,170,000

2,062,477

GO

,

2001

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/26

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

2,265,000

2,081,026

Perris

Joint

Powers

Authority

,

Community

Facilities

District

No.

2007-2

,

Special

Tax

,

2021

,

4

%

,

9/01/43

........

1,445,000

1,338,391

Community

Facilities

District

No.

2007-2

,

Special

Tax

,

2021

,

4

%

,

9/01/48

........

1,250,000

1,114,364

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

1

,

Special

Tax

,

2020

,

4

%

,

9/01/50

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

1,125,000

993,418

Perris

Union

High

School

District

,

COP

,

2019

,

Refunding

,

BAM

Insured

,

5

%

,

10/01/48

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

10,000,000

10,683,193

GO

,

2019

A

,

AGMC

Insured

,

4

%

,

9/01/43

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

5,540,000

5,595,393

Pittsburg

Unified

School

District

,

GO

,

2016

,

Refunding

,

4

%

,

8/01/44

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

11,000,000

11,005,377

Placentia-Yorba

Linda

Unified

School

District

,

GO

,

2008

D

,

Zero

Cpn.,

8/01/43

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

27,955,000

12,838,834

GO

,

2008

D

,

Zero

Cpn.,

8/01/46

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

89,200,000

34,291,210

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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)

Placentia-Yorba

Linda

Unified

School

District,

(continued)

GO

,

2008

D

,

Zero

Cpn.,

8/01/49

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

$

85,000,000

$

28,463,984

Port

of

Los

Angeles

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

8/01/44

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

10,300,000

10,339,311

Port

of

Oakland

,

Revenue

,

2021

H

,

Refunding

,

5

%

,

11/01/29

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

2,000,000

2,173,268

Poway

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2015

A

,

Refunding

,

5

%

,

12/15/31

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

10,180,000

11,747,935

Tax

Allocation

,

2015

A

,

Refunding

,

5

%

,

12/15/32

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

11,215,000

13,138,275

Tax

Allocation

,

2015

A

,

Refunding

,

5

%

,

6/15/33

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

5,835,000

6,983,986

Poway

Unified

School

District

,

Community

Facilities

District

No.

16

,

Special

Tax

,

2020

,

AGMC

Insured

,

4

%

,

9/01/50

2,000,000

2,000,354

Community

Facilities

District

No.

16

Area

A

,

Special

Tax

,

2020

,

AGMC

Insured

,

4

%

,

9/01/50

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

5,500,000

5,500,974

Facilities

Improvement

District

No.

2007-1

,

GO

,

B

,

Zero

Cpn.,

8/01/46

..........

45,000,000

16,537,095

Rancho

Mirage

Community

Facilities

District

,

City

of

Rancho

Mirage

Community

Facilities

District

No.

4C

,

Special

Tax

,

2022

,

5

%

,

9/01/42

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

300,000

311,414

City

of

Rancho

Mirage

Community

Facilities

District

No.

4C

,

Special

Tax

,

2022

,

5

%

,

9/01/47

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

500,000

513,939

City

of

Rancho

Mirage

Community

Facilities

District

No.

4C

,

Special

Tax

,

2022

,

5

%

,

9/01/53

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

1,000,000

1,015,769

Regents

of

the

University

of

California

,

Medical

Center

,

Revenue

,

2016

L

,

Refunding

,

5

%

,

5/15/47

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

39,575,000

40,666,502

Medical

Center

,

Revenue

,

2022

P

,

5

%

,

5/15/47

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

116,410,000

129,286,727

Medical

Center

,

Revenue

,

2022

P

,

4

%

,

5/15/53

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

84,305,000

83,309,653

Regents

of

the

University

of

California

Medical

Center

,

Medical

Center

,

Revenue

,

2016

L

,

Refunding

,

5

%

,

5/15/41

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

10,000,000

10,336,019

Rialto

Unified

School

District

,

GO

,

2011

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/41

......

27,000,000

32,437,965

Rio

Hondo

Community

College

District

,

GO

,

2010

C

,

Zero

Cpn.,

8/01/35

..........

10,000,000

6,731,923

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

4,381,981

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

6,075,844

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

12,004,589

Riverside

County

Asset

Leasing

Corp.

,

County

of

Riverside

,

Revenue

,

1997

A

,

NATL

Insured

,

Zero

Cpn.,

6/01/24

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

13,005,000

12,891,011

Riverside

County

Transportation

Commission

,

Sales

Tax

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

6/01/31

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

3,685,000

4,034,877

Riverside

Unified

School

District

,

Community

Facilities

District

No.

19

Improvement

Area

No.

1

,

Special

Tax

,

2024

,

5

%

,

9/01/39

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

375,000

396,996

Community

Facilities

District

No.

19

Improvement

Area

No.

1

,

Special

Tax

,

2024

,

5

%

,

9/01/44

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

700,000

728,067

Community

Facilities

District

No.

19

Improvement

Area

No.

1

,

Special

Tax

,

2024

,

5

%

,

9/01/49

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

1,050,000

1,072,383

Community

Facilities

District

No.

19

Improvement

Area

No.

1

,

Special

Tax

,

2024

,

5

%

,

9/01/54

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

1,270,000

1,288,705

Community

Facilities

District

No.

19

Improvement

Area

No.

2

,

Special

Tax

,

2024

,

5

%

,

9/01/44

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

480,000

499,246

Community

Facilities

District

No.

19

Improvement

Area

No.

2

,

Special

Tax

,

2024

,

5

%

,

9/01/49

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

730,000

745,561

Community

Facilities

District

No.

19

Improvement

Area

No.

2

,

Special

Tax

,

2024

,

5

%

,

9/01/54

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

775,000

786,415

Community

Facilities

District

No.

37

,

Special

Tax

,

2023

A

,

5

%

,

9/01/47

..........

1,150,000

1,178,786

Community

Facilities

District

No.

37

,

Special

Tax

,

2023

A

,

5

%

,

9/01/52

..........

2,135,000

2,174,897

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

33

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

f

RMA

Capital

Series

Trust

,

Revenue

,

144A,

2022-1

,

A

,

5.67

%

,

8/01/58

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

$

15,491,000

$

15,562,723

RNR

School

Financing

Authority

,

Community

Facilities

District

No.

92-1

,

Special

Tax

,

2015

A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/36

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

11,145,000

11,444,433

Rocklin

Unified

School

District

,

GO

,

2003

,

NATL

Insured

,

Zero

Cpn.,

8/01/25

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

8,160,000

7,783,633

GO

,

2003

,

NATL

Insured

,

Zero

Cpn.,

8/01/26

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

8,695,000

8,038,085

GO

,

2003

,

NATL

Insured

,

Zero

Cpn.,

8/01/27

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

9,080,000

8,132,848

GO

,

2003

,

NATL

Insured

,

Zero

Cpn.,

8/01/28

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

16,615,000

14,425,882

Rohnert

Park

Community

Development

Commission

Successor

Agency

,

Tax

Allocation

,

2007

R

,

NATL

Insured

,

ETM,

5

%

,

8/01/37

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

1,380,000

1,441,119

Romoland

School

District

,

Community

Facilities

District

No.

2016-1

,

Special

Tax

,

2023

,

5

%

,

9/01/43

........

750,000

786,025

Community

Facilities

District

No.

2016-1

,

Special

Tax

,

2023

,

5

%

,

9/01/48

........

1,000,000

1,029,345

Community

Facilities

District

No.

2016-1

,

Special

Tax

,

2023

,

5

%

,

9/01/53

........

1,500,000

1,531,241

Community

Facilities

District

No.

2016-2

,

Special

Tax

,

2022

,

4.5

%

,

9/01/42

.......

360,000

360,716

Community

Facilities

District

No.

2016-2

,

Special

Tax

,

2022

,

4.625

%

,

9/01/47

.....

750,000

743,109

Community

Facilities

District

No.

2016-2

,

Special

Tax

,

2022

,

4.75

%

,

9/01/52

......

1,000,000

989,186

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

1

,

Special

Tax

,

2022

,

5

%

,

9/01/42

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

750,000

784,218

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

1

,

Special

Tax

,

2022

,

5.125

%

,

9/01/47

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

1,200,000

1,245,586

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

1

,

Special

Tax

,

2022

,

5.25

%

,

9/01/53

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

2,500,000

2,585,605

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

2

,

Special

Tax

,

2023

,

5

%

,

9/01/46

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

370,000

383,589

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

2

,

Special

Tax

,

2023

,

5

%

,

9/01/54

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

1,600,000

1,635,809

Community

Facilities

District

No.

91-1

,

Special

Tax

,

2022

,

3.75

%

,

9/01/42

........

1,695,000

1,493,808

Community

Facilities

District

No.

91-1

,

Special

Tax

,

2022

,

4

%

,

9/01/46

..........

5,085,000

4,620,487

Roseville

Natural

Gas

Financing

Authority

,

Revenue

,

2007

,

5

%

,

2/15/26

..........

5,000,000

5,085,185

Sacramento

Area

Flood

Control

Agency

,

Consolidated

Capital

Assessment

District

No.

