0001868420-22-000206.txt : 20221031 0001868420-22-000206.hdr.sgml : 20221031 20221031123116 ACCESSION NUMBER: 0001868420-22-000206 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20220831 FILED AS OF DATE: 20221031 DATE AS OF CHANGE: 20221031 EFFECTIVENESS DATE: 20221031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Franklin California Tax Free Income Fund CENTRAL INDEX KEY: 0000225375 IRS NUMBER: 942450603 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-02790 FILM NUMBER: 221344945 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-312-2000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN CALIFORNIA TAX FREE INCOME FUND DATE OF NAME CHANGE: 20070829 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN CALIFORNIA TAX FREE INCOME FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN TAX FREE INCOME FUND INC DATE OF NAME CHANGE: 19820809 0000225375 S000006665 FRANKLIN CALIFORNIA TAX-FREE INCOME FUND C000018181 Franklin California Tax-Free Income Fund - Class A1 FKTFX C000018183 Franklin California Tax-Free Income Fund - Class C FRCTX C000018184 Franklin California Tax-Free Income Fund - Advisor Class FCAVX C000191685 Franklin California Tax-Free Income Fund - Class R6 FKTQX C000199722 Franklin California Tax-Free Income Fund - Class A FTFQX N-CSRS 1 primary-document.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 
FORM N-CSRS
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
Investment Company Act file number 811-02790
 
Franklin California Tax-Free Income Fund
(Exact name of registrant as specified in charter)
 
One Franklin Parkway, San Mateo, CA 94403-1906
(Address of principal executive offices) (Zip code)
 
Alison Baur, One Franklin Parkway, San Mateo, CA 94403-1906
(Name and address of agent for service)
 
Registrant's telephone number, including area code: 650 312-2000
 
Date of fiscal year end: 2/28
 
Date of reporting period: 8/31/22
 
Item 1. Reports to Stockholders.
 
a.)
 
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)


b.)
 
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not Applicable
.
 
 
Semiannual
Report
and
Shareholder
Letter
Franklin
California
Tax-Free
Income
Fund
August
31,
2022
Sign
up
for
electronic
delivery
at
franklintempleton.com/edelivery
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
franklintempleton.com
Semiannual
Report
1
Shareholder
Letter
Dear
Shareholder:
During
the
six
months
ended
August
31,
2022,
the
U.S.
economy
contracted
in
2022’s
first
and
second
quarters
amid
declines
in
inventory
investment
and
federal
government
spending.
Consumer
spending
slowly
expanded,
helped
by
the
reopening
of
businesses,
widespread
vaccinations,
and
federal
assistance
programs.
Inflation
increased
during
the
six-month
period,
influenced
by
pandemic-related
supply-
chain
issues,
higher
energy
prices,
Russia’s
invasion
of
Ukraine
and
broader
price
pressures.
To
combat
high
inflation,
the
U.S.
Federal
Reserve
ended
monthly
asset
purchases
in
March
2022
and
raised
the
federal
funds
rate
by
0.25%
in
March,
0.50%
in
May,
and
by
0.75%
in
both
June
and
July,
for
a
total
of
2.25%,
increasing
the
rate
from
0.25%
to
2.50%
during
the
period.
The
Federal
Reserve
also
stated
its
intention
to
continue
reducing
its
U.S.
Treasury,
government
agency
debt
and
agency
mortgage-
backed
securities
holdings,
and
it
anticipated
that
ongoing
federal
funds
rate
increases
would
be
appropriate.
During
the
six-month
period
ended
August
31,
2022,
municipal
bonds,
as
measured
by
the
Bloomberg
Municipal
Bond
Index,
posted
a
-5.72%
cumulative
total
return,
influenced
by
high
levels
of
fixed
income
market
volatility,
tighter
monetary
policy
and
risk-off
sentiment
that
led
to
outflows
from
municipals.
1
Fundamentals
remained
strong,
however,
with
many
issuers
reporting
budget
surpluses
for
2022
as
federal
government
transfers
boosted
revenues.
Franklin
California
Tax-Free
Income
Fund’s
semiannual
report
includes
more
detail
about
municipal
bond
market
conditions
and
a
discussion
from
the
portfolio
managers.
In
addition,
on
our
website,
franklintempleton.com,
you
can
find
updated
commentary
by
our
municipal
bond
team.
Municipal
bonds
provide
tax-free
income
and
diversification
from
equities.
Despite
periods
of
volatility,
municipal
bonds
historically
have
had
a
solid
long-term
record
of
performance,
driven
mostly
by
their
compounding
tax-free
income
component.
As
you
know,
all
securities
markets
fluctuate
in
value,
as
do
mutual
fund
share
prices.
As
always,
we
recommend
investors
consult
their
financial
professionals
for
up-to-date
advice
on
their
holdings.
In
a
constantly
changing
market
environment,
we
remain
committed
to
our
disciplined
strategy
as
we
manage
the
Fund,
keeping
in
mind
the
trust
you
have
placed
in
us.
We
appreciate
your
confidence
in
us
and
encourage
you
to
contact
us
or
your
financial
professional
when
you
have
questions
about
your
Franklin
tax-free
investment.
Sincerely,
Rupert
H.
Johnson,
Jr.
Chairman
Franklin
California
Tax-Free
Income
Fund
Ben
Barber
Senior
Vice
President
Director
of
Municipal
Bonds
This
letter
reflects
our
analysis
and
opinions
as
of
August
31,
2022,
unless
otherwise
indicated.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
state,
industry,
security
or
fund.
Statements
of
fact
are
from
sources
considered
reliable.
1.
Source:
Morningstar.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
franklintempleton.com
Semiannual
Report
2
Contents
Semiannual
Report
Franklin
California
Tax-Free
Income
Fund
3
Performance
Summary
5
Your
Fund’s
Expenses
7
Financial
Highlights
and
Schedule
of
Investments
8
Financial
Statements
36
Notes
to
Financial
Statements
40
Shareholder
Information
49
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Semiannual
Report
SEMIANNUAL
REPORT
Franklin
California
Tax-Free
Income
Fund
This
semiannual
report
for
Franklin
California
Tax-Free
Income
Fund
covers
the
period
ended
August
31,
2022.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
to
provide
investors
with
as
high
a
level
of
income
exempt
from
federal
income
taxes,
including
alternative
minimum
tax,
and
exempt
from
California
personal
income
taxes
for
California
residents
as
is
consistent
with
prudent
investment
management
and
the
preservation
of
shareholders’
capital
by
normally
investing
at
least
80%
of
its
total
assets
in
investment-grade
municipal
securities
that
pay
interest
free
from
such
taxes.
1
Performance
Overview
The
Fund’s
Class
A
share
price,
as
measured
by
net
asset
value,
decreased
from
$7.44
on
February
28,
2022,
to
$6.82
on
August
31,
2022.
The
Fund’s
Class
A
shares
paid
dividends
totaling
10.4686
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
3.05%,
based
on
an
annualization
of
August’s
1.8047
cents
per
share
monthly
dividend
and
the
maximum
offering
price
of
$7.09
on
August
31,
2022.
An
investor
in
the
2022
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
6.50%
from
a
taxable
investment
to
match
the
Fund’s
Class
A
tax-free
distribution
rate.
For
other
performance
data,
please
see
the
Performance
Summary.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Municipal
Bond
Market
Overview
During
the
six
months
ending
August
31,
2022,
multi-decade
high
inflation
continued
throughout
much
of
the
period
as
a
strong
U.S.
job
market
and
ample
consumer
savings
pushed
demand
beyond
the
ability
of
businesses
to
increase
supply.
In
response,
the
U.S.
Federal
Reserve
(Fed)
began
increasing
short-term
interest
rates
at
a
pace
not
seen
since
the
1980s,
leading
U.S.
Treasury
(UST)
yields
to
move
much
higher
over
the
period.
Recessionary
concerns
began
to
emerge
as
the
market
debated
whether
the
Fed
could
engineer
a
soft
landing
that
would
bring
inflation
down
without
causing
a
severe
economic
contraction.
The
municipal
bond
(muni)
market
saw
one
of
its
worst
starts
to
a
new
year
in
2022.
High
levels
of
fixed
income
market
volatility,
a
general
risk-off
shift
in
sentiment,
and
poor
performance
caused
significant
year-to-date
outflows
from
muni
retail
vehicles,
leading
market
technical
conditions
to
worsen.
So
far
this
year,
net
issuance
has
been
limited
and
lags
well
behind
the
same
period
in
2021.
Fundamentals
remained
strong,
however,
with
many
issuers
reporting
surpluses
for
2022
as
federal
government
transfers
bolstered
revenues.
For
the
six-month
period,
U.S.
fixed
income
sectors
saw
mixed
performance
relative
to
equities,
as
measured
by
the
Standard
&
Poor’s
®
500
Index,
which
posted
a
-8.84%
total
return
for
the
period.
3
Investment-grade
munis,
as
measured
by
the
Bloomberg
Municipal
Bond
Index,
posted
a
-5.72%
total
return,
and
USTs,
as
measured
by
the
Bloomberg
U.S.
Treasury
Index,
posted
a
-7.63%
total
return.
3
In
contrast,
investment-grade
corporate
bonds,
as
measured
by
the
Bloomberg
U.S.
Corporate
Bond
Index,
posted
a
-9.41%
total
return.
3
State
Update
During
the
six-month
period,
California’s
large
and
diverse
economy,
with
its
recent
trend
of
strong
revenue
performance
and
use
of
surplus
funds
to
build
reserves,
has
enabled
the
state
to
deal
with
economic
and
fiscal
1.
For
investors
subject
to
alternative
minimum
tax,
a
small
portion
of
Fund
dividends
may
be
taxable.
Distributions
of
capital
gains
are
generally
taxable.
To
avoid
imposition
of
28%
backup
withholding
on
all
Fund
distributions
and
redemption
proceeds,
U.S.
investors
must
be
properly
certified
on
Form
W-9
and
non-U.S.
investors
on
Form
W-8BEN.
2.
The
distribution
amount
is
the
sum
of
all
estimated
tax-basis
net
investment
income
distributions
for
the
period
shown.
A
portion
or
all
of
the
distribution
may
be
reclassified
as
return
of
capital
or
short-term
or
long-term
capital
gains
once
final
tax
designations
are
known.
Assumes
shares
were
purchased
and
held
for
the
entire
accrual
period.
Since
dividends
accrue
daily,
your
actual
distributions
will
vary
depending
on
the
date
you
purchased
your
shares
and
any
account
activity.
All
Fund
distributions
will
vary
depending
upon
current
market
conditions,
and
past
distributions
are
not
indicative
of
future
trends.
3.
Source:
Morningstar.
Treasuries,
if
held
to
maturity,
offer
a
fixed
rate
of
return
and
a
fixed
principal
value;
their
interest
payments
and
principal
are
guaranteed.
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
13
.
Franklin
California
Tax-Free
Income
Fund
4
franklintempleton.com
Semiannual
Report
challenges
due
to
COVID-19.
California’s
unemployment
rate
began
the
period
at
5.3%
and
ended
at
4.1%,
compared
with
the
3.7%
national
rate.
State
revenue
growth
has
been
strong
as
tax
collections
in
recent
years
have
exceeded
projections,
and
budgets
for
the
2022
and
2023
fiscal
years
featured
large
amounts
of
one-time
spending
while
maintaining
healthy
levels
of
reserves.
California’s
net
tax-
supported
debt
was
$2,458
per
capita
and
3.2%
of
personal
income,
compared
with
the
$1,179
and
2.1%
national
medians,
respectively.
4
Independent
credit
rating
agency
Moody’s
Investors
Service
assigned
California’s
general
obligations
bonds’
an
Aa2
rating
with
a
stable
outlook.
5
The
rating
reflected
Moody’s
view
of
the
state’s
large
and
diverse
economy,
healthy
budget
reserves
and
strong
liquidity.
Moody’s
also
noted
challenges,
including
high
revenue
volatility
given
the
state’s
disproportionate
dependence
on
income
taxes,
constrained
flexibility
to
adjust
spending
and
raise
revenue,
and
above-average
debt
and
fixed
cost
burdens.
*Does
not
include
cash
and
cash
equivalents.
Investment
Strategy
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
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.
Manager’s
Discussion
Based
on
the
combination
of
our
value-oriented
philosophy
of
investing
primarily
for
income
and
a
positive-sloping
municipal
yield
curve,
we
favored
the
use
of
longer-term
bonds.
Consistent
with
our
strategy,
we
sought
to
purchase
bonds
that
ranged
from
10
to
30
years
in
maturity
with
good
call
features.
We
believe
our
conservative,
buy-and-hold
investment
strategy
can
help
us
achieve
high,
current,
tax-
free
income
for
shareholders.
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
August
31,
2022,
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,
state,
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
8/31/22
%
of
Total
Investments*
Transportation
23.56%
Refunded
15.90%
Local
11.88%
Utilities
9.63%
Health
Care
8.49%
Housing
8.20%
Education
8.01%
State
General
Obligation
4.37%
Special
Tax
3.90%
Industrial
Dev.
Revenue
and
Pollution
Control
2.80%
Lease
2.22%
Other
Revenue
Bonds
1.04%
4.
Source:
Moody’s
Investors
Service,
States
–
U.S.:
Debt,
pension
and
OPEB
liabilities
all
up
in
fiscal
2021
,
9/7/22.
5.
This
does
not
indicate
Moody’s
rating
of
the
Fund.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Performance
Summary
as
of
August
31,
2022
Franklin
California
Tax-Free
Income
Fund
5
franklintempleton.com
Semiannual
Report
The
performance
tables
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
8/31/22
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
1
Average
Annual
Total
Return
2
–
A
3,4
6-Month
-6.95%
-10.44%
1-Year
-10.37%
-13.74%
5-Year
+5.24%
+0.26%
10-Year
+28.81%
+2.17%
Advisor
6-Month
-6.85%
-6.85%
1-Year
-10.18%
-10.18%
5-Year
+6.39%
+1.25%
10-Year
+30.78%
+2.72%
Share
Class
Distribution
Rate
5
Taxable
Equivalent
Distribution
Rate
6
30-Day
Standardized
Yield
7
Taxable
Equivalent
30-Day
Standardized
Yield
6
A
3.05%
6.50%
2.79%
5.95%
Advisor
3.45%
7.36%
3.17%
6.76%
See
page
6
for
Performance
Summary
footnotes.
Franklin
California
Tax-Free
Income
Fund
Performance
Summary
6
franklintempleton.com
Semiannual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
possible
loss
of
principal.
Because
municipal
bonds
are
sensitive
to
interest
rate
movements,
the
Fund’s
yield
and
share
price
will
fluctuate
with
market
conditions.
Bond
prices
generally
move
in
the
opposite
direction
of
interest
rates.
Thus,
as
prices
of
bonds
in
the
Fund
adjust
to
a
rise
in
interest
rates,
the
Fund’s
share
price
may
decline.
The
price
of
debt
securities
generally
falls
as
inflation
increases,
and
debt
securities
that
pay
a
fixed
rather
than
variable
interest
rate
are
more
vulnerable
to
inflation
risk.
Because
the
Fund
invests
principally
in
a
single
state,
it
is
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.
The
Fund
may
invest
a
significant
part
of
its
assets
in
municipal
securities
that
finance
similar
types
of
projects,
such
as
utilities,
hospitals,
higher
education
and
transportation.
A
change
that
affects
one
project
would
likely
affect
all
similar
projects,
thereby
increasing
market
risk.
The
manager’s
portfolio
selection
strategy
is
not
solely
based
on
environmental,
social
and
governance
(ESG)
consider-
ations,
and
therefore
the
issuers
in
which
the
Fund
invests
may
not
be
considered
ESG-focused
companies.
Integrating
ESG
considerations
into
the
investment
process
is
not
a
guarantee
that
better
performance
will
be
achieved.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
im-
posed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
1.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
2.
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.
3.
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.
4.
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%.
5.
Distribution
rate
is
based
on
an
annualization
of
the
respective
class’s
August
dividend
and
the
maximum
offering
price
(NAV
for
Advisor
Class)
per
share
on
8/31/22.
6.
Taxable
equivalent
distribution
rate
and
yield
assume
the
published
rates
as
of
6/20/22
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.
This
combined
rate
does
not
consider
the
impact
of
California’s
surcharge
on
taxable
income
in
excess
of
$1
million.
7.
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.
8.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(3/1/22–8/31/22)
Share
Class
Net
Investment
Income
A
$0.104686
A1
$0.110043
C
$0.090638
R6
$0.114744
Advisor
$0.113501
Total
Annual
Operating
Expenses
8
Share
Class
A
0.75%
Advisor
0.50%
Your
Fund’s
Expenses
Franklin
California
Tax-Free
Income
Fund
7
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
184/365
to
reflect
the
one-half
year
period.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
3/1/22
Ending
Account
Value
8/31/22
Expenses
Paid
During
Period
3/1/22–8/31/22
1
Ending
Account
Value
8/31/22
Expenses
Paid
During
Period
3/1/22–8/31/22
1
a
Net
Annualized
Expense
Ratio
A
$1,000
$930.50
$3.73
$1,021.34
$3.91
0.77%
A1
$1,000
$931.20
$2.99
$1,022.11
$3.13
0.62
%
C
$1,000
$928.40
$5.67
$1,019.33
$5.94
1.17%
R6
$1,000
$931.70
$2.33
$1,022.79
$2.44
0.48%
Advisor
$1,000
$931.50
$2.52
$1,022.60
$2.64
0.52%
Franklin
California
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
Six
Months
Ended
August
31,
2022
(unaudited)
Year
Ended
February
28,
2022
a
Year
Ended
March
31,
Year
Ended
March
31,
2019
b
2021
2020
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.................
$7.44
$7.71
$7.50
$7.44
$7.27
Income
from
investment
operations
c
:
Net
investment
income
d
.........................
0.11
0.18
0.22
0.22
0.14
Net
realized
and
unrealized
gains
(losses)
...........
(0.63)
(0.28)
0.20
0.08
0.15
Total
from
investment
operations
....................
(0.52)
(0.10)
0.42
0.30
0.29
Less
distributions
from:
Net
investment
income
..........................
(0.10)
(0.17)
(0.21)
(0.24)
(0.12)
Net
asset
value,
end
of
period
......................
$6.82
$7.44
$7.71
$7.50
$7.44
Total
return
e
...................................
(6.95)%
(1.30)%
5.66%
3.98%
4.11%
Ratios
to
average
net
assets
f
Expenses
g
....................................
0.77%
0.75%
0.75%
0.76%
0.76%
Net
investment
income
...........................
3.06%
2.52%
2.79%
2.97%
3.38%
Supplemental
data
Net
assets,
end
of
period
(000’s)
....................
$2,193,275
$2,412,285
$2,074,343
$1,395,165
$524,756
Portfolio
turnover
rate
............................
22.56%
19.33%
14.41%
15.74%
14.12%
a
For
the
period
April
1,
2021
to
February
28,
2022.
b
For
the
period
September
10,
2018
(effective
date)
to
March
31,
2019.
c
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
d
Based
on
average
daily
shares
outstanding.
e
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
California
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
Six
Months
Ended
August
31,
2022
(unaudited)
Year
Ended
February
28,
2022
a
Year
Ended
March
31,
2021
2020
2019
2018
2017
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............
$7.43
$7.70
$7.49
$7.43
$7.31
$7.38
$7.59
Income
from
investment
operations
b
:
Net
investment
income
c
.
0.11
0.19
0.23
0.24
0.26
0.26
0.27
Net
realized
and
unrealized
gains
(losses)
(0.62)
(0.27)
0.20
0.07
0.12
(0.06)
(0.22)
Total
from
investment
operations
.............
(0.51)
(0.08)
0.43
0.31
0.38
0.20
0.05
Less
distributions
from:
Net
investment
income
..
(0.11)
(0.19)
(0.22)
(0.25)
(0.26)
(0.27)
(0.26)
Net
asset
value,
end
of
period
................
$6.81
$7.43
$7.70
$7.49
$7.43
$7.31
$7.38
Total
return
d
...........
(6.88)%
(1.17)%
5.83%
4.14%
5.34%
2.66%
0.68%
Ratios
to
average
net
assets
e
Expenses
.............
0.62%
f
0.59%
f
0.60%
f
0.61%
f
0.60%
f
0.59%
0.59%
Net
investment
income
...
3.22%
2.68%
2.97%
3.12%
3.54%
3.53%
3.54%
Supplemental
data
Net
assets,
end
of
period
(000’s)
...............
$8,738,702
$10,201,944
$11,084,478
$11,448,334
$11,824,206
$12,154,752
$12,425,129
Portfolio
turnover
rate
....
22.56%
19.33%
14.41%
15.74%
14.12%
13.05%
19.37%
a
For
the
period
April
1,
2021
to
February
28,
2022.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
California
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
Six
Months
Ended
August
31,
2022
(unaudited)
Year
Ended
February
28,
2022
a
Year
Ended
March
31,
2021
2020
2019
2018
2017
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............
$7.41
$7.69
$7.47
$7.41
$7.30
$7.36
$7.58
Income
from
investment
operations
b
:
Net
investment
income
c
.
0.09
0.15
0.19
0.20
0.22
0.22
0.23
Net
realized
and
unrealized
gains
(losses)
(0.62)
(0.28)
0.21
0.07
0.11
(0.06)
(0.23)
Total
from
investment
operations
.............
(0.53)
(0.13)
0.40
0.27
0.33
0.16
—
Less
distributions
from:
Net
investment
income
..
(0.09)
(0.15)
(0.18)
(0.21)
(0.22)
(0.22)
(0.22)
Net
asset
value,
end
of
period
................
$6.79
$7.41
$7.69
$7.47
$7.41
$7.30
$7.36
Total
return
d
...........
(7.16)%
(1.80)%
5.40%
3.57%
4.63%
2.23%
(0.02)%
Ratios
to
average
net
assets
e
Expenses
.............
1.17%
f
1.15%
f
1.16%
f
1.16%
f
1.16%
f
1.15%
1.14%
Net
investment
income
...
2.67%
2.13%
2.42%
2.57%
2.98%
2.97%
2.99%
Supplemental
data
Net
assets,
end
of
period
(000’s)
...............