2

,

Special

Assessment

,

2016

A

,

Refunding

,

5

%

,

10/01/41

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

13,740,000

14,319,219

Consolidated

Capital

Assessment

District

No.

2

,

Special

Assessment

,

2016

A

,

Refunding

,

5

%

,

10/01/43

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

20,000,000

20,777,104

Sacramento

City

Unified

School

District

,

GO

,

2017

E

,

4

%

,

5/01/47

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

20,000,000

19,773,682

Sacramento

County

Sanitation

Districts

Financing

Authority

,

Sacramento

Regional

County

Sanitation

District

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

12/01/44

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

25,000,000

25,031,923

Sacramento

Regional

County

Sanitation

District

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/27

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

2,960,000

3,244,261

Sacramento

County

Water

Financing

Authority

,

Sacramento

County

Water

Agency

,

Revenue

,

2019

,

Refunding

,

5

%

,

6/01/27

.....

2,000,000

2,161,361

Sacramento

County

Water

Agency

,

Revenue

,

2022

A

,

4

%

,

11/01/25

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

27,060,000

27,549,356

Sacramento

Municipal

Utility

District

,

Revenue

,

2021

I

,

Refunding

,

5

%

,

8/15/25

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

3,500,000

3,612,161

Revenue

,

2022

J

,

Refunding

,

5

%

,

8/15/26

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

2,615,000

2,770,670

San

Bernardino

Community

College

District

,

GO

,

2009

B

,

Zero

Cpn.,

8/01/44

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

7,750,000

3,188,876

GO

,

2009

B

,

Zero

Cpn.,

8/01/48

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

66,390,000

23,101,901

San

Diego

Community

College

District

,

GO

,

2009

B

,

Pre-Refunded

,

6

%

,

8/01/33

....

26,880,000

30,081,249

San

Diego

County

Regional

Airport

Authority

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/47

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

5,000,000

5,212,501

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/44

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

4,000,000

4,315,861

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/49

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

5,000,000

5,334,031

Revenue

,

2019

B

,

Refunding

,

4

%

,

7/01/44

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

5,000,000

4,879,479

Revenue

,

2021

A

,

5

%

,

7/01/56

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

7,500,000

8,082,855

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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)

San

Diego

County

Regional

Airport

Authority,

(continued)

Revenue

,

2021

B

,

5

%

,

7/01/33

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

$

4,000,000

$

4,423,068

Revenue

,

2021

B

,

4

%

,

7/01/36

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

3,610,000

3,660,118

Special

Facilities

,

Revenue

,

2014

A

,

5

%

,

7/01/44

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

5,645,000

5,663,085

San

Diego

County

Regional

Transportation

Commission

,

Revenue

,

2016

A

,

5

%

,

4/01/48

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

25,000,000

25,760,437

San

Diego

County

Water

Authority

,

Revenue,

Sub.

Lien

,

2021

S-1

,

Refunding

,

5

%

,

5/01/28

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

2,335,000

2,585,750

San

Diego

Unified

School

District

,

GO

,

2010

C

,

Zero

Cpn.,

7/01/48

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

29,840,000

28,117,023

GO

,

2012

E

,

Zero

Cpn.,

7/01/47

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

74,270,000

57,453,772

GO

,

2019

L

,

4

%

,

7/01/49

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

30,000

30,111

GO

,

2023

ZR-4B

,

Refunding

,

5

%

,

7/01/40

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

62,225,000

73,005,494

GO

,

2023

ZR-4B

,

Refunding

,

5

%

,

7/01/45

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

31,605,000

36,034,378

GO

,

R-2

,

Refunding

,

Zero

Cpn.,

7/01/40

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

79,760,000

80,040,763

San

Francisco

Bay

Area

Rapid

Transit

District

,

GO

,

2017

A-1

,

5

%

,

8/01/47

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

11,480,000

12,017,038

GO

,

2020

C-1

,

4

%

,

8/01/33

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

1,560,000

1,671,424

GO

,

2022

D-1

,

5

%

,

8/01/39

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

1,500,000

1,743,139

GO

,

2022

D-1

,

3

%

,

8/01/41

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

23,605,000

21,222,113

GO

,

2022

D-1

,

3

%

,

8/01/42

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

20,000,000

17,741,356

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue

,

2016

B

,

5

%

,

5/01/41

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

65,645,000

66,760,125

Revenue

,

2016

B

,

5

%

,

5/01/46

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

28,825,000

29,193,631

Revenue

,

2016

C

,

5

%

,

5/01/46

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

67,880,000

69,705,605

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/01/44

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

30,720,000

32,025,757

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/01/49

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

8,000,000

8,260,373

Revenue,

Second

Series

,

2014

B

,

5

%

,

5/01/44

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

31,000,000

31,031,201

Revenue,

Second

Series

,

2017

A

,

5

%

,

5/01/42

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

48,155,000

49,508,127

Revenue,

Second

Series

,

2017

A

,

5

%

,

5/01/47

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

28,625,000

29,192,373

Revenue,

Second

Series

,

2017

B

,

5

%

,

5/01/47

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

200,000

208,098

Revenue,

Second

Series

,

2018

D

,

5

%

,

5/01/43

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

106,295,000

109,887,611

Revenue,

Second

Series

,

2018

D

,

5

%

,

5/01/48

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

33,700,000

34,581,616

Revenue,

Second

Series

,

2018

D

,

5.25

%

,

5/01/48

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

40,145,000

41,604,451

Revenue,

Second

Series

,

2018

E

,

5

%

,

5/01/48

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

52,245,000

55,034,408

Revenue,

Second

Series

,

2019

B

,

5

%

,

5/01/49

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

10,700,000

11,430,823

Revenue,

Second

Series

,

2019

E

,

5

%

,

5/01/45

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

33,570,000

34,919,648

Revenue,

Second

Series

,

2019

E

,

5

%

,

5/01/50

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

5,000,000

5,156,173

Revenue,

Second

Series

,

2021

A

,

Refunding

,

5

%

,

5/01/31

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

1,405,000

1,559,119

Revenue,

Second

Series

,

2021

A

,

Refunding

,

5

%

,

5/01/34

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

5,000,000

5,530,522

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation,

Third

Lien

,

2017

B

,

AGMC

Insured

,

5

%

,

8/01/46

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

10,000,000

10,495,760

San

Francisco

Unified

School

District

,

GO

,

2022

C

,

5

%

,

6/15/35

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

6,640,000

7,649,346

San

Gabriel

Unified

School

District

,

GO

,

2002

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/26

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

3,530,000

3,260,215

GO

,

2002

A

,

AGMC

Insured

,

Zero

Cpn.,

2/01/27

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

1,850,000

1,682,225

San

Jacinto

Unified

School

District

,

Community

Facilities

District

No.

2003-1

,

Special

Tax

,

2022

,

4

%

,

9/01/50

........

875,000

762,749

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

1

,

Special

Tax

,

2023

,

5.25

%

,

9/01/54

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

1,000,000

1,046,020

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue

,

1997

A

,

Refunding

,

5.9

%

,

1/15/38

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

106,465,000

137,668,060

Revenue

,

1997

A

,

Refunding

,

5.95

%

,

1/15/40

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

142,645,000

186,155,819

Revenue

,

1997

A

,

Refunding

,

6

%

,

1/15/43

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

161,250,000

212,950,314

Revenue

,

1997

A

,

Refunding

,

6

%

,

1/15/45

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

143,336,000

190,074,401

Revenue

,

1997

A

,

Refunding

,

6

%

,

1/15/46

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

143,336,000

190,392,291

Revenue

,

1997

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

1/15/26

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

13,155,000

12,361,035

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

35

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

San

Joaquin

Hills

Transportation

Corridor

Agency,

(continued)

Revenue,

Senior

Lien

,

1993

,

ETM,

Zero

Cpn.,

1/01/25

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

$

5,700,000

$

5,551,610

Revenue,

Senior

Lien

,

1993

,

ETM,

Zero

Cpn.,

1/01/28

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

33,545,000

30,173,657

Revenue,

Senior

Lien

,

1993

,

ETM,

Zero

Cpn.,

1/01/29

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

37,050,000

32,472,295

Revenue,

Senior

Lien

,

2021

A

,

Refunding

,

AGMC

Insured

,

4

%

,

1/15/44

.........

130,746,000

133,514,847

Revenue,

Senior

Lien

,

2021

A

,

Refunding

,

AGMC

Insured

,

4

%

,

1/15/50

.........

191,775,000

193,096,886

San

Jose

Unified

School

District

,

COP

,

2002

,

AGMC

Insured

,

ETM,

Zero

Cpn.,

1/01/27

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

7,105,000

6,552,186

COP

,

2002

,

AGMC

Insured

,

ETM,

Zero

Cpn.,

1/01/29

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

7,105,000

6,212,343

San

Juan

Unified

School

District

,

GO

,

2003

B

,

NATL

Insured

,

Zero

Cpn.,

8/01/26

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

11,360,000

10,309,438

GO

,

2003

B

,

NATL

Insured

,

Zero

Cpn.,

8/01/27

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

18,605,000

16,675,459

GO

,

2003

B

,

NATL

Insured

,

Zero

Cpn.,

8/01/28

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

19,470,000

16,912,057

San

Luis

Obispo

County

Financing

Authority

,

Revenue

,

2015

A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/37

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

10,000,000

10,308,356

San

Marino

Unified

School

District

,

GO

,

2000

A

,

NATL

Insured

,

Zero

Cpn.,

7/01/25

..