$570,977
$723,593
$1,018,197
$1,118,612
$1,124,954
$1,527,772
$1,659,070
Portfolio
turnover
rate
....
22.56%
19.33%
14.41%
15.74%
14.12%
13.05%
19.37%
a
For
the
period
April
1,
2021
to
February
28,
2022.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
California
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
Six
Months
Ended
August
31,
2022
(unaudited)
Year
Ended
February
28,
2022
a
Year
Ended
March
31,
Year
Ended
March
31,
2018
b
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$7.42
$7.69
$7.48
$7.42
$7.30
$7.46
Income
from
investment
operations
c
:
Net
investment
income
d
.............
0.12
0.20
0.24
0.25
0.27
0.18
Net
realized
and
unrealized
gains
(losses)
(0.63)
(0.28)
0.20
0.07
0.12
(0.18)
Total
from
investment
operations
........
(0.51)
(0.08)
0.44
0.32
0.39
—
Less
distributions
from:
Net
investment
income
..............
(0.11)
(0.19)
(0.23)
(0.26)
(0.27)
(0.16)
Net
asset
value,
end
of
period
..........
$6.80
$7.42
$7.69
$7.48
$7.42
$7.30
Total
return
e
.......................
(6.83)%
(1.05)%
5.97%
4.28%
5.45%
(0.05)%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.48%
0.47%
0.47%
0.47%
0.47%
0.49%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.48%
g
0.47%
g,h
0.47%
g,h
0.46%
g
0.46%
g
0.48%
Net
investment
income
...............
3.35%
2.81%
3.08%
3.27%
3.68%
3.64%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$284,784
$345,058
$281,038
$186,078
$103,760
$85,534
Portfolio
turnover
rate
................
22.56%
19.33%
14.41%
15.74%
14.12%
13.05%
a
For
the
period
April
1,
2021
to
February
28,
2022.
b
For
the
period
August
1,
2017
(effective
date)
to
March
31,
2018.
c
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
d
Based
on
average
daily
shares
outstanding.
e
Total
return
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
h
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
California
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
Six
Months
Ended
August
31,
2022
(unaudited)
Year
Ended
February
28,
2022
a
Year
Ended
March
31,
2021
2020
2019
2018
2017
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............
$7.42
$7.69
$7.48
$7.42
$7.30
$7.36
$7.58
Income
from
investment
operations
b
:
Net
investment
income
c
.
0.12
0.20
0.24
0.24
0.26
0.27
0.28
Net
realized
and
unrealized
gains
(losses)
(0.63)
(0.28)
0.20
0.08
0.13
(0.06)
(0.23)
Total
from
investment
operations
.............
(0.51)
(0.08)
0.44
0.32
0.39
0.21
0.05
Less
distributions
from:
Net
investment
income
..
(0.11)
(0.19)
(0.23)
(0.26)
(0.27)
(0.27)
(0.27)
Net
asset
value,
end
of
period
................
$6.80
$7.42
$7.69
$7.48
$7.42
$7.30
$7.36
Total
return
d
...........
(6.85)%
(1.08)%
5.94%
4.24%
5.44%
2.89%
0.65%
Ratios
to
average
net
assets
e
Expenses
.............
0.52%
f
0.50%
f
0.51%
f
0.51%
f
0.51%
f
0.50%
0.49%
Net
investment
income
...
3.32%
2.78%
3.06%
3.22%
3.63%
3.62%
3.64%
Supplemental
data
Net
assets,
end
of
period
(000’s)
...............
$2,296,851
$2,619,688
$2,498,587
$1,888,402
$1,641,388
$1,572,721
$1,463,633
Portfolio
turnover
rate
....
22.56%
19.33%
14.41%
15.74%
14.12%
13.05%
19.37%
a
For
the
period
April
1,
2021
to
February
28,
2022.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited),
August
31,
2022
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
100.8%
California
99.0%
ABAG
Finance
Authority
for
Nonprofit
Corp.
,
Eskaton
Properties,
Inc.
Obligated
Group
,
Revenue
,
2013
,
Refunding
,
5
%
,
11/15/35
................................
$
10,000,000
$
10,035,148
Alameda
Corridor
Transportation
Authority
,
Revenue,
2022
C,
Refunding,
AGMC
Insured,
5%,
10/01/52
..................
28,000,000
29,557,679
Revenue,
Sub.
Lien,
2004
A,
Refunding,
AMBAC
Insured,
Zero
Cpn.,
10/01/29
....
20,000,000
15,685,930
Revenue,
Sub.
Lien,
2004
A,
Refunding,
AMBAC
Insured,
Zero
Cpn.,
10/01/30
....
41,665,000
31,311,727
Alameda
Unified
School
District
,
GO
,
2015
A
,
5
%
,
8/01/39
.....................
18,000,000
18,957,816
Alhambra
City
Elementary
School
District
,
Alhambra
Unified
School
District
,
GO
,
2004
B
,
NATL
Insured
,
Zero
Cpn.,
9/01/27
...................................
3,035,000
2,595,361
Alisal
Union
School
District
,
GO,
2009
B,
AGMC
Insured,
Zero
Cpn.,
8/01/32
...........................
3,355,000
2,373,742
GO,
2009
B,
AGMC
Insured,
Zero
Cpn.,
8/01/33
...........................
3,610,000
2,436,126
GO,
2009
B,
AGMC
Insured,
Zero
Cpn.,
2/01/34
...........................
3,345,000
2,198,676
Alvord
Unified
School
District
,
GO,
2011
B,
AGMC
Insured,
Zero
Cpn.,
8/01/36
...........................
15,000,000
8,236,443
GO,
2011
B,
AGMC
Insured,
Zero
Cpn.,
8/01/46
...........................
42,500,000
44,619,296
GO,
A,
Pre-Refunded,
AGMC
Insured,
5%,
8/01/42
........................
34,690,000
35,550,652
Anaheim
Public
Financing
Authority
,
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/24
.........
26,855,000
25,410,980
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/26
.........
29,430,000
26,193,806
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/27
.........
22,860,000
19,703,123
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/28
.........
14,425,000
12,013,294
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/29
.........
24,810,000
19,916,049
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/32
.........
13,665,000
9,634,842
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/33
.........
37,070,000
24,896,835
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/34
.........
24,970,000
15,954,047
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
ETM,
Zero
Cpn.,
3/01/37
.....
15,080,000
9,069,088
Anaheim
Union
High
School
District
,
GO
,
2002
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/26
8,570,000
7,593,502
Baldwin
Park
Unified
School
District
,
GO,
2013,
Pre-Refunded,
BAM
Insured,
5%,
8/01/43
.......................
5,000,000
5,121,755
GO,
2013,
Pre-Refunded,
BAM
Insured,
Zero
Cpn.,
8/01/48
..................
25,000,000
4,245,593
GO,
2013,
Pre-Refunded,
BAM
Insured,
Zero
Cpn.,
8/01/53
..................
60,000,000
6,933,102
Bay
Area
Toll
Authority
,
Revenue,
2017
F-1,
Pre-Refunded,
5%,
4/01/56
...........................
60,000,000
66,722,916
Revenue,
2017
S-7,
Refunding,
4%,
4/01/42
.............................
89,260,000
88,654,603
Revenue,
2017
S-7,
Refunding,
4%,
4/01/47
.............................
67,000,000
64,894,337
Revenue,
2019
S-8,
Pre-Refunded,
5%,
4/01/56
...........................
25,000,000
28,995,183
a
Revenue,
2021
A,
Refunding,
Mandatory
Put,
2%,
4/01/28
...................
12,000,000
11,355,427
Beaumont
Public
Improvement
Authority
,
City
of
Beaumont
Wastewater
,
Revenue
,
2018
A
,
AGMC
Insured
,
5
%
,
9/01/49
...................................
10,000,000
10,746,557
Beaumont
Unified
School
District
,
GO
,
2011
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/40
..
11,000,000
4,841,291
California
Affordable
Housing
Agency
,
Butte
County
Housing
Authority,
Revenue,
2020
A,
4%,
10/01/40
..............
1,580,000
1,577,767
Butte
County
Housing
Authority,
Revenue,
2020
A,
4%,
10/01/45
..............
1,930,000
1,868,048
Butte
County
Housing
Authority,
Revenue,
2020
A,
4%,
10/01/50
..............
1,855,000
1,769,556
a
California
Community
Choice
Financing
Authority
,
Revenue
,
2022
A-1
,
Mandatory
Put
,
4
%
,
8/01/28
......................................................
100,000,000
101,781,960
California
Community
College
Financing
Authority
,
Revenue,
2001
A,
NATL
Insured,
5.125%,
4/01/31
.........................
880,000
893,949
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5.25%,
5/01/53
..........
8,150,000
8,181,060
b
California
Community
Housing
Agency
,
Aster
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
2/01/56
..........
5,235,000
4,676,839
Brio
Apartments
&
Next
on
Lex
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
2/01/56
....................................................
26,515,000
23,687,944
Exchange
at
Bayfront
Apartments,
Revenue,
Senior
Lien,
144A,
201
A-1
T,
4.25%,
2/01/38
........................................................
7,095,000
6,250,284
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
b
California
Community
Housing
Agency,
(continued)
Exchange
at
Bayfront
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
2/01/57
........................................................
$
59,855,000
$
40,955,832
Fountains
at
Emerald
Park,
Revenue,
Junior
Lien,
144A,
2021
A-2,
4%,
8/01/46
...
20,450,000
16,303,280
Fountains
at
Emerald
Park,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
8/01/56
..
46,440,000
33,551,665
K
Street
Flats,
Revenue,
144A,
2021
A-1,
3%,
2/01/57
......................
47,500,000
32,088,140
Summit
at
Sausalito
Apartments,
Revenue,
144A,
2021
A-1,
3%,
2/01/57
........
16,260,000
11,719,990
Twin
Creek
Apartments,
Revenue,
144A,
2022
A-1,
4.5%,
8/01/52
.............
29,275,000
26,059,771
Twin
Creek
Apartments,
Revenue,
Senior
Lien,
144A,
2022
A-2,
Zero
Cpn.,
8/01/65
78,990,000
5,099,349
California
County
Tobacco
Securitization
Agency
,
Revenue,
2020
B-1,
Refunding,
5%,
6/01/49
.............................
785,000
810,899
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/49
.....................
3,525,000
3,314,965
Alameda
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2002,
5.875%,
6/01/35
........................................................
3,640,000
3,694,145
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/40
1,120,000
1,109,103
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/49
2,000,000
1,880,831
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
B-1,
Refunding,
4%,
6/01/49
130,000
129,461
Kern
County
Tobacco
Funding
Corp.,
Revenue,
2014,
Refunding,
5%,
6/01/34
....
10,295,000
10,346,756
Kern
County
Tobacco
Funding
Corp.,
Revenue,
2014,
Refunding,
5%,
6/01/40
....
17,650,000
17,783,672
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/36
....................................................
470,000
473,046
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/38
....................................................
530,000
529,563
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/40
....................................................
625,000
618,919
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/42
....................................................
100,000
97,875
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/35
..
350,000
353,081
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/36
..
600,000
603,888
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/37
..
530,000
531,334
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/38
..
790,000
789,348
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/39
..
620,000
616,862
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/40
..
830,000
821,925
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/49
..
3,520,000
3,310,263
Sonoma
County
Securitization
Corp.,
Revenue,
2020
B-1,
Refunding,
5%,
6/01/49
.
970,000
1,003,718
Stanislaus
County
Tobacco
Funding
Corp.,
Revenue,
2002
A,
5.875%,
6/01/43
...
5,390,000
5,391,611
California
Educational
Facilities
Authority
,
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/40
................
1,295,000
1,211,721
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/41
................
1,345,000
1,249,999
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/42
................
1,400,000
1,291,362
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/46
................
3,000,000
2,697,529
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/50
................
2,675,000
2,367,137
Art
Center
College
of
Design,
Revenue,
2022
A,
3%,
12/01/51
................
650,000
441,961
Chapman
University,
Revenue,
2015,
5%,
4/01/45
.........................
10,000,000
10,312,189
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/27
...............
475,000
519,585
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/28
...............
395,000
438,866
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/29
...............
400,000
448,979
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/30
...............
425,000
481,986
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/31
...............
475,000
540,949
Leland
Stanford
Junior
University
(The),
Revenue,
T-1,
5%,
3/15/39
............
7,000,000
8,236,348
Leland
Stanford
Junior
University
(The),
Revenue,
U-1,
5.25%,
4/01/40
.........
5,000,000
6,059,707
Leland
Stanford
Junior
University
(The),
Revenue,
U-3,
5%,
6/01/43
............
5,815,000
6,886,548
Leland
Stanford
Junior
University
(The),
Revenue,
U-7,
5%,
6/01/46
............
5,725,000
6,782,226
Leland
Stanford
Junior
University
(The),
Revenue,
V-2,
Refunding,
5%,
4/01/51
...
10,000,000
11,898,679
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/47
.............
11,000,000
11,595,877
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/26
7,620,000
6,757,244
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/27
7,365,000
6,321,449
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Educational
Facilities
Authority,
(continued)
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/28
$
4,120,000
$
3,415,287
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/30
5,685,000
4,361,504
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/31
7,615,000
5,584,906
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/32
7,615,000
5,334,272
Santa
Clara
University,
Revenue,
1999,
AMBAC
Insured,
Zero
Cpn.,
9/01/26
.....
3,655,000
3,118,419
Santa
Clara
University,
Revenue,
2015,
Refunding,
5%,
4/01/45
...............
15,495,000
16,094,841
c
University
of
Redlands,
Revenue,
2022
A,
5%,
10/01/44
.....................
3,835,000
3,930,557
c
University
of
Redlands,
Revenue,
2022
A,
5%,
10/01/52
.....................
15,500,000
15,790,247
University
of
San
Francisco,
Revenue,
2018
A,
5%,
10/01/48
.................
10,000,000
10,666,552
University
of
San
Francisco,
Revenue,
2018
A,
5%,
10/01/53
.................
10,000,000
10,643,954
California
Enterprise
Development
Authority
,
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/40
..
650,000
666,625
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/45
..
650,000
661,447
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/50
..
650,000
658,449
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/55
..
1,000,000
1,009,719
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/57
..
500,000
503,092
California
Health
Facilities
Financing
Authority
,
Revenue,
1992
A,
California
Mortgage
Insured,
6.5%,
12/01/22
...............
140,000
140,482
California-Nevada
Methodist
Homes,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
7/01/35
..............................................
1,000,000
1,043,602
Casa
Milagro
LLC,
Revenue,
2011
A,
California
Mortgage
Insured,
6.25%,
2/01/26
.
3,900,000
3,912,325
Cedars-Sinai
Medical
Center
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
8/15/51
........................................................
5,000,000
5,414,956
Children's
Hospital
Los
Angeles
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/15/47
........................................................
18,120,000
18,588,475
Children's
Hospital
of
Orange
County
Obligated
Group,
Revenue,
2021
B,
Refunding,
5%,
11/01/27
...................................................
1,000,000
1,118,108
Children's
Hospital
of
Orange
County
Obligated
Group,
Revenue,
2021
B,
Refunding,
5%,
11/01/29
...................................................
1,350,000
1,553,126
City
of
Hope
Obligated
Group,
Revenue,
2019,
5%,
11/15/49
.................
27,000,000
27,610,961
CommonSpirit
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/35
.
6,600,000
6,528,494
CommonSpirit
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/36
.
8,650,000
8,520,501
CommonSpirit
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/38
.
10,075,000
9,799,233
CommonSpirit
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
3%,
4/01/44
.
4,340,000
3,164,653
El
Camino
Hospital,
Revenue,
2017,
4.125%,
2/01/47
......................
11,000,000
10,561,462
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/47
..........................
12,500,000
13,076,640
Kaiser
Foundation
Hospitals,
Revenue,
2017
A-2,
4%,
11/01/38
...............
25,000,000
24,613,680
Kaiser
Foundation
Hospitals,
Revenue,
2017
A-2,
4%,
11/01/44
...............
395,000,000
376,731,527
Kaiser
Foundation
Hospitals,
Revenue,
2017
A-2,
5%,
11/01/47
...............
12,500,000
14,228,105
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
Obligated
Group,
Revenue,
2016
B,
5%,
8/15/55
..............................................
12,960,000
13,572,483
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
Obligated
Group,
Revenue,
2017
A,
5%,
11/15/56
.............................................
22,000,000
23,199,158
Marshall
Medical
Center,
Revenue,
2020
A,
Refunding,
California
Mortgage
Insured,
4%,
11/01/40
...................................................
3,750,000
3,691,353
Marshall
Medical
Center,
Revenue,
2020
A,
Refunding,
California
Mortgage
Insured,
5%,
11/01/50
...................................................
25,065,000
26,654,317
On
Lok
Senior
Health
Services
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
8/01/40
........................................................
800,000
842,638
On
Lok
Senior
Health
Services
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
8/01/50
........................................................
2,375,000
2,465,516
On
Lok
Senior
Health
Services
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
8/01/55
........................................................
850,000
880,108
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2014
A,
5%,
10/01/38
..
5,110,000
5,312,253
Sequoia
Living,
Inc.,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
7/01/34
........................................................
1,000,000
1,060,328
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Health
Facilities
Financing
Authority,
(continued)
Sequoia
Living,
Inc.,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
7/01/39
........................................................
$
1,450,000
$
1,533,504
Sequoia
Living,
Inc.,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
7/01/44
........................................................
1,160,000
1,222,261
Sutter
Health
Obligated
Group,
Revenue,
2015
A,
Pre-Refunded,
5%,
8/15/43
....
20,000,000
21,475,832
Sutter
Health
Obligated
Group,
Revenue,
2016
B,
5%,
11/15/46
...............
88,295,000
92,401,980
Sutter
Health
Obligated
Group,
Revenue,
2016
B,
Pre-Refunded,
5%,
11/15/46
...
36,705,000
40,625,303
Sutter
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
4%,
11/15/48
......
26,810,000
25,459,446
Sutter
Health
Obligated
Group,
Revenue,
2018
A,
4%,
11/15/42
...............
11,680,000
11,390,914
California
Housing
Finance
Agency
,
Revenue,
2019-1,
A,
4.25%,
1/15/35
...................................
48,012,208
48,177,428
Revenue,
2019-2,
A,
4%,
3/20/33
......................................
14,590,624
14,471,112
Revenue,
2021-1,
A,
3.5%,
11/20/35
...................................
4,897,149
4,564,667
a,b
Shermanair
Apartments
Owner
LP,
Revenue,
144A,
2021
Q-1,
Mandatory
Put,
3%,
9/01/36
........................................................
22,535,000
20,048,017
b
Shermanair
Apartments
Owner
LP,
Revenue,
144A,
2021
Q-2,
5%,
9/01/36
......
1,940,000
1,681,415
California
Infrastructure
&
Economic
Development
Bank
,
Revenue,
2015
A,
Pre-Refunded,
5%,
10/01/40
...........................
4,015,000
4,335,826
Revenue,
2015
A,
Pre-Refunded,
5%,
10/01/43
...........................
1,900,000
2,051,823
Revenue,
2018,
5%,
10/01/48
........................................
10,000,000
10,932,885
Academy
of
Motion
Picture
Arts
and
Sciences
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
11/01/41
...........................................
8,000,000
8,166,770
Academy
of
Motion
Picture
Arts
and
Sciences
Obligated
Group,
Revenue,
2020
B,
Refunding,
5%,
11/01/29
...........................................
5,000,000
5,769,392
Broad
(The),
Revenue,
2021
A,
Refunding,
5%,
6/01/28
.....................
5,750,000
6,570,495
a
California
Academy
of
Sciences,
Revenue,
2018
B,
Refunding,
Mandatory
Put,
2.02%,
8/01/24
..................................................
26,900,000
26,555,901
California
State
Teachers'
Retirement
System,
Revenue,
2019,
5%,
8/01/49
......
38,220,000
40,715,009
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
B,
4%,
11/01/45
.......................................................
850,000
792,420
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
B,
4%,
11/01/50
.......................................................
860,000
793,189
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2021
B,
4%,
11/01/56
.......................................................
1,000,000
897,380
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2022
B,
5%,
11/01/47
.......................................................
2,300,000
2,463,326
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2022
B,
4.125%,
11/01/52
.......................................................
3,100,000
2,900,158
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2022
B,
5%,
11/01/57
.......................................................
5,500,000
5,800,918
Los
Angeles
County
Museum
of
Natural
History
Foundation,
Revenue,
2020,
Refunding,
3%,
7/01/50
............................................
18,995,000
14,435,503
Los
Angeles
County
Museum
of
Natural
History
Foundation,
Revenue,
2020,
Refunding,
4%,
7/01/50
............................................
10,000,000
9,443,861
a
Museum
Associates,
Revenue,
2021
A,
Refunding,
Mandatory
Put,
1.2%,
6/01/28
.
15,000,000
13,194,973
State
of
California
Department
of
Transportation
Seismic
Surcharge,
Revenue,
First
Lien,
2003
A,
Pre-Refunded,
FGIC
Insured,
5%,
7/01/29
...................
50,985,000
56,570,580
State
of
California
Department
of
Transportation
Seismic
Surcharge,
Revenue,
First
Lien,
2003
A,
Pre-Refunded,
AMBAC
Insured,
5%,
7/01/33
.................
13,460,000
15,242,606
California
Municipal
Finance
Authority
,
c
Revenue,
2022,
California
Mortgage
Insured,
5%,
5/15/52
...................
17,775,000
19,140,643
Revenue,
2022
A-1,
4.25%,
12/01/37
...................................
81,985,000
70,957,312
Revenue,
Senior
Lien,
2017
A,
Refunding,
4%,
8/15/52
.....................
27,350,000
25,014,463
1717
University
Associates
LLC,
Revenue,
2020
A,
4.5%,
6/01/52
.............
11,413,000
10,257,135
1717
University
Associates
LLC,
Revenue,
2020
A-T,
5.25%,
6/01/52
...........
3,407,000
3,157,008
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/51
.................
2,355,000
2,066,943
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Municipal
Finance
Authority,
(continued)
b
Century
CityView
LP,
Revenue,
144A,
2021
A,
4%,
11/01/36
..................