6,080,000

5,828,748

San

Mateo

Foster

City

Public

Financing

Authority

,

Estero

Municipal

Improvement

District

,

Revenue

,

2021

A

,

ETM,

5

%

,

8/01/25

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

10,545,000

10,849,033

San

Rafael

City

High

School

District

,

GO

,

2018

B

,

4

%

,

8/01/47

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

17,060,000

17,108,346

Sanger

Unified

School

District

,

GO

,

A

,

BAM

Insured

,

4

%

,

8/01/41

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

10,000,000

10,068,371

Santa

Ana

Unified

School

District

,

COP

,

1999

,

AGMC

Insured

,

Zero

Cpn.,

4/01/24

...

2,685,000

2,678,253

Santa

Cruz

County

Redevelopment

Successor

Agency

,

Tax

Allocation

,

2015

A

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/35

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

20,000,000

20,603,024

School

Facilities

Financing

Authority

,

Twin

Rivers

Unified

School

District

,

Revenue

,

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/42

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

49,000,000

21,938,922

Semitropic

Improvement

District

of

the

Semitropic

Water

Storage

District

,

Revenue,

Second

Lien

,

2015

A

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/45

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

10,000,000

10,251,014

Southern

California

Public

Power

Authority

,

Revenue

,

2007

A

,

5.25

%

,

11/01/27

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

9,855,000

10,337,468

Revenue

,

2007

A

,

5

%

,

11/01/33

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

17,500,000

18,886,756

Los

Angeles

Department

of

Water

&

Power

Power

System

,

Revenue

,

2023-1

A

,

5.25

%

,

7/01/53

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

28,975,000

33,039,845

Southern

Mono

Health

Care

District

,

GO

,

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/28

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

2,340,000

2,001,969

GO

,

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/29

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

2,440,000

2,010,647

GO

,

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/30

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

2,550,000

2,026,567

GO

,

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/31

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

2,660,000

2,038,994

State

of

California

,

GO

,

6

%

,

5/01/24

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

640,000

642,808

GO

,

NATL

Insured

,

6

%

,

8/01/24

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

255,000

257,981

GO

,

5.625

%

,

9/01/24

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

90,000

91,050

GO

,

Refunding

,

4

%

,

10/01/24

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

5,685,000

5,715,676

GO

,

Refunding

,

4

%

,

11/01/24

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

11,655,000

11,728,261

GO

,

5

%

,

11/01/24

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

5,000,000

5,063,738

GO

,

4

%

,

12/01/24

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

3,500,000

3,525,285

GO

,

5

%

,

3/01/25

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

10,000,000

10,197,733

GO

,

AMBAC

Insured

,

5.9

%

,

3/01/25

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

75,000

76,023

GO

,

Refunding

,

5

%

,

4/01/25

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

25,625,000

26,186,088

GO

,

Refunding

,

5

%

,

11/01/25

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

39,975,000

41,407,712

GO

,

Refunding

,

5

%

,

12/01/25

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

2,375,000

2,462,951

GO

,

5

%

,

4/01/27

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

4,000,000

4,286,642

GO

,

Refunding

,

5

%

,

4/01/28

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

2,930,000

3,210,828

GO

,

Refunding

,

5

%

,

8/01/28

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

12,020,000

12,998,397

GO

,

Refunding

,

5

%

,

9/01/30

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

5,000,000

5,766,348

GO

,

Refunding

,

5

%

,

11/01/30

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

5,320,000

6,154,138

GO

,

Refunding

,

5

%

,

10/01/32

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

4,125,000

4,655,863

GO

,

5

%

,

4/01/33

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

5,000,000

5,578,134

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

36

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

State

of

California,

(continued)

GO

,

Refunding

,

5

%

,

3/01/35

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

$

56,185,000

$

63,818,159

GO

,

Refunding

,

5

%

,

9/01/35

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

9,000,000

9,430,272

GO

,

Refunding

,

4

%

,

3/01/37

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

10,000,000

10,580,683

GO

,

Refunding

,

5

%

,

8/01/37

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

2,900,000

3,154,800

GO

,

5

%

,

10/01/39

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

15,000,000

15,521,402

GO

,

5

%

,

10/01/39

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

13,340,000

13,433,377

GO

,

5

%

,

10/01/44

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

1,660,000

1,669,077

GO

,

5

%

,

3/01/45

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

17,500,000

17,733,870

GO

,

5

%

,

8/01/45

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

10,085,000

10,274,705

GO

,

5

%

,

9/01/45

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

5,000,000

5,193,746

GO

,

5

%

,

8/01/46

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

57,200,000

59,284,276

GO

,

5

%

,

9/01/46

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

8,930,000

9,266,448

GO

,

5

%

,

10/01/47

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

11,000,000

11,336,103

GO

,

5

%

,

10/01/48

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

5,000,000

5,348,294

GO

,

1996

,

FGIC

Insured

,

5.375

%

,

6/01/26

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

800,000

803,933

GO

,

1997

,

NATL,

FGIC

Insured

,

5.625

%

,

10/01/26

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

5,005,000

5,013,709

GO

,

2004

,

5.125

%

,

4/01/24

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

5,000

5,006

GO

,

2004

,

5.2

%

,

4/01/26

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

20,000

20,027

GO

,

2017

,

5

%

,

11/01/27

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

2,380,000

2,585,633

GO

,

2017

,

5

%

,

11/01/47

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

23,370,000

24,711,101

GO

,

2022

,

Refunding

,

5

%

,

4/01/35

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

12,985,000

14,327,654

GO

,

2022

,

Refunding

,

5

%

,

4/01/35

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

38,600,000

45,466,535

Sulphur

Springs

Union

School

District

,

COP

,

2010

,

AGMC

Insured

,

6.5

%

,

12/01/37

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

1,695,000

1,796,573

COP

,

2010

,

AGMC

Insured

,

ETM,

6.5

%

,

12/01/37

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

275,000

281,638

COP

,

2010

,

Pre-Refunded

,

AGMC

Insured

,

6.5

%

,

12/01/37

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

9,695,000

10,282,388

g

Temecula

Public

Financing

Authority

,

Community

Facilities

District

No.

20-01

,

Special

Tax

,

2024

,

5

%

,

9/01/39

.........

330,000

352,229

Community

Facilities

District

No.

20-01

,

Special

Tax

,

2024

,

5

%

,

9/01/44

.........

925,000

961,269

Community

Facilities

District

No.

20-01

,

Special

Tax

,

2024

,

5

%

,

9/01/49

.........

975,000

997,220

Temescal

Valley

Water

District

,

Community

Facilities

District

No.

4

Terramor

Improvement

Area

No.

2

,

Special

Tax

,

2021

,

4

%

,

9/01/36

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

930,000

918,116

Community

Facilities

District

No.

4

Terramor

Improvement

Area

No.

2

,

Special

Tax

,

2021

,

4

%

,

9/01/41

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

785,000

737,265

Community

Facilities

District

No.

4

Terramor

Improvement

Area

No.

2

,

Special

Tax

,

2021

,

4

%

,

9/01/46

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

1,040,000

927,015

Community

Facilities

District

No.

4

Terramor

Improvement

Area

No.

2

,

Special

Tax

,

2021

,

4

%

,

9/01/51

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

930,000

801,128

Three

Rivers

Levee

Improvement

Authority

,

Special

Tax

,

2021

A

,

Refunding

,

3

%

,

9/01/24

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

245,000

242,468

Special

Tax

,

2021

A

,

Refunding

,

4

%

,

9/01/25

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

280,000

279,853

Special

Tax

,

2021

A

,

Refunding

,

4

%

,

9/01/36

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

2,025,000

1,997,179

Special

Tax

,

2021

A

,

Refunding

,

4

%

,

9/01/41

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

1,895,000

1,790,750

Special

Tax

,

2021

A

,

Refunding

,

4

%

,

9/01/46

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

2,700,000

2,387,912

Special

Tax

,

2021

A

,

Refunding

,

4

%

,

9/01/51

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

5,065,000

4,360,306

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

1,655,160

Sacramento

County

Tobacco

Securitization

Corp.

,

Revenue,

Senior

Lien

,

2021

A

,

1

,

Refunding

,

4

%

,

6/01/49

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

8,000,000

7,596,655

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2019

B-1

,

2

,

Refunding

,

5

%

,

6/01/48

.......

13,665,000

13,978,638

Town

of

Tiburon

,

Assessment

District

No.

2017-1

,

1915

Act,

Special

Assessment

,

2021

A

,

2.375

%

,

9/02/41

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

550,000

383,682

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

37

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Town

of

Tiburon,

(continued)

Assessment

District

No.