$
10,375,000
$
9,770,743
Channing
House,
Revenue,
2017
B,
California
Mortgage
Insured,
5%,
5/15/47
....
10,000,000
10,618,015
CHF-Davis
I
LLC,
Revenue,
2018,
5%,
5/15/51
...........................
10,000,000
10,213,052
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/24
................
500,000
517,191
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/25
................
400,000
419,711
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/26
................
400,000
426,186
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/27
................
500,000
540,049
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/28
................
400,000
436,807
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/29
................
600,000
660,592
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/30
................
700,000
774,932
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2015
A,
Pre-
Refunded,
5%,
2/01/46
............................................
15,000,000
15,930,511
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/42
............................................
5,500,000
5,797,177
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/47
............................................
20,750,000
21,767,352
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2021
A,
4%,
2/01/51
........................................................
7,000,000
6,512,833
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/37
....................
1,040,000
1,000,506
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/38
....................
1,000,000
957,671
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/39
....................
1,100,000
1,049,591
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/40
....................
1,175,000
1,118,249
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/41
....................
1,280,000
1,212,190
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/42
....
450,000
402,130
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/52
....
1,000,000
849,077
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/56
....
1,100,000
911,213
Eisenhower
Medical
Center,
Revenue,
2017
A,
Refunding,
5%,
7/01/42
.........
5,100,000
5,239,976
Eisenhower
Medical
Center,
Revenue,
2017
A,
Refunding,
5%,
7/01/47
.........
4,000,000
4,078,304
b
IH
Lakes
Concord
LLC,
Revenue,
144A,
2022
A,
4.375%,
12/01/32
............
22,510,000
20,866,628
Inland
Christian
Home,
Inc.,
Revenue,
2020,
California
Mortgage
Insured,
4%,
12/01/49
.......................................................
2,670,000
2,522,373
Inland
Counties
Regional
Center,
Inc.,
Revenue,
2015,
Refunding,
5%,
6/15/45
...
23,300,000
24,364,745
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/37
8,500,000
8,759,750
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/38
5,000,000
5,141,668
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/43
17,400,000
17,735,597
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/47
61,850,000
62,774,039
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5.25%,
11/01/41
..
5,500,000
5,647,446
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/47
....
8,650,000
8,693,734
Northern
California
Retired
Officers
Community,
Revenue,
2019
A,
California
Mortgage
Insured,
5%,
1/01/43
......................................
10,000,000
10,808,473
Northern
California
Retired
Officers
Community,
Revenue,
2019
A,
California
Mortgage
Insured,
5%,
1/01/49
......................................
18,990,000
20,393,517
South
Central
Los
Angeles
Regional
Center
for
Developmentally
Disabled
Persons,
Revenue,
2013,
5.75%,
12/01/43
....................................
33,895,000
34,600,047
University
of
La
Verne,
Revenue,
2017
A,
Refunding,
4%,
6/01/47
.............
10,500,000
9,632,427
California
Pollution
Control
Financing
Authority
,
b
Poseidon
Resources
Channelside
LP,
Revenue,
144A,
2019,
Refunding,
5%,
7/01/39
9,155,000
9,228,478
San
Jose
Water
Co.,
Revenue,
2016,
4.75%,
11/01/46
......................
15,000,000
15,291,410
California
Public
School
District
Financing
Authority
,
Southern
Kern
Unified
School
District
,
Revenue
,
1996
B
,
AGMC
Insured
,
ETM,
5.9
%
,
9/01/26
...............
995,000
1,058,739
b
California
School
Finance
Authority
,
Revenue,
144A,
2022
A,
Refunding,
5%,
10/01/42
.........................
1,325,000
1,355,258
Revenue,
144A,
2022
A,
Refunding,
5%,
10/01/52
.........................
2,265,000
2,283,975
Revenue,
144A,
2022
A,
Refunding,
5%,
10/01/61
.........................
3,905,000
3,876,157
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
2.125%,
8/01/31
.
500,000
415,849
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
8/01/36
....
325,000
307,175
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
b
California
School
Finance
Authority,
(continued)
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
8/01/41
....
$
525,000
$
477,761
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
8/01/51
....
800,000
686,749
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2022
A,
5%,
8/01/42
....
1,000,000
1,025,029
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2022
A,
5%,
8/01/52
....
1,875,000
1,905,298
Granada
Hills
Charter
High
School
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
7/01/29
............................................
300,000
301,654
Granada
Hills
Charter
High
School
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
7/01/38
............................................
465,000
426,396
Granada
Hills
Charter
High
School
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
7/01/48
............................................
675,000
575,675
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
4%,
7/01/40
800,000
731,868
California
State
Public
Works
Board
,
Revenue,
2012
G,
Refunding,
5%,
11/01/31
..............................
16,520,000
16,596,617
Revenue,
2013
I,
5%,
11/01/38
.......................................
40,000,000
41,069,924
Revenue,
2021
A,
Refunding,
5%,
2/01/24
...............................
5,440,000
5,639,251
Revenue,
2021
B,
5%,
5/01/30
........................................
1,250,000
1,453,948
State
of
California
Department
of
Corrections
&
Rehabilitation,
Revenue,
2019
C,
5%,
11/01/44
...................................................
5,000,000
5,472,623
California
State
University
,
Revenue,
2015
A,
Refunding,
5%,
11/01/43
..............................
11,000,000
11,707,695
a
Revenue,
2016
B-2,
Refunding,
Mandatory
Put,
0.55%,
11/01/26
..............
12,000,000
10,539,524
Revenue,
2017
A,
Refunding,
5%,
11/01/42
..............................
29,105,000
31,445,534
Revenue,
2017
A,
Refunding,
5%,
11/01/47
..............................
63,000,000
67,725,441
Revenue,
2018
A,
Refunding,
5%,
11/01/39
..............................
19,920,000
21,845,376
Revenue,
2018
A,
Refunding,
5%,
11/01/43
..............................
16,870,000
18,361,328
Revenue,
2018
A,
Refunding,
5%,
11/01/48
..............................
12,395,000
13,415,247
Revenue,
2018
A,
Refunding,
5%,
11/01/50
..............................
17,385,000
18,785,371
Revenue,
2019
A,
5%,
11/01/49
.......................................
77,595,000
84,793,814
California
Statewide
Communities
Development
Authority
,
Revenue,
2004
A,
AGMC
Insured,
5.25%,
10/01/24
........................
170,000
170,407
Adventist
Health
System/West
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
3/01/35
........................................................
9,250,000
9,654,120
Adventist
Health
System/West
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
3/01/48
........................................................
67,585,000
69,437,066
Cedars-Sinai
Medical
Center
Obligated
Group,
Revenue,
2018,
5%,
7/01/48
.....
7,980,000
8,449,307
Community
Facilities
District
No.
2020-02
Improvement
Area
No.
2,
Special
Tax,
2022,
5.25%,
9/01/52
.............................................
1,650,000
1,668,780
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2014,
Pre-Refunded,
AGMC
Insured,
5.25%,
10/01/43
.....................................
3,000,000
3,173,234
Marin
General
Hospital
Obligated
Group,
Revenue,
2018
A,
5%,
8/01/34
........
1,225,000
1,277,788
Methodist
Hospital
of
Southern
California
Obligated
Group,
Revenue,
2018,
Refunding,
4%,
1/01/34
............................................
3,485,000
3,399,539
Poway
RHF
Housing,
Inc.,
Revenue,
2013
A,
California
Mortgage
Insured,
5.25%,
11/15/35
.......................................................
2,000,000
2,062,687
Redwoods
(The),
A
Community
of
Seniors,
Revenue,
2013,
Pre-Refunded,
California
Mortgage
Insured,
5.125%,
11/15/35
..................................
2,000,000
2,066,387
Redwoods
(The),
A
Community
of
Seniors,
Revenue,
2013,
Pre-Refunded,
California
Mortgage
Insured,
5.375%,
11/15/44
..................................
7,250,000
7,512,020
Carlsbad
Unified
School
District
,
GO,
2009
B,
Refunding,
6%,
5/01/34
...................................
14,000,000
14,811,731
GO,
2011
C,
Zero
Cpn.,
8/01/35
.......................................
33,000,000
35,279,340
GO,
B,
2%,
8/01/23
................................................
1,000,000
996,162
GO,
B,
2%,
8/01/24
................................................
1,000,000
987,910
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Centinela
Valley
Union
High
School
District
,
GO
,
2004
A
,
Refunding
,
NATL
Insured
,
5.5
%
,
8/01/33
....................................................
$
15,630,000
$
17,752,681
Cerritos
Public
Financing
Authority
,
Tax
Allocation
,
2002
A
,
AMBAC
Insured
,
5
%
,
11/01/22
........................................................
1,675,000
1,677,808
Chabot-Las
Positas
Community
College
District
,
GO,
B,
5%,
8/01/23
................................................
14,400,000
14,758,583
GO,
B,
5%,
8/01/24
................................................
5,500,000
5,762,361
Chaffey
Joint
Union
High
School
District
,
GO
,
B
,
5
%
,
8/01/44
..................
27,500,000
28,610,321
Charter
Oak
Unified
School
District
,
GO
,
2015
A
,
Pre-Refunded
,
AGMC
Insured
,
5
%
,
8/01/40
.........................................................
5,000,000
5,359,843
Chico
Unified
School
District
,
GO
,
2012
A
,
Pre-Refunded
,
5
%
,
8/01/43
...........
8,000,000
8,198,478
Chino
Community
Facilities
District
,
City
of
Chino
Community
Facilities
District
No.
2003-3,
Special
Tax,
2021,
4%,
9/01/41
........................................................
1,710,000
1,563,808
City
of
Chino
Community
Facilities
District
No.
2003-3,
Special
Tax,
2021,
4%,
9/01/46
........................................................
1,000,000
882,716
City
of
Chino
Community
Facilities
District
No.
2003-3,
Special
Tax,
2021,
4%,
9/01/51
........................................................
1,250,000
1,078,036
Chino
Valley
Unified
School
District
,
GO,
2020
B,
3.375%,
8/01/50
.........................................
20,500,000
16,931,118
GO,
2020
B,
5%,
8/01/55
............................................
12,500,000
13,647,581
City
of
Corona
,
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1,
Special
Tax,
2020,
4%,
9/01/45
....................................................
650,000
578,823
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1,
Special
Tax,
2020,
4%,
9/01/50
....................................................
1,500,000
1,303,482
City
of
Fontana
,
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/45
...........
850,000
770,369
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/50
...........
900,000
799,466
Community
Facilities
District
No.
88,
Special
Tax,
2020,
4%,
9/01/45
...........
1,100,000
994,068
Community
Facilities
District
No.
88,
Special
Tax,
2020,
4%,
9/01/51
...........
1,545,000
1,358,520
Community
Facilities
District
No.
89,
Special
Tax,
2020,
4%,
9/01/40
...........
750,000
701,361
Community
Facilities
District
No.
89,
Special
Tax,
2020,
4%,
9/01/51
...........
1,500,000
1,318,951
Community
Facilities
District
No.
90,
Special
Tax,
2021,
4%,
9/01/41
...........
530,000
492,901
Community
Facilities
District
No.
90,
Special
Tax,
2021,
4%,
9/01/46
...........