2017-1

,

1915

Act,

Special

Assessment

,

2021

A

,

2.5

%

,

9/02/51

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

$

1,250,000

$

778,282

Tracy

Community

Facilities

District

,

City

of

Tracy

Community

Facilities

District

No.

2016-01

Improvement

Area

No.

2

,

Special

Tax

,

2023

,

5.75

%

,

9/01/48

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

1,750,000

1,861,730

City

of

Tracy

Community

Facilities

District

No.

2016-01

Improvement

Area

No.

2

,

Special

Tax

,

2023

,

5.875

%

,

9/01/53

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

2,900,000

3,091,352

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

2

,

Special

Tax

,

2021

,

3

%

,

9/01/24

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

100,000

99,386

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

2

,

Special

Tax

,

2021

,

4

%

,

9/01/25

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

115,000

114,923

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

2

,

Special

Tax

,

2021

,

4

%

,

9/01/28

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

120,000

121,085

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

2

,

Special

Tax

,

2021

,

4

%

,

9/01/30

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

110,000

111,487

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

2

,

Special

Tax

,

2021

,

4

%

,

9/01/36

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

430,000

431,604

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

2

,

Special

Tax

,

2021

,

4

%

,

9/01/41

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

665,000

631,521

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

2

,

Special

Tax

,

2021

,

4

%

,

9/01/46

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

885,000

801,861

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

2

,

Special

Tax

,

2021

,

4

%

,

9/01/51

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

2,210,000

1,932,627

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project

,

Tax

Allocation,

Senior

Lien

,

2020

A

,

5

%

,

10/01/45

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

11,030,000

11,346,171

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project

,

Tax

Allocation,

Senior

Lien

,

2020

A

,

5

%

,

10/01/49

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

8,790,000

8,970,126

Truckee-Donner

Public

Utility

District

,

Water

System

,

Revenue

,

2022

A

,

5

%

,

11/15/47

3,230,000

3,577,216

Turlock

Irrigation

District

,

Revenue

,

2019

,

Refunding

,

5

%

,

1/01/44

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

9,060,000

9,930,022

Union

Elementary

School

District

,

GO

,

1999

A

,

NATL

Insured

,

Zero

Cpn.,

9/01/24

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

2,000,000

1,969,221

GO

,

2001

B

,

NATL

Insured

,

Zero

Cpn.,

9/01/25

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

5,500,000

5,251,638

GO

,

2001

B

,

NATL

Insured

,

Zero

Cpn.,

9/01/26

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

5,850,000

5,427,253

University

of

California

,

Revenue

,

2015

I

,

Refunding

,

5

%

,

5/15/40

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

22,990,000

23,409,018

Revenue

,

2015

I

,

Refunding

,

5

%

,

5/15/50

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

25,420,000

25,776,243

Revenue

,

2016

K

,

4

%

,

5/15/46

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

19,850,000

19,819,723

Revenue

,

2017

AV

,

5.25

%

,

5/15/47

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

6,775,000

7,206,332

Revenue

,

2017

M

,

5

%

,

5/15/42

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

15,410,000

16,375,412

Revenue

,

2017

M

,

5

%

,

5/15/47

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

27,200,000

28,692,488

Revenue

,

2018

AZ

,

Refunding

,

5

%

,

5/15/43

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

28,000,000

30,116,156

Revenue

,

2018

AZ

,

Refunding

,

5

%

,

5/15/48

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

47,230,000

50,380,071

Revenue

,

2018

AZ

,

Refunding

,

5.25

%

,

5/15/58

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

9,110,000

9,750,744

Revenue

,

2018

O

,

Refunding

,

5

%

,

5/15/39

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

14,400,000

15,626,231

Revenue

,

2018

O

,

Refunding

,

5

%

,

5/15/48

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

11,445,000

12,189,845

Revenue

,

2018

O

,

Refunding

,

5

%

,

5/15/58

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

5,805,000

6,147,710

Revenue

,

2021

Q

,

Refunding

,

4

%

,

5/15/37

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

1,500,000

1,590,012

Revenue

,

2022

BK

,

5

%

,

5/15/52

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

48,195,000

53,305,068

Revenue

,

2023

BN

,

Refunding

,

5

%

,

5/15/43

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

9,000,000

10,346,390

Revenue

,

2024

BS

,

Refunding

,

5

%

,

5/15/37

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

81,135,000

98,641,020

Revenue

,

2024

BS

,

Refunding

,

5

%

,

5/15/38

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

11,000,000

13,223,042

Upland

Community

Facilities

District

,

City

of

Upland

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

2

,

Special

Tax

,

2021

A

,

4

%

,

9/01/40

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

260,000

247,342

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

38

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Upland

Community

Facilities

District,

(continued)

City

of

Upland

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

2

,

Special

Tax

,

2021

A

,

4

%

,

9/01/45

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

$

165,000

$

149,408

City

of

Upland

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

2

,

Special

Tax

,

2021

A

,

4

%

,

9/01/51

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

260,000

225,521

Upland

Unified

School

District

,

GO

,

2011

C

,

Zero

Cpn.,

8/01/45

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

62,900,000

24,100,997

Val

Verde

Unified

School

District

,

GO

,

2010

B

,

AGMC

Insured

,

6.125

%

,

8/01/34

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

1,000,000

1,233,167

GO

,

2020

A

,

BAM

Insured

,

4

%

,

8/01/46

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

1,450,000

1,451,663

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2022

,

4

%

,

9/01/52

........

7,000,000

6,037,798

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

1

,

Special

Tax

,

2023

,

5

%

,

9/01/43

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

1,230,000

1,275,103

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

1

,

Special

Tax

,

2023

,

5

%

,

9/01/48

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

1,755,000

1,793,402

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

1

,

Special

Tax

,

2023

,

5

%

,

9/01/53

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

2,445,000

2,483,008

Vallejo

Public

Financing

Authority

,

City

of

Vallejo

Hiddenbrooke

Improvement

District

No.

1

,

Revenue

,

2004

A

,

5.8

%

,

9/01/31

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

3,075,000

3,110,640

Vista

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2015

B-1

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/37

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

3,020,000

3,113,124

Vista

Unified

School

District

,

GO

,

2002

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/26

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

7,150,000

6,581,694

GO

,

2002

A

,

AGMC

Insured

,

Zero

Cpn.,

2/01/27

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

4,795,000

4,337,758

Washington

Township

Health

Care

District

,

GO

,

2015

B

,

5

%

,

8/01/45

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

15,000,000

15,169,260

Revenue

,

2023

A

,

5.75

%

,

7/01/48

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

1,300,000

1,442,978

Revenue

,

2023

A

,

5.75

%

,

7/01/53

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

1,000,000

1,081,991

West

Basin

Municipal

Water

District

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

8/01/26

.....

1,000,000

1,055,779

West

Patterson

Financing

Authority

,

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2024

,

5

%

,

9/01/39

........

300,000

321,961

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2024

,

4.375

%

,

9/01/44

.....

830,000

822,038

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2024

,

4.625

%

,

9/01/49

.....

780,000

777,250

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2024

,

5

%

,

9/01/54

........

2,440,000

2,507,780

West

Sacramento

Area

Flood

Control

Agency

,

Special

Assessment

,

2015

,

AGMC

Insured

,

5

%

,

9/01/40

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

3,000,000

3,080,570

Special

Assessment

,

2015

,

AGMC

Insured

,

5

%

,

9/01/45

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

7,500,000

7,671,149

West

Sacramento

Financing

Authority

,

Special

Tax

,

A

,

AGMC

Insured

,

5

%

,

9/01/34

..

4,940,000

5,701,782

Westside

Union

School

District

,

Community

Facilities

District

No.

2016-1

Improvement

Area

B

,

Special

Tax

,

2023

,

5

%

,

9/01/43

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

1,175,000

1,187,461

Community

Facilities

District

No.

2016-1

Improvement

Area

B

,

Special

Tax

,

2023

,

5.25

%

,

9/01/52

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

1,890,000

1,901,546

12,604,567,259

Oregon

0.0%

†

f

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

2,529,946

Wisconsin

0.8%

f

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

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

30,400,000

24,594,259

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

6/01/24

.....

83,000,000

83,000,000

107,594,259

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

39

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

2.2%

Guam

0.2%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2021

A

,

Refunding

,

2.499

%

,

10/01/25

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

$

2,660,000

$

2,535,019

Revenue

,

2021

A

,

Refunding

,

2.899

%

,

10/01/27

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

2,150,000

1,968,742

Revenue

,

2021

A

,

Refunding

,

3.099

%

,

10/01/28

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

3,140,000

2,830,382

Revenue

,

2021

A

,

Refunding

,

3.189

%

,

10/01/29

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

3,560,000

3,141,832

Revenue

,

2021

A

,

Refunding

,

3.339

%

,

10/01/30

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

2,400,000

2,084,352

Revenue

,

2021

A

,

Refunding

,

3.489

%

,

10/01/31

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

2,155,000

1,846,141

Revenue

,

2021

A

,

Refunding

,

3.839

%

,

10/01/36

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

9,650,000

7,998,495

Revenue

,

2021

A

,

Refunding

,

4.46

%

,

10/01/43

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

2,400,000

1,928,709

24,333,672

Puerto

Rico

2.0%

Children's

Trust

Fund

,

Revenue

,

2002

,

5.5

%

,

5/15/39

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

5,355,000

5,370,138

Revenue

,

2002

,

5.625

%

,

5/15/43

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

16,000,000

16,186,542

h

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

2013

A

,

5

%

,

7/01/29

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

20,000,000

5,300,000

Revenue

,

2013

A

,

7

%

,

7/01/33

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

50,000,000

13,250,000

Revenue

,

WW

,

5

%

,

7/01/28

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

12,030,000

3,187,950

h

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

29,516,871

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

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

184,264,000

185,645,611

262,097,112

Total

U.S.

Territories

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

286,430,784

Total

Municipal

Bonds

(Cost

$

12,394,400,301

)

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

13,001,122,248

Shares

Escrows

and

Litigation

Trusts

0.0%

†

b

,i

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

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

4,167,132

3,333,706

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

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

3,333,706

Total

Long

Term

Investments

(Cost

$

12,405,874,791

)

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

13,015,996,315

a

a

a

a

a

Short

Term

Investments

1.6%

Principal

Amount

Municipal

Bonds

1.6%

California

1.6%

j

Bay

Area

Toll

Authority

,

Revenue

,

2024

D

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.45

%

,

4/01/59

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

15,000,000

15,000,000

j

California

Statewide

Communities

Development

Authority

,

Rady

Children's

Hospital

Obligated

Group

,

Revenue

,

2008

A

,

Refunding

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.3

%

,

8/15/47

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

35,005,000

35,005,000

Rady

Children's

Hospital

Obligated

Group

,

Revenue

,

2008

B

,

LOC

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

3.4

%

,

8/15/47

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

6,200,000

6,200,000

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

40

See

Abbreviations

on

page

53

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

California

(continued)

j

Irvine

Ranch

Water

District

,

Water

Service

Corp.

,

Special

Assessment

,

2009

A

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.3

%

,

10/01/41

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

$

9,155,000

$

9,155,000

j

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2002

A-6

,

Refunding

,

SPA

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

3.68

%

,

7/01/35

......

13,000,000

13,000,000

j

University

of

California

,

Revenue

,

2013

AL-1

,

Daily

VRDN

and

Put

,

3.5

%

,

5/15/48

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

3,635,000

3,635,000

Revenue

,

2013

AL-3

,

Refunding

,

Daily

VRDN

and

Put

,

3.65

%

,

5/15/48

..........

60,100,000

60,100,000

Revenue

,

2023

BP-1

,

Refunding

,

Daily

VRDN

and

Put

,

3.5

%

,

5/15/48

..........

73,000,000

73,000,000

215,095,000

Total

Municipal

Bonds

(Cost

$

215,095,000

)

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

215,095,000

Total

Short

Term

Investments

(Cost

$

215,095,000

)

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

215,095,000

a

Total

Investments

(Cost

$

12,620,969,791

)

99.2

%

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

$13,231,091,315

Other

Assets,

less

Liabilities

0.8

%

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

100,758,675

Net

Assets

100.0%

...........................................................

$13,331,849,990

†

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

11

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

See

Note

9

regarding

restricted

securities.

e

The

maturity

date

shown

represents

the

mandatory

put

date.

f

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

February

29,

2024,

the

aggregate

value

of

these

securities

was

$1,217,445,229,

representing

9.1%

of

net

assets.

g

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

h

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

7.

i

Non-income

producing.

j

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

February

29,

2024

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

41

Franklin

California

Tax-

Free

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$12,620,969,791

Value

-

Unaffiliated

issuers

..................................................................

$13,231,091,315

Cash

....................................................................................

229,915

Receivables:

Capital

shares

sold

........................................................................

8,225,425

Interest

.................................................................................

127,115,594

Unrealized

appreciation

on

unfunded

commitments

(Note

1b)

..........................................

2,211,045

Total

assets

..........................................................................

13,368,873,294

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

4,434,666

Capital

shares

redeemed

...................................................................

19,613,360

Management

fees

.........................................................................

4,918,631

Distribution

fees

..........................................................................

1,300,032

Transfer

agent

fees

........................................................................

1,458,562

Trustees'

fees

and

expenses

.................................................................

11,276

Distributions

to

shareholders

.................................................................

4,827,034

Accrued

expenses

and

other

liabilities

...........................................................

459,743

Total

liabilities

.........................................................................

37,023,304

Net

assets,

at

value

.................................................................

$13,331,849,990

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$13,730,471,111

Total

distributable

earnings

(losses)

.............................................................

(398,621,121)

Net

assets,

at

value

.................................................................

$13,331,849,990

Franklin

California

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

February

29,

2024

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

42

Franklin

California

Tax-

Free

Income

Fund

Class

A:

Net

assets,

at

value

.......................................................................

$2,554,654,749

Shares

outstanding

........................................................................

370,583,088

Net

asset

value

per

share

a,b

..................................................................

$6.89

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

b

................................

$7.16

Class

A1:

Net

assets,

at

value

.......................................................................

$7,640,301,672

Shares

outstanding

........................................................................

1,109,898,141

Net

asset

value

per

share

a,b

..................................................................

$6.88

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

b

................................

$7.15

Class

C:

Net

assets,

at

value

.......................................................................

$395,395,984

Shares

outstanding

........................................................................

57,551,884

Net

asset

value

and

maximum

offering

price

per

share

a,b

............................................

$6.87

Class

R6:

Net

assets,

at

value

.......................................................................

$316,077,085

Shares

outstanding

........................................................................

45,976,858

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$6.87

Advisor

Class:

Net

assets,

at

value

.......................................................................

$2,425,420,500

Shares

outstanding

........................................................................

352,942,743

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$6.87

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

California

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Operations

for

the

year

ended

February

29,

2024

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

43

Franklin

California

Tax-

Free

Income

Fund

Investment

income:

Interest:

Unaffiliated

issuers

........................................................................

$578,992,798

Expenses:

Management

fees

(Note

3

a

)

...................................................................

59,068,927

Distribution

fees:

(Note

3c

)

    Class

A

................................................................................

5,974,554

    Class

A1

...............................................................................

7,657,170

    Class

C

................................................................................

2,893,381

Transfer

agent

fees:

(Note

3e

)

    Class

A

................................................................................

1,245,464

    Class

A1

...............................................................................

4,074,350

    Class

C

................................................................................

232,334

    Class

R6

...............................................................................

59,398

    Advisor

Class

............................................................................

1,236,355

Custodian

fees

(Note

4)

......................................................................

74,547

Reports

to

shareholders

fees

..................................................................

203,706

Registration

and

filing

fees

....................................................................

68,102

Professional

fees

...........................................................................

1,445,058

Trustees'

fees

and

expenses

..................................................................

168,957

Other

....................................................................................

551,708

Total

expenses

.........................................................................

84,954,011

Expense

reductions

(Note

4)

...............................................................

(74,547)

Net

expenses

.........................................................................

84,879,464

Net

investment

income

................................................................

494,113,334

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

(39,061,986)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

324,500,209

Unfunded

commitments

....................................................................

2,211,045

Net

change

in

unrealized

appreciation

(depreciation)

............................................

326,711,254

Net

realized

and

unrealized

gain

(loss)

............................................................

287,649,268

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$781,762,602

Franklin

California

Tax-Free

Income

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

44

Franklin

California

Tax-Free

Income

Fund

Year

Ended

February

29,

2024

Year

Ended

February

28,

2023

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$494,113,334

$481,551,050

Net

realized

gain

(loss)

.................................................

(39,061,986)

(251,280,134)

Net

change

in

unrealized

appreciation

(depreciation)

...........................

326,711,254

(1,298,821,901)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

781,762,602

(1,068,550,985)

Distributions

to

shareholders:

Class

A

.............................................................

(83,548,096)

(69,389,422)

Class

A1

............................................................

(285,346,342)

(291,237,786)

Class

C

.............................................................

(13,822,482)

(15,920,211)

Class

R6

............................................................

(11,671,555)

(9,932,240)

Advisor

Class

........................................................

(89,100,897)

(80,017,223)

Total

distributions

to

shareholders

..........................................

(483,489,372)

(466,496,882)

Capital

share

transactions:

(Note

2

)

Class

A

.............................................................

216,871,116

100,621,549

Class

A1

............................................................

(672,391,005)

(1,115,843,080)

Class

C

.............................................................

(114,824,389)

(155,679,199)

Class

R6

............................................................

39,846,437

(40,507,767)

Advisor

Class

........................................................

34,061,620

(26,099,903)

Total

capital

share

transactions

............................................

(496,436,221)

(1,237,508,400)

Net

increase

(decrease)

in

net

assets

...................................

(198,162,991)

(2,772,556,267)

Net

assets:

Beginning

of

year

.......................................................