475,000
426,772
Community
Facilities
District
No.
90,
Special
Tax,
2021,
4%,
9/01/51
...........
1,825,000
1,612,556
City
of
Irvine
,
Assessment
District
No.
21-1,
1915
Act,
Special
Assessment,
Refunding,
4%,
9/02/23
........................................................
1,630,000
1,656,260
Assessment
District
No.
21-1,
1915
Act,
Special
Assessment,
Refunding,
4%,
9/02/26
........................................................
1,245,000
1,294,665
Assessment
District
No.
21-1,
1915
Act,
Special
Assessment,
Refunding,
4%,
9/02/27
........................................................
1,500,000
1,572,980
d
City
of
Lake
Elsinore
,
Community
Facilities
District
No.
2006-6
,
Special
Tax
,
2022
,
4.75
%
,
9/01/52
...................................................
1,000,000
968,428
City
of
Lincoln
,
Community
Facilities
District
No.
2006-1,
Special
Tax,
2021,
Refunding,
4%,
9/01/39
290,000
270,475
Community
Facilities
District
No.
2006-1,
Special
Tax,
2021,
Refunding,
4%,
9/01/40
160,000
146,834
Community
Facilities
District
No.
2006-1,
Special
Tax,
2021,
Refunding,
4%,
9/01/43
320,000
286,357
City
of
Long
Beach
,
Harbor,
Revenue,
2017
C,
Refunding,
5%,
5/15/47
.........................
15,660,000
16,843,620
Harbor,
Revenue,
2019
A,
5%,
5/15/44
..................................
23,750,000
26,015,050
City
of
Los
Angeles
,
Department
of
Airports,
Revenue,
2015
D,
5%,
5/15/41
.....................
31,500,000
32,456,822
Department
of
Airports,
Revenue,
2016
B,
5%,
5/15/41
......................
12,500,000
12,988,999
Department
of
Airports,
Revenue,
2016
B,
5%,
5/15/46
......................
41,000,000
42,195,281
Department
of
Airports,
Revenue,
2017
A,
5%,
5/15/47
......................
6,105,000
6,291,999
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
City
of
Los
Angeles,
(continued)
Department
of
Airports,
Revenue,
2018
A,
5%,
5/15/44
......................
$
59,975,000
$
62,178,218
Department
of
Airports,
Revenue,
2018
A,
5.25%,
5/15/48
...................
10,000,000
10,468,691
Department
of
Airports,
Revenue,
2018
C,
5%,
5/15/37
.....................
9,550,000
10,054,228
Department
of
Airports,
Revenue,
2018
C,
5%,
5/15/44
.....................
34,680,000
35,968,650
Department
of
Airports,
Revenue,
2018
E,
Refunding,
5%,
5/15/43
.............
15,005,000
16,090,675
Department
of
Airports,
Revenue,
2018
E,
Refunding,
5%,
5/15/48
.............
33,145,000
35,350,356
Department
of
Airports,
Revenue,
2019
E,
5%,
5/15/44
......................
32,670,000
34,916,660
Department
of
Airports,
Revenue,
2019
E,
5%,
5/15/49
......................
43,655,000
46,343,253
Department
of
Airports,
Revenue,
2019
F,
5%,
5/15/44
......................
10,000,000
10,423,241
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/35
.............
10,500,000
11,660,021
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/36
.............
11,000,000
12,190,395
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/38
.............
11,925,000
13,141,005
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/39
.............
15,265,000
16,786,566
Department
of
Airports,
Revenue,
2021
A,
Refunding,
5%,
5/15/51
.............
21,775,000
22,753,159
Department
of
Airports,
Revenue,
2021
D,
Refunding,
5%,
5/15/37
.............
11,225,000
12,064,790
Department
of
Airports,
Revenue,
2021
D,
Refunding,
5%,
5/15/46
.............
25,660,000
26,970,148
Department
of
Airports,
Revenue,
2022
A,
5%,
5/15/45
......................
10,000,000
10,550,925
Department
of
Airports,
Revenue,
2022
G,
4%,
5/15/42
.....................
16,575,000
15,743,651
Department
of
Airports,
Revenue,
2022
G,
4%,
5/15/47
.....................
11,325,000
10,593,303
Department
of
Airports,
Revenue,
2022
G,
5%,
5/15/47
.....................
51,170,000
53,775,546
Department
of
Airports,
Revenue,
2022
G,
5%,
5/15/52
.....................
5,050,000
5,314,756
Department
of
Airports,
Revenue,
2022
H,
5%,
5/15/42
.....................
8,420,000
8,980,716
Department
of
Airports,
Revenue,
2022
H,
5.25%,
5/15/47
...................
22,000,000
23,707,350
Department
of
Airports,
Revenue,
2022
H,
5.5%,
5/15/47
....................
23,000,000
25,422,811
Department
of
Airports,
Revenue,
2022
H,
5%,
5/15/52
.....................
5,080,000
5,346,329
Department
of
Airports,
Revenue,
2022
I,
5%,
5/15/41
......................
1,350,000
1,497,485
Department
of
Airports,
Revenue,
2022
I,
5%,
5/15/42
......................
1,360,000
1,500,972
Department
of
Airports,
Revenue,
2022
I,
4%,
5/15/48
......................
2,000,000
1,954,994
Department
of
Airports,
Revenue,
2022
I,
5%,
5/15/48
......................
22,750,000
24,773,232
Department
of
Airports,
Revenue,
Senior
Lien,
2020
C,
5%,
5/15/37
............
6,595,000
7,055,799
Wastewater
System,
Revenue,
2015
A,
5%,
6/01/44
........................
9,000,000
9,471,791
Wastewater
System,
Revenue,
2015
C,
Refunding,
5%,
6/01/45
...............
24,690,000
25,803,163
Wastewater
System,
Revenue,
2018
A,
5%,
6/01/48
........................
11,275,000
12,170,652
City
of
Menifee
,
Community
Facilities
District
No.
2019-1
Meadow
Run,
Special
Tax,
2022,
4%,
9/01/37
........................................................
320,000
304,073
Community
Facilities
District
No.
2019-1
Meadow
Run,
Special
Tax,
2022,
3%,
9/01/43
........................................................
135,000
95,399
Community
Facilities
District
No.
2019-1
Meadow
Run,
Special
Tax,
2022,
4%,
9/01/51
........................................................
565,000
488,843
City
of
Newport
Beach
,
Assessment
District
No.
113
,
1915
Act,
Special
Assessment
,
2021
A
,
2.25
%
,
9/02/41
.............................................
1,315,000
872,396
City
of
Ontario
,
Community
Facilities
District
No.
13,
Special
Tax,
2021,
Refunding,
4%,
9/01/38
...
400,000
368,478
Community
Facilities
District
No.
45,
Special
Tax,
2020,
4%,
9/01/43
...........
410,000
366,895
Community
Facilities
District
No.
45,
Special
Tax,
2020,
4%,
9/01/51
...........
1,565,000
1,336,361
Community
Facilities
District
No.
53,
Special
Tax,
2021,
4%,
9/01/36
...........
525,000
504,382
Community
Facilities
District
No.
53,
Special
Tax,
2021,
4%,
9/01/42
...........
650,000
595,988
c
Community
Facilities
District
No.
57,
Special
Tax,
2022,
4.25%,
9/01/37
.........
415,000
404,286
c
Community
Facilities
District
No.
57,
Special
Tax,
2022,
4.625%,
9/01/42
........
650,000
643,527
c
Community
Facilities
District
No.
57,
Special
Tax,
2022,
4.75%,
9/01/47
.........
840,000
827,586
c
Community
Facilities
District
No.
57,
Special
Tax,
2022,
4.75%,
9/01/52
.........
825,000
800,203
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
City
of
Orange
,
Community
Facilities
District
No.
06-1
,
Special
Tax
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/40
.........................................
$
7,500,000
$
7,912,961
City
of
Pasadena
,
Electric
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
6/01/46
............
22,625,000
21,825,032
City
of
Perris
,
Revenue
,
1988
A
,
GNMA
Insured
,
ETM,
Zero
Cpn.,
6/01/23
.........
19,095,000
18,712,048
City
of
Riverside
,
Electric,
Revenue,
2013
A,
Refunding,
5%,
10/01/43
.......................
11,535,000
11,808,701
Sewer,
Revenue,
2015
A,
Refunding,
5%,
8/01/40
.........................
25,000,000
26,541,938
City
of
Roseville
,
Electric
System
,
COP
,
2004
,
AGMC
Insured
,
5
%
,
2/01/34
........
5,000
5,011
City
of
Sacramento
,
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/43
....................
6,035,000
6,377,481
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/48
....................
19,830,000
20,803,936
Transient
Occupancy
Tax,
Revenue,
2018
C,
5%,
6/01/48
...................
9,415,000
9,857,734
City
of
Santa
Paula
,
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A,
Special
Tax,
2022,
4%,
9/01/42
....................................................
575,000
520,942
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A,
Special
Tax,
2022,
4%,
9/01/47
....................................................
1,460,000
1,282,770
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A,
Special
Tax,
2022,
4%,
9/01/52
....................................................
3,530,000
3,041,717
City
of
Santa
Rosa
,
Wastewater
,
Revenue
,
2020
A
,
5
%
,
9/01/35
................
3,100,000
3,531,663
City
of
Upland
,
San
Antonio
Regional
Hospital
Obligated
Group
,
COP
,
Refunding
,
5
%
,
1/01/47
.........................................................
14,400,000
14,700,979
City
of
Vernon
,
Electric
System,
Revenue,
2021
A,
5%,
10/01/24
..........................
2,500,000
2,585,351
Electric
System,
Revenue,
2021
A,
5%,
4/01/28
...........................
2,000,000
2,167,283
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/35
..................
1,420,000
1,532,405
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/39
..................
425,000
450,702
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/40
..................
365,000
386,012
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/41
..................
420,000
442,316
b
CMFA
Special
Finance
Agency
,
Revenue,
Senior
Lien,
144A,
2022
A-1,
4%,
8/01/58
........................
26,500,000
22,252,821
Latitude33,
Revenue,
144A,
2021
A-1,
3%,
12/01/56
.......................
9,000,000
6,395,533
Solana
at
Grand,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
8/01/56
..........
54,800,000
48,920,618
b
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-1
,
3
%
,
8/01/56
..............................................
94,250,000
68,093,118
b
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
8/01/56
.........................................
34,750,000
24,652,116
b
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
2/01/57
............................................
27,500,000
20,207,234
Coachella
Valley
Unified
School
District
,
GO,
C,
AGMC
Insured,
Zero
Cpn.,
8/01/36
...............................
8,000,000
4,638,731
GO,
C,
AGMC
Insured,
Zero
Cpn.,
8/01/37
...............................
8,000,000
4,400,254
GO,
C,
AGMC
Insured,
Zero
Cpn.,
8/01/40
...............................
7,500,000
3,493,368
GO,
C,
AGMC
Insured,
Zero
Cpn.,
8/01/43
...............................
10,000,000
3,840,532
Coalinga-Huron
Joint
Unified
School
District
,
GO
,
B
,
BAM
Insured
,
5
%
,
8/01/48
.....
13,210,000
13,979,115
Colton
Joint
Unified
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/42
.