13,530,012,981

16,302,569,248

End

of

year

...........................................................

$13,331,849,990

$13,530,012,981

Franklin

California

Tax-Free

Income

Fund

45

franklintempleton.com

Annual

Report

Notes

to

Financial

Statements

1.

Organization

and

Significant

Accounting

Policies

Franklin

California

Tax-Free

Income

Fund (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company.

The Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

The

Fund

offers five

classes

of

shares:

Class

A,

Class

A1,

Class

C,

Class

R6

and

Advisor

Class.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees. 

The

following

summarizes

the Fund's

significant

accounting

policies.

a.

Financial

Instrument

Valuation

The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund’s

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund’s

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b.

Securities

Purchased

on

a

When-Issued,

Forward

Commitment or

Delayed

Delivery

Basis

The

Fund

may purchase

securities

on

a when-issued,

forward

commitment or

delayed

delivery basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

These

types

of

securities

may

be

considered

unfunded

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

46

franklintempleton.com

Annual

Report

and

the

Fund

may

be

obligated

to

perform

on

such

agreements

at

a

future

date.

Unfunded

commitments

are

marked

to

market

daily

and

any

unrealized

appreciation

or

depreciation

in

included

in

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations.

At

February

29,

2024,

unfunded

commitments

were

as

follows:

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

Secured

Overnight

Financing

Rate

(SOFR).

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

February

29,

2024, 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

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

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

Borrower

Unfunded

Commitment

Franklin

California

Tax-Free

Income

Fund

Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

$

9,260,673

B-2,

7.125%,

7/01/59

44,974,968

$54,235,641

1.

Organization

and

Significant

Accounting

Policies

(continued)

b.

Securities

Purchased

on

a

When-Issued,

Forward

Commitment or

Delayed

Delivery

Basis

(continued)

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

47

franklintempleton.com

Annual

Report

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.

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

February

29,

2024,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

Year

Ended

February

29,

2024

Year

Ended

February

28,

2023

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

...................................

111,103,872

$748,252,476

113,906,985

$778,585,782

Shares

issued

in

reinvestment

of

distributions

..........

11,221,408

75,610,343

9,225,724

62,821,340

Shares

redeemed

...............................

(90,905,475)

(606,991,703)

(108,208,870)

(740,785,573)

Net

increase

(decrease)

..........................

31,419,805

$216,871,116

14,923,839

$100,621,549

Class

A1

Shares:

Shares

sold

...................................

23,779,613

$160,563,352

36,946,535

$252,962,604

Shares

issued

in

reinvestment

of

distributions

..........

35,372,737

238,039,282

35,780,874

243,500,586

Shares

redeemed

...............................

(159,208,778)

(1,070,993,639)

(236,002,608)

(1,612,306,270)

Net

increase

(decrease)

..........................

(100,056,428)

$(672,391,005)

(163,275,199)

$(1,115,843,080)

Class

C

Shares:

Shares

sold

...................................

7,648,428

$51,557,340

7,542,898

$51,411,332

Shares

issued

in

reinvestment

of

distributions

..........

1,977,851

13,279,250

2,243,152

15,238,724

Shares

redeemed

a

..............................

(26,943,298)

(179,660,979)

(32,514,202)

(222,329,255)

Net

increase

(decrease)

..........................

(17,317,019)

$(114,824,389)

(22,728,152)

$(155,679,199)

Class

R6

Shares:

Shares

sold

...................................

35,192,599

$235,878,559

23,952,395

$167,059,723

Shares

issued

in

reinvestment

of

distributions

..........

1,592,058

10,703,079

1,425,457

9,689,791

Shares

redeemed

...............................

(31,217,481)

(206,735,201)

(31,468,180)

(217,257,281)

Net

increase

(decrease)

..........................

5,567,176

$39,846,437

(6,090,328)

$(40,507,767)

1.

Organization

and

Significant

Accounting

Policies

(continued)

f.

Insurance

(continued)

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

48

franklintempleton.com

Annual

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

year

ended

February

29,

2024,

the

gross

effective

investment

management

fee

rate

was 0.443%

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.

Year

Ended

February

29,

2024

Year

Ended

February

28,

2023

Shares

Amount

Shares

Amount

Advisor

Class

Shares:

Shares

sold

...................................

162,323,709

$1,079,685,423

348,276,868

$2,358,628,835

Shares

issued

in

reinvestment

of

distributions

..........

12,033,563

80,813,259

10,560,690

71,717,632

Shares

redeemed

...............................

(170,882,475)

(1,126,437,062)

(362,624,261)

(2,456,446,370)

Net

increase

(decrease)

..........................

3,474,797

$34,061,620

(3,786,703)

$(26,099,903)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

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

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

49

franklintempleton.com

Annual

Report

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

plan,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Fund's

Class

C

compensation

distribution

plan,

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

d.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

year:

e.

Transfer

Agent

Fees

Each

class

of

shares pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. Effective

October

1,

2023,

the

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Fund

based

upon

relative

assets

and

relative

transactions.

Prior

to

October

1,

2023,

the

fees

were

based

on

an

annualized

asset

based

fee

of

0.016%

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

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

year

ended

February

29,

2024,

the Fund

paid

transfer

agent

fees

as

noted

in

the

Statement of

Operations,

of

which

$2,631,311

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

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.

Transfer

agent

fees

on

Class

R6

shares

of

the

Fund have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

June

30,

2024.

Class

A

....................................................................................

0.25%

Class

A1

...................................................................................

0.10%

Class

C

....................................................................................

0.65%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..............................

$62,772

CDSC

retained

..............................................................................

$276,006

3.

Transactions

with

Affiliates

(continued)

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

50

franklintempleton.com

Annual

Report

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

year

ended

February

29,

2024,

these

purchase

and

sale

transactions

aggregated

$125,276,326

and

$238,325,000,

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

year

ended

February

29,

2024,

the

custodian

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

February

29,

2024,

the

capital

loss

carryforwards

were

as

follows:

The

tax

character

of

distributions

paid

during

the

years

ended

February

29,

2024

and

February

28,

2023,

was

as

follows:

At

February

29,

2024,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

tax

exempt

income for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales

and

bond

discounts

and

premiums.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$610,267,387

Long

term

................................................................................

419,192,863

Total

capital

loss

carryforwards

...............................................................

$1,029,460,250

2024

2023

Distributions

paid

from:

Ordinary

income

..........................................................

$5,372,038

$739,344

Tax

exempt

income

........................................................

478,117,334

465,757,538

$483,489,372

$466,496,882

Cost

of

investments

..........................................................................

$12,621,607,840

Unrealized

appreciation

........................................................................

$1,005,550,155

Unrealized

depreciation

........................................................................

(396,066,680)

Net

unrealized

appreciation

(depreciation)

..........................................................

$609,483,475

Distributable

earnings:

Undistributed

tax

exempt

income

.................................................................

$23,971,648

3.

Transactions

with

Affiliates

(continued)

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

51

franklintempleton.com

Annual

Report

6.

Investment

Transactions

Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

February

29,

2024,

aggregated

$1,844,400,680 and

$2,463,242,341,

respectively. 

7.

Defaulted

Securities

The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

February

29,

2024,

the

aggregate

value

of

these

securities

was 25,377,950

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 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.

Restricted

Securities

The

Fund

invests

in

securities

that

are

restricted

under

the

Securities

Act

of

1933

(1933

Act).

Restricted

securities

are

often

purchased

in

private

placement

transactions,

and

cannot

be

sold

without

prior

registration

unless

the

sale

is

pursuant

to

an

exemption

under

the

1933

Act.

Disposal

of

these

securities

may

require

greater

effort

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

The Fund

may

have

registration

rights

for

restricted

securities.

The

issuer

generally

incurs

all

registration

costs.

At

February

29,

2024,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

as

follows:

10.

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

January

31,

2025.

This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

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,

Principal

Amount

Issuer

Acquisition

Date

Cost

Value

Franklin

California

Tax-Free

Income

Fund

8,032,384

a

Centennial

Gardens

LP,

CME

Term

Loan,

B,

7.331%,

(1-month

SOFR

+

1.55%),

1/01/38

.............

10/12/23

-

1/31/24

$

8,032,384

$

8,086,528

Total

Restricted

Securities

(Value

is

0.1%

of

Net

Assets)

..............

$8,032,384

$8,086,528

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$1,506,958

as

of

February

29,

2024.

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

52

franklintempleton.com

Annual

Report

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

year

ended

February

29,

2024,

the Fund

did

not

use

the

Global

Credit

Facility.

11.

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 February

29,

2024,

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 year.

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.

Level

1

Level

2

Level

3

Total

Franklin

California

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Senior

Floating

Rate

Interests

...............

$

—

$

—

$

11,540,361

$

11,540,361

Municipal

Bonds

.........................

—

13,001,122,248

—

13,001,122,248

Escrows

and

Litigation

Trusts

...............

—

—

3,333,706

3,333,706

Short

Term

Investments

...................

—

215,095,000

—

215,095,000

Total

Investments

in

Securities

...........

$—

$13,216,217,248

$14,874,067

$13,231,091,315

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$2,211,045

$2,211,045

Total

Other

Financial

Instruments

.........

$—

$—

$2,211,045

$2,211,045

10.

Credit

Facility

(continued)

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

53

franklintempleton.com

Annual

Report

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.

CME

Chicago

Mercantile

Exchange

COP

Certificate

of

Participation

ETM

Escrowed

to

Maturity

FGIC

Financial

Guaranty

Insurance

Co.

FHLMC

Federal

Home

Loan

Mortgage

Corp.

GO

General

Obligation

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

SPA

Standby

Purchase

Agreement

Franklin

California

Tax-Free

Income

Fund

Report

of

Independent

Registered

Public

Accounting

Firm

54

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

and

Shareholders

of

Franklin

California

Tax-Free

Income

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Franklin

California

Tax-Free

Income

Fund

(the

“Fund”)

as

of

February

29,

2024,

the

related

statement

of

operations

for

the

year

ended

February

29,

2024,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

February

29,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

February

29,

2024,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

February

29,

2024

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

February

29,

2024

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

PricewaterhouseCoopers

LLP

San

Francisco,

California

April

16,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948.

Franklin

California

Tax-Free

Income

Fund

55

franklintempleton.com

Annual

Report

Tax

Information

(unaudited)

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amount,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amount,

for

the

fiscal

year

ended

February

29,

2024:

Pursuant

to:

Amount

Reported

Exempt-Interest

Dividends

Distributed

§852(b)(5)(A)

$478,117,334

Franklin

California

Tax-Free

Income

Fund

Board

Members

and

Officers

56

franklintempleton.com

Annual

Report

The

name,

year

of

birth

and

address

of

the

officers

and

board

members,

as

well

as

their

affiliations,

positions

held

with

the

Trust,

principal

occupations

during

at

least

the

past

five

years

and

number

of

U.S.

registered

portfolios

overseen

in

the

Franklin

Templeton/Legg

Mason

fund

complex,

are

shown

below.

Generally,

each

board

member

serves

until

that

person’s

successor

is

elected

and

qualified.

Independent

Board

Members

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Harris

J.

Ashton

(1932)

Trustee

Since

1977

117

Bar-S

Foods

(meat

packing

company)

(1981-2010).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Director,

RBC

Holdings,

Inc.

(bank

holding

company)

(until

2002);

and

President,

Chief

Executive

Officer

and

Chairman

of

the

Board,

General

Host

Corporation

(nursery

and

craft

centers)

(until

1998).

Terrence

J.

Checki

(1945)

Trustee

Since

2017

117

Hess

Corporation

(exploration

of

oil

and

gas)

(2014-present).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Member

of

the

Council

on

Foreign

Relations

(1996-present);

Member

of

the

National

Committee

on

U.S.-China

Relations

(1999-present);

member

of

the

board

of

trustees

of

the

Economic

Club

of

New

York

(2013-present);

member

of

the

board

of

trustees

of

the

Foreign

Policy

Association

(2005-present);

member

of

the

board

of

directors

of

Council

of

the

Americas

(2007-present)

and

the

Tallberg

Foundation

(2018-present);

and

formerly

,

Executive

Vice

President

of

the

Federal

Reserve

Bank

of

New

York

and

Head

of

its

Emerging

Markets

and

Internal

Affairs

Group

and

Member

of

Management

Committee

(1995-2014);

and

Visiting

Fellow

at

the

Council

on

Foreign

Relations

(2014).

Mary

C.

Choksi

(1950)

Trustee

Since

2014

117

Omnicom

Group

Inc.

(advertising

and

marketing

communications

services)

(2011-present)

and

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2017-present);

and

formerly

,

Avis

Budget

Group

Inc.

(car

rental)

(2007-2020).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Founder

and

Senior

Advisor,

Strategic

Investment

Group

(investment

management

group)

(2015-2017);

Founding

Partner

and

Senior

Managing

Director,

Strategic

Investment

Group

(1987-2015);

Founding

Partner

and

Managing

Director,

Emerging

Markets

Management

LLC

(investment

management

firm)

(1987-2011);

and

Loan

Officer/Senior

Loan

Officer/Senior

Pension

Investment

Officer,

World

Bank

Group

(international

financial

institution)

(1977-1987).

Franklin

California

Tax-Free

Income

Fund

57

franklintempleton.com

Annual

Report

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Edith

E.

Holiday

(1952)

Lead

Independent

Trustee

Trustee

since

1998

and

Lead

Independent

Trustee

since

2019

117

Hess

Corporation

(exploration

of

oil

and

gas)

(1993-present);

Santander

Holdings

USA

(holding

company)

(2019-present);

and

formerly

,

Santander

Consumer

USA

Holdings,

Inc.

(consumer

finance)

(2016-2023),

Canadian

National

Railway

(railroad)

(2001-2021),

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2004-

2021),

RTI

International

Metals,

Inc.

(manufacture

and

distribution

of

titanium)

(1999-2015)

and

H.J.

Heinz

Company

(processed

foods

and

allied

products)

(1994-2013).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

or

Trustee

of

various

companies

and

trusts;

and

formerly

,

Assistant

to

the

President

of

the

United

States

and

Secretary

of

the

Cabinet

(1990-1993);

General

Counsel

to

the

United

States

Treasury

Department

(1989-1990);

and

Counselor

to

the

Secretary

and

Assistant

Secretary

for

Public

Affairs

and

Public

Liaison-United

States

Treasury

Department

(1988-1989).

J.

Michael

Luttig

(1954)

Trustee

Since

2009

117

Boeing

Capital

Corporation

(aircraft

financing)

(2006-2010).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Counselor

and

Special

Advisor

to

the

CEO

and

Board

of

Directors

of

The

Coca-Cola

Company

(beverage

company)

(2021-present);

and

formerly

,

Counselor

and

Senior

Advisor

to

the

Chairman,

CEO,

and

Board

of

Directors,

of

The

Boeing

Company

(aerospace

company),

and

member

of

the

Executive

Council

(2019-2020);

Executive

Vice

President,

General

Counsel

and

member

of

the

Executive

Council,

The

Boeing

Company

(2006-2019);

and

Federal

Appeals

Court

Judge,

United

States

Court

of

Appeals

for

the

Fourth

Circuit

(1991-2006).

Larry

D.

Thompson

(1945)

Trustee

Since

2007

117

Graham

Holdings

Company

(education

and

media

organization)

(2011-2021);

The

Southern

Company

(energy

company)

(2014-2020;

previously

2010-

2012)

and

Cbeyond,

Inc.

(business

communications

provider)

(2010-

2012).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

Counsel,

Finch

McCranie,

LLP

(law

firm)

(2015-present);

John

A.

Sibley

Professor

of

Corporate

and

Business

Law,

University

of

Georgia

School

of

Law

(2015-present;

previously

2011-2012);

and

formerly

,

Independent

Compliance

Monitor

and

Auditor,

Volkswagen

AG

(manufacturer

of

automobiles

and

commercial

vehicles)

(2017-2020);

Executive

Vice

President

-

Government

Affairs,

General

Counsel

and

Corporate

Secretary,

PepsiCo,

Inc.

(consumer

products)

(2012-2014);

Senior

Vice

President

-

Government

Affairs,

General

Counsel

and

Secretary,

PepsiCo,

Inc.

(2004-2011);

Senior

Fellow

of

The

Brookings

Institution

(2003-2004);

Visiting

Professor,

University

of

Georgia

School

of

Law

(2004);

and

Deputy

Attorney

General,

U.S.

Department

of

Justice

(2001-2003).

Independent

Board

Members

(continued)

Franklin

California

Tax-Free

Income

Fund

58

franklintempleton.com

Annual

Report

Interested

Board

Members

and

Officers

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Valerie

M.

Williams

(1956)

Trustee

Since

2021

108

Omnicom

Group,

Inc.

(advertising

and

marketing

communications

services)

(2016-present),

DTE

Energy

Co.

(gas

and

electric

utility)

(2018-present),

Devon

Energy

Corporation

(exploration

and

production

of

oil

and

gas)

(2021-present);

and

formerly

,

WPX

Energy,

Inc.

(exploration

and

production

of

oil

and

gas)

(2018-

2021).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Regional

Assurance

Managing

Partner,

Ernst

&

Young

LLP

(public

accounting)

(2005-2016)

and

various

roles

of

increasing

responsibility

at

Ernst

&

Young

(1981-2005).

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Gregory

E.

Johnson

2

(1961)

Chairman

of

the

Board

and

Trustee

Chairman

of

the

Board

since

2023

and

Trustee

since

2013

127

None

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Executive

Chairman,

Chairman

of

the

Board

and

Director,

Franklin

Resources,

Inc.;

officer

and/or

director

or

trustee,

as

the

case

may

be,

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex;

Vice

Chairman,

Investment

Company

Institute;

and

formerly

,

Chief

Executive

Officer

(2013-2020)

and

President

(1994-2015)

Franklin

Resources,

Inc.