16,365,000
6,646,057
Contra
Costa
Community
College
District
,
GO
,
2020
C
,
4
%
,
8/01/32
.............
1,200,000
1,281,291
Corona-Norco
Unified
School
District
,
GO,
1998
B,
AGMC
Insured,
Zero
Cpn.,
9/01/23
...........................
2,320,000
2,259,216
GO,
1998
B,
AGMC
Insured,
Zero
Cpn.,
9/01/24
...........................
2,620,000
2,482,052
GO,
1998
B,
AGMC
Insured,
Zero
Cpn.,
3/01/25
...........................
1,400,000
1,300,894
GO,
1998
C,
NATL
Insured,
Zero
Cpn.,
9/01/25
...........................
4,655,000
4,257,928
GO,
1998
C,
NATL
Insured,
Zero
Cpn.,
9/01/26
...........................
6,080,000
5,385,915
GO,
A,
Pre-Refunded,
5%,
8/01/44
.....................................
20,000,000
21,486,124
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
County
of
Madera
,
Childrens
Hospital
Central
California
Obligated
Group
,
COP
,
1998
,
NATL
Insured
,
5
%
,
3/15/23
...........................................
$
1,870,000
$
1,882,903
c
County
of
Orange
,
Community
Facilities
District
No.
2021-1,
Special
Tax,
2022
A,
5%,
8/15/37
......
1,300,000
1,386,065
Community
Facilities
District
No.
2021-1,
Special
Tax,
2022
A,
5%,
8/15/42
......
2,100,000
2,188,053
Community
Facilities
District
No.
2021-1,
Special
Tax,
2022
A,
5%,
8/15/47
......
3,400,000
3,509,403
Community
Facilities
District
No.
2021-1,
Special
Tax,
2022
A,
5%,
8/15/52
......
4,200,000
4,318,065
County
of
Riverside
,
Revenue,
1988
B,
GNMA
Insured,
ETM,
Zero
Cpn.,
6/01/23
..................
26,160,000
25,663,731
Community
Facilities
District
No.
07-2,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/45
........................................................
2,730,000
2,600,195
County
of
Sacramento
,
Airport
System,
Revenue,
2016
B,
Refunding,
5%,
7/01/41
...................
9,000,000
9,461,634
Airport
System,
Revenue,
Senior
Lien,
2016
A,
Refunding,
5%,
7/01/41
.........
10,000,000
10,590,129
Community
Facilities
District
No.
2014-2,
Special
Tax,
2021,
4%,
9/01/41
........
325,000
299,913
Community
Facilities
District
No.
2014-2,
Special
Tax,
2021,
4%,
9/01/46
........
325,000
289,427
b
CSCDA
Community
Improvement
Authority
,
1818
Platinum
Triangle-Anaheim,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3.35%,
4/01/47
........................................................
10,000,000
8,287,051
777
Place-Pomona,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3.6%,
5/01/47
.......
10,000,000
8,390,407
777
Place-Pomona,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3.25%,
5/01/57
......
12,500,000
9,310,541
Acacia
on
Santa
Rosa
Creek,
Revenue,
Senior
Lien,
144A,
2021
A,
4%,
10/01/56
.
13,000,000
11,602,430
Cameo/Garrison
Apartments,
Revenue,
144A,
2021
B,
4%,
3/01/57
............
12,000,000
9,022,842
Cameo/Garrison
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
2.8%,
3/01/47
21,900,000
17,151,671
Cameo/Garrison
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
3/01/57
.
7,430,000
5,383,899
Crescent
(The),
Revenue,
Senior
Lien,
144A,
2022
A-1,
3.25%,
7/01/43
.........
6,530,000
5,250,640
Crescent
(The),
Revenue,
Senior
Lien,
144A,
2022
A-2,
4.3%,
7/01/59
..........
18,250,000
15,997,784
Dublin,
Revenue,
144A,
2021
B,
4%,
2/01/57
.............................
16,110,000
11,846,321
Dublin,
Revenue,
Senior
Lien,
144A,
2021
A-1,
2.45%,
2/01/47
...............
41,100,000
31,879,470
Dublin,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
2/01/57
..................
45,500,000
32,795,790
Escondido
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
6/01/48
........
10,000,000
7,248,649
Jefferson
Platinum
Triangle
Apartments,
Revenue,
144A,
2021
A-1,
2.875%,
8/01/41
20,135,000
17,489,708
Jefferson
Platinum
Triangle
Apartments,
Revenue,
144A,
2021
A-2,
3.125%,
8/01/56
44,465,000
32,887,999
Monterey
Station
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
7/01/43
.
8,000,000
6,241,539
Park
Crossing
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A,
3.25%,
12/01/58
.
18,750,000
13,379,411
Pasadena
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-1,
2.65%,
12/01/46
.....
1,425,000
1,111,218
Pasadena
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
12/01/56
.......
39,820,000
28,835,621
Theo
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3.5%,
5/01/47
........
5,000,000
4,306,343
Towne
at
Glendale
Apartments,
Revenue,
144A,
2022
A,
Zero
Cpn.,
9/01/62
.....
53,000,000
28,208,646
Vineyard
Garden
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A,
3.25%,
10/01/58
14,000,000
10,276,280
Waterscape
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A,
3%,
9/01/56
......
5,000,000
3,611,065
Westgate
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
6/01/47
......
14,500,000
11,038,950
Wood
Creek
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
12/01/49
...
30,000,000
21,018,732
Wood
Creek
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-2,
4%,
12/01/58
...
25,000,000
20,023,785
Daly
City
Housing
Development
Finance
Agency
,
Franciscan
Park
LLC
,
Revenue
,
2007
A
,
Refunding
,
5
%
,
12/15/47
..........................................
17,870,000
17,874,316
Day
Creek
Square
Public
Facilities
,
Community
Facilities
District
No.
2018-1,
Special
Tax,
2020,
4%,
9/01/40
........
625,000
556,256
Community
Facilities
District
No.
2018-1,
Special
Tax,
2020,
4%,
9/01/45
........
700,000
598,726
Delano
Joint
Union
High
School
District
,
GO
,
2003
A
,
Refunding
,
NATL
Insured
,
5.15
%
,
2/01/32
.........................................................
8,520,000
9,502,716
East
Bay
Municipal
Utility
District
,
Water
System,
Revenue,
2014
A,
Refunding,
5%,
6/01/35
...................
10,000,000
10,444,535
Water
System,
Revenue,
2014
C,
5%,
6/01/44
............................
14,000,000
14,544,131
Water
System,
Revenue,
2015
A,
Refunding,
5%,
6/01/36
...................
7,355,000
7,837,904
Water
System,
Revenue,
2015
C,
4%,
6/01/45
............................
9,070,000
9,076,860
Water
System,
Revenue,
2019
A,
5%,
6/01/44
............................
4,000,000
4,424,374
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
East
Bay
Municipal
Utility
District,
(continued)
Water
System,
Revenue,
2019
A,
5%,
6/01/49
............................
$
11,700,000
$
12,854,665
Eastern
Municipal
Water
District
,
Revenue,
2021
A,
Refunding,
4%,
7/01/28
...............................
2,480,000
2,681,166
a
Revenue,
2021
B,
Refunding,
Mandatory
Put,
1.77%,
7/01/24
................
7,500,000
7,435,921
Community
Facilities
District
No.
2017-79,
Special
Tax,
2021,
4%,
9/01/46
.......
2,815,000
2,495,830
Community
Facilities
District
No.
2017-79,
Special
Tax,
2021,
4%,
9/01/51
.......
3,405,000
2,950,785
Community
Facilities
District
No.
2019-83,
Special
Tax,
2022,
4%,
9/01/51
.......
2,790,000
2,417,824
Eastern
Municipal
Water
District
Financing
Authority
,
Revenue
,
2015
B
,
5
%
,
7/01/46
.
30,705,000
32,161,808
Elk
Grove
Finance
Authority
,
Special
Tax
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/38
1,500,000
1,583,545
Fairfax
School
District
,
GO
,
2010
,
AGMC
Insured
,
Zero
Cpn.,
11/01/48
...........
10,380,000
2,830,598
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
Revenue
,
2019-ML06
,
ACA
,
Revenue
,
2.493
%
,
7/25/35
...........................................
1,040,240
900,101
Folsom
Cordova
Unified
School
District
School
Facilities
Improvement
Dist
No.
5
,
GO
,
C
,
4
%
,
10/01/43
...................................................
17,500,000
17,055,101
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue,
2013
A,
Refunding,
AGMC
Insured,
5%,
1/15/42
...................
10,000,000
10,287,467
Revenue,
2013
A,
Pre-Refunded,
6%,
1/15/49
............................
305,000,000
319,966,960
Revenue,
2013
A,
Pre-Refunded,
6%,
1/15/53
............................
190,000,000
199,323,680
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/31
..............
35,000,000
37,807,998
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/32
..............
37,260,000
40,317,455
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/37
..............
41,250,000
22,704,780
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/38
..............
77,650,000
40,613,714
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/39
..............
56,100,000
27,887,417
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/42
..........................
130,000,000
50,547,991
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/42
..........................
98,000,000
105,666,540
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/24
....................
72,045,000
69,770,438
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/25
....................
20,660,000
19,502,162
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/26
....................
23,475,000
21,582,380
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/27
....................
15,000,000
13,418,674
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/28
....................
2,000,000
1,741,614
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/29
....................
35,310,000
29,862,931
Revenue,
Senior
Lien,
2021
A,
Refunding,
4%,
1/15/46
.....................
17,500,000
16,530,526
Fowler
Unified
School
District
,
GO,
2010
C,
AGMC
Insured,
Zero
Cpn.,
8/01/41
..........................
3,095,000
1,301,121
GO,
2010
C,
AGMC
Insured,
Zero
Cpn.,
8/01/42
..........................
3,005,000
1,193,213
Franklin-Mckinley
School
District
,
GO
,
C
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
8/01/44
.
5,000,000
5,124,049
Fremont
Union
High
School
District
,
GO
,
2021
A
,
2
%
,
8/01/23
..................
3,000,000
2,988,894
Fresno
Unified
School
District
,
GO,
2020
B,
5%,
8/01/46
............................................
2,635,000
2,847,259
GO,
2020
B,
4%,
8/01/48
............................................
3,205,000
3,038,950
GO,
2020
B,
4%,
8/01/52
............................................
6,585,000
6,175,241
GO,
2020
B,
4%,
8/01/55
............................................
4,000,000
3,725,934
Fullerton
School
District
,
GO
,
2002
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/23
..........
3,030,000
2,957,438
Fullerton
School
District
Financing
Authority
,
Special
Tax,
Senior
Lien
,
2013
A
,
Pre-
Refunded
,
AGMC
Insured
,
5
%
,
9/01/31
.................................
2,500,000
2,564,917
Glendale
Community
College
District
,
GO
,
2003
C
,
NATL
Insured
,
Zero
Cpn.,
8/01/28
12,860,000
10,065,127
Glendora
Public
Finance
Authority
,
Glendora
Community
Redevelopment
Agency
,
Tax
Allocation
,
2003
A
,
NATL
Insured
,
5
%
,
9/01/24
............................
2,850,000
2,855,381
Golden
State
Tobacco
Securitization
Corp.