Rupert

H.

Johnson,

Jr.

3

(1940)

Trustee

Since

1983

117

None

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

(Vice

Chairman),

Franklin

Resources,

Inc.;

Director,

Franklin

Advisers,

Inc.;

and

officer

and/or

director

or

trustee,

as

the

case

may

be,

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Ben

Barber

(1969)

Vice

President

Since

2020

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Vice

President,

Franklin

Advisers,

Inc.;

Director,

Municipal

Bonds;

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex;

and

formerly

,

Co-Head

of

Municipal

Bonds,

Goldman

Sachs

Asset

Management

(1999-2020).

Ted

P.

Becker

(1951)

Chief

Compliance

Officer

Since

June

2023

Not

Applicable

Not

Applicable

280

Park

Avenue

New

York,

NY

10017

Principal

Occupation

During

at

Least

the

Past

5

Years:

Vice

President,

Global

Compliance

of

Franklin

Templeton

(since

2020);

Chief

Compliance

Officer

of

Franklin

Templeton

Fund

Adviser,

LLC

(since

2006);

Chief

Compliance

Officer

of

certain

funds

associated

with

Legg

Mason

&

Co.

or

its

affiliates

(since

2006);

formerly

,

Director

of

Global

Compliance

at

Legg

Mason

(2006-2020);

Managing

Director

of

Compliance

of

Legg

Mason

&

Co.

(2005-2020).

Independent

Board

Members

(continued)

Franklin

California

Tax-Free

Income

Fund

59

franklintempleton.com

Annual

Report

Note

1:

Rupert

H.

Johnson,

Jr.

is

the

uncle

of

Gregory

E.

Johnson.

Note

2:

Officer

information

is

current

as

of

the

date

of

this

report.

It

is

possible

that

after

this

date,

information

about

officers

may

change.

1.

Information

is

for

the

calendar

year

ended

December

31,

2023,

unless

otherwise

noted.

We

base

the

number

of

portfolios

on

each

separate

series

of

the

U.S.

registered

investment

companies

within

the

Franklin

Templeton/Legg

Mason

fund

complex.

These

portfolios

have

a

common

investment

manager

or

affiliated

investment

managers.

2.

Gregory

E.

Johnson

is

considered

to

be

an

interested

person

of

the

Fund

under

the

federal

securities

laws

due

to

his

position

as

an

officer

and

director

of

Franklin

Resources,

Inc.

(Resources),

which

is

the

parent

company

of

the

Fund's

investment

manager

and

distributor.

3.

Rupert

H.

Johnson,

Jr.

is

considered

to

be

an

interested

person

of

the

Fund

under

the

federal

securities

laws

due

to

his

position

as

an

officer

and

director

and

a

major

shareholder

of

Resources,

which

is

the

parent

company

of

the

Fund's

investment

manager

and

distributor.

The

Sarbanes-Oxley

Act

of

2002

and

Rules

adopted

by

the

Securities

and

Exchange

Commission

require

the

Fund

to

disclose

whether

the

Fund’s

Audit

Committee

includes

at

least

one

member

who

is

an

audit

committee

financial

expert

within

the

meaning

of

such

Act

and

Rules.

The

Fund’s

Board

has

determined

that

there

is

at

least

one

such

financial

expert

on

the

Audit

Committee

and

has

designated

Mary

C.

Choksi

as

its

audit

committee

financial

expert.

The

Board

believes

that

Ms.

Choksi

qualifies

as

such

an

expert

in

view

of

her

extensive

business

background

and

experience.

She

served

as

a

director

of

Avis

Budget

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

1

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Sonal

Desai,

Ph.D.

(1963)

President

and

Chief

Executive

Officer

–

Investment

Management

Since

2018

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

and

Executive

Vice

President,

Franklin

Advisers,

Inc.;

Executive

Vice

President,

Franklin

Templeton

Institutional,

LLC;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Susan

Kerr

(1949)

Vice

President

–

AML

Compliance

Since

2021

Not

Applicable

Not

Applicable

280

Park

Avenue

New

York,

NY

10017

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Compliance

Analyst,

Franklin

Templeton;

Chief

Anti-Money

Laundering

Compliance

Officer,

Legg

Mason

&

Co.,

or

its

affiliates;

Anti

Money

Laundering

Compliance

Officer;

Senior

Compliance

Officer,

Franklin

Distributors,

LLC;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Christopher

Kings

(1974)

Chief

Executive

Officer

–

Finance

and

Administration

Since

January

2024

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Vice

President,

Franklin

Templeton

Services,

LLC;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Navid

J.

Tofigh

(1972)

Vice

President

and

Secretary

Vice

President

since

2015

and

Secretary

since

June

2023

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Associate

General

Counsel,

Franklin

Templeton;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Jeffrey

W.

White

(1971)

Chief

Financial

Officer,

Chief

Accounting

Officer

and

Treasurer

Since

January

2024

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Chief

Financial

Officer,

Chief

Accounting

Officer

&

Treasurer

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex;

and

formerly

,

Director

and

Assistant

Treasurer

within

Franklin

Templeton

Global

Fund

Tax

and

Fund

Administration

and

Financial

Reporting

(2017-2023).

Interested

Board

Members

and

Officers

(continued)

Franklin

California

Tax-Free

Income

Fund

60

franklintempleton.com

Annual

Report

Group,

Inc.

(2007

to

2020)

and

formerly,

Founder

and

Senior

Advisor,

Strategic

Investment

Group

(1987

to

2017).

Ms.

Choksi

has

been

a

Member

of

the

Fund’s

Audit

Committee

since

2014.

As

a

result

of

such

background

and

experience,

the

Board

believes

that

Ms.

Choksi

has

acquired

an

understanding

of

generally

accepted

accounting

principles

and

financial

statements,

the

general

application

of

such

principles

in

connection

with

the

accounting

estimates,

accruals

and

reserves,

and

analyzing

and

evaluating

financial

statements

that

present

a

breadth

and

level

of

complexity

of

accounting

issues

generally

comparable

to

those

of

the

Fund,

as

well

as

an

understanding

of

internal

controls

and

procedures

for

financial

reporting

and

an

understanding

of

audit

committee

functions.

Ms.

Choksi

is

an

independent

Board

member

as

that

term

is

defined

under

the

relevant

Securities

and

Exchange

Commission

Rules

and

Releases.

The

Statement

of

Additional

Information

(SAI)

includes

additional

information

about

the

board

members

and

is

available,

without

charge,

upon

request.

Shareholders

may

call

(800)

DIAL

BEN/342-5236

to

request

the

SAI.

Interested

Board

Members

and

Officers

(continued)

Franklin

California

Tax-Free

Income

Fund

Shareholder

Information

61

franklintempleton.com

Annual

Report

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

A

04/24

©

2024

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.

Annual

Report

and

Shareholder

Letter

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.       

(a)      Audit Fees

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $90,664 for the fiscal year ended February 29, 2024 and $90,613 for the fiscal year ended February 28, 2023.

(b)      Audit-Related Fees

There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of Item 4.

There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements.  

(c)      Tax Fees

There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning were $70,000 for the fiscal year ended February 29, 2024, and $70,000 for the fiscal year ended February 28, 2023. The services for which these fees were paid included global access to tax platform International Tax View.

(d)      All Other Fees

There were no fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not reported in paragraphs (a)-(c) of Item 4.

The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4 were $158,426 for the fiscal year ended February 29, 2024 and $245,711 for the fiscal year ended February 28, 2023. The services for which these fees were paid included professional fees in connection with SOC 1 Reports, fees in connection with a license for accounting and business knowledge platform Viewpoint, fees in connection with a license for employee development tool ProEdge, professional fees relating to security counts and professional services relating to the readiness assessment over Greenhouse Gas Emissions and Energy.

(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:

      (i)   pre-approval of all audit and audit related services;

      (ii)  pre-approval of all non-audit related services to be provided to the Fund by the auditors;

      (iii) pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and

      (iv)  establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

(e) (2) None of the services provided to the registrant described in paragraphs (b)-(d) of Item 4 were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of regulation S-X.

(f) No disclosures are required by this Item 4(f).

(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $228,426 for the fiscal year ended February 29, 2024 and $315,711 for the fiscal year ended February 28, 2023.

(h) The registrant’s audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) N/A

(j) 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. Recovery of Erroneously Awarded Compensation.

(a) N/A

(b) N/A

Item 14. Exhibits.

(a)(1) Code of Ethics

codeofethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer

section302

(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 Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer

section906

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FRANKLIN CALIFORNIA TAX-FREE INCOME FUND

By S\CHRISTOPHER KINGS _________________

Christopher Kings

      Chief Executive Officer - Finance and Administration

Date  April 29, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By S\CHRISTOPHER KINGS _________________

Christopher Kings

      Chief Executive Officer - Finance and Administration

Date  April 29, 2024

By S\JEFFREY WHITE______________________

      Jeffrey White

      Chief Financial Officer, Chief Accounting Officer and Treasurer

Date  April 29, 2024