,
Revenue,
2015
A,
Pre-Refunded,
5%,
6/01/40
............................
95,490,000
102,063,856
Revenue,
2015
A,
Pre-Refunded,
5%,
6/01/40
............................
27,035,000
28,933,444
Revenue,
2015
A,
Pre-Refunded,
5%,
6/01/45
............................
308,395,000
330,051,021
Revenue,
2018
A-1,
Pre-Refunded,
5%,
6/01/35
...........................
28,340,000
32,171,727
Golden
Valley
Unified
School
District
Financing
Authority
,
Community
Facilities
District
No.
2017-1,
Revenue,
2021
A,
4%,
9/01/46
........
250,000
219,514
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Golden
Valley
Unified
School
District
Financing
Authority,
(continued)
Community
Facilities
District
No.
2017-1,
Revenue,
2021
A,
4%,
9/01/51
........
$
500,000
$
429,197
Community
Facilities
District
No.
2017-1,
Revenue,
2021
A,
4%,
9/01/56
........
745,000
633,082
Grossmont
Union
High
School
District
,
GO
,
2004
,
AGMC
Insured
,
Zero
Cpn.,
8/01/24
5,110,000
4,860,487
Grossmont-Cuyamaca
Community
College
District
,
GO
,
2018
B
,
4
%
,
8/01/47
......
10,000,000
9,582,976
Hacienda
La
Puente
Unified
School
District
,
GO
,
2017
A
,
4
%
,
8/01/47
............
655,000
629,629
Hartnell
Community
College
District
,
GO
,
2009
C
,
6.125
%
,
8/01/33
..............
20,000,000
25,125,194
Hawthorne
School
District
,
GO
,
2008
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/48
.......
37,665,000
10,714,751
Huntington
Beach
City
School
District
,
GO
,
2003
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/28
10,005,000
8,036,004
Independent
Cities
Finance
Authority
,
Augusta
Communities
LLC,
Revenue,
2022
A,
Refunding,
5.25%,
5/15/56
.......
4,000,000
4,216,362
b
City
of
Compton
Sales
Tax,
Revenue,
144A,
2021,
AGMC
Insured,
4%,
6/01/36
...
700,000
709,030
b
City
of
Compton
Sales
Tax,
Revenue,
144A,
2021,
AGMC
Insured,
4%,
6/01/41
...
900,000
879,107
b
City
of
Compton
Sales
Tax,
Revenue,
144A,
2021,
AGMC
Insured,
4%,
6/01/46
...
925,000
877,672
b
City
of
Compton
Sales
Tax,
Revenue,
144A,
2021,
AGMC
Insured,
4%,
6/01/51
...
1,250,000
1,174,507
Millennium
Housing
LLC,
Revenue,
2021
A,
Refunding,
3%,
9/15/46
...........
1,000,000
767,424
Millennium
Housing
LLC,
Revenue,
2021
A,
Refunding,
3%,
9/15/56
...........
2,000,000
1,406,171
c
Millennium
Housing
LLC,
Revenue,
2022,
Refunding,
4%,
9/15/42
.............
2,000,000
1,914,194
c
Millennium
Housing
LLC,
Revenue,
2022,
Refunding,
4.25%,
9/15/50
...........
2,000,000
1,929,020
c
Millennium
Housing
LLC,
Revenue,
2022,
Refunding,
5%,
9/15/50
.............
2,000,000
2,109,102
Irvine
Unified
School
District
,
Special
Tax,
2020
A,
4%,
9/01/40
......................................
2,960,000
2,799,446
Special
Tax,
2020
A,
4%,
9/01/44
......................................
6,250,000
5,721,418
Special
Tax,
2020
A,
BAM
Insured,
4%,
9/01/50
...........................
8,000,000
7,517,170
Special
Tax,
2020
A,
BAM
Insured,
4%,
9/01/54
...........................
12,285,000
11,494,422
Community
Facilities
District
No.
01-1,
Special
Tax,
2015,
Refunding,
BAM
Insured,
5%,
9/01/38
....................................................
7,000,000
7,328,981
Community
Facilities
District
No.
09-1,
Special
Tax,
2017
D,
5%,
3/01/57
........
10,000,000
10,452,020
Jefferson
Union
High
School
District
,
GO,
2000
A,
Refunding,
NATL
Insured,
6.45%,
8/01/25
.....................
1,945,000
2,058,429
GO,
2000
A,
Refunding,
NATL
Insured,
6.45%,
8/01/29
.....................
3,075,000
3,569,443
Jurupa
Community
Services
District
,
Community
Facilities
District
No.
52,
Special
Tax,
2021
A,
4%,
9/01/39
..........
135,000
125,885
Community
Facilities
District
No.
52,
Special
Tax,
2021
A,
4%,
9/01/40
..........
140,000
129,134
Community
Facilities
District
No.
52,
Special
Tax,
2021
A,
4%,
9/01/50
..........
1,000,000
867,335
Community
Facilities
District
No.
54,
Special
Tax,
2021
A,
4%,
9/01/46
..........
900,000
794,444
Community
Facilities
District
No.
54,
Special
Tax,
2021
A,
4%,
9/01/51
..........
875,000
755,840
Jurupa
Public
Financing
Authority
,
Special
Tax,
2013
A,
AGMC
Insured,
5.125%,
9/01/37
......................
4,000,000
4,101,576
Special
Tax,
2013
A,
AGMC
Insured,
5.25%,
9/01/42
.......................
3,250,000
3,337,804
Jurupa
Unified
School
District
,
GO
,
2015
A
,
Pre-Refunded
,
5
%
,
8/01/39
..........
10,165,000
10,920,323
La
Mirada
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2010
A
,
Refunding
,
AGMC
Insured
,
5
%
,
8/15/28
.................................
1,855,000
1,859,258
Lakeside
Union
School
District
,
GO
,
2010
B
,
Zero
Cpn.,
8/01/45
................
11,540,000
4,014,032
Lammersville
Joint
Unified
School
District
,
GO
,
2016
A
,
4
%
,
8/01/46
.............
41,340,000
39,848,176
Lancaster
School
District
,
GO,
1999,
NATL
Insured,
Zero
Cpn.,
8/01/25
.............................
5,495,000
5,062,083
GO,
1999,
NATL
Insured,
Zero
Cpn.,
7/01/26
.............................
5,965,000
5,313,113
Lassen
Municipal
Utility
District
,
COP
,
2021
,
4
%
,
5/01/51
......................
3,000,000
2,744,741
Lawndale
Redevelopment
Agency
,
Tax
Allocation,
2009,
AGMC
Insured,
5.5%,
8/01/39
........................
10,280,000
10,306,692
Tax
Allocation,
2009,
AGMC
Insured,
5.5%,
8/01/44
........................
6,085,000
6,100,850
Lemon
Grove
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/50
.....
20,990,000
5,755,710
Lodi
Unified
School
District
,
GO
,
2017
,
4
%
,
8/01/41
..........................
15,000,000
14,809,889
Long
Beach
Bond
Finance
Authority
,
Revenue,
2007
A,
5.5%,
11/15/28
.....................................
8,000,000
8,792,699
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Long
Beach
Bond
Finance
Authority,
(continued)
Revenue,
2007
A,
5%,
11/15/29
.......................................
$
17,465,000
$
18,761,995
Revenue,
2007
A,
5.5%,
11/15/30
.....................................
5,000,000
5,542,699
Revenue,
2007
A,
5%,
11/15/35
.......................................
69,855,000
74,424,523
Revenue,
2007
A,
5.5%,
11/15/37
.....................................
35,000,000
39,031,783
Los
Angeles
Community
College
District
,
GO
,
2016
,
Refunding
,
5
%
,
8/01/38
.......
10,000,000
10,732,516
Los
Angeles
County
Metropolitan
Transportation
Authority
,
Sales
Tax,
Revenue,
2016
A,
Refunding,
5%,
6/01/35
.......................
17,655,000
19,146,609
Sales
Tax,
Revenue,
2016
A,
Refunding,
5%,
6/01/37
.......................
10,970,000
11,863,582
Sales
Tax,
Revenue,
2016
A,
Refunding,
5%,
6/01/38
.......................
28,160,000
30,408,953
Sales
Tax,
Revenue,
2016
A,
Refunding,
5%,
6/01/39
.......................
10,000,000
10,785,973
Sales
Tax,
Revenue,
2019
A,
5%,
7/01/44
...............................
32,030,000
35,061,982
Sales
Tax,
Revenue,
2020
A,
Refunding,
5%,
6/01/32
.......................
6,700,000
7,791,256
Sales
Tax,
Revenue,
2020
A,
Refunding,
5%,
6/01/35
.......................
18,960,000
21,651,634
Sales
Tax,
Revenue,
2020
A,
Refunding,
5%,
6/01/36
.......................
17,365,000
19,787,426
Sales
Tax,
Revenue,
2020
A,
Refunding,
5%,
6/01/37
.......................
1,125,000
1,277,907
Sales
Tax,
Revenue,
2021
A,
5%,
6/01/23
...............................
7,000,000
7,141,620
Sales
Tax,
Revenue,
2021
A,
5%,
6/01/24
...............................
5,500,000
5,751,246
Sales
Tax,
Revenue,
2021
A,
5%,
6/01/25
...............................
10,000,000
10,727,083
Sales
Tax,
Revenue,
2021
A,
5%,
6/01/32
...............................
4,000,000
4,733,159
Sales
Tax,
Revenue,
Senior
Lien,
2021
A,
5%,
7/01/28
......................
3,830,000
4,374,068
Los
Angeles
County
Sanitation
Districts
Financing
Authority
,
Revenue,
2022
A,
5%,
10/01/25
.......................................
6,830,000
7,367,304
Los
Angeles
County
Sanitation
District
No.
20,
Revenue,
2016
A,
Refunding,
4%,
10/01/42
.......................................................
16,430,000
16,128,350
Los
Angeles
Department
of
Water
&
Power
,
Power
System,
Revenue,
2014
B,
5%,
7/01/43
............................
62,000,000
63,811,597
Power
System,
Revenue,
2014
D,
5%,
7/01/44
............................
51,940,000
53,973,669
Power
System,
Revenue,
2014
E,
5%,
7/01/44
............................
34,000,000
35,331,243
Power
System,
Revenue,
2015
A,
Refunding,
5%,
7/01/35
...................
15,105,000
15,901,482
Power
System,
Revenue,
2015
A,
Refunding,
5%,
7/01/36
...................
17,795,000
18,719,852
Power
System,
Revenue,
2016
A,
Refunding,
5%,
7/01/46
...................
15,000,000
15,830,933
Power
System,
Revenue,
2016
B,
5%,
7/01/35
............................
11,995,000
12,804,384
Power
System,
Revenue,
2017
A,
5%,
7/01/42
............................
7,710,000
8,256,311
Power
System,
Revenue,
2017
A,
5%,
7/01/47
............................
16,000,000
17,053,520
Power
System,
Revenue,
2019
A,
5%,
7/01/45
............................
27,090,000
29,492,515
Power
System,
Revenue,
2019
A,
5%,
7/01/49
............................
9,185,000
9,948,555
Power
System,
Revenue,
2019
C,
5%,
7/01/37
............................
2,860,000
3,197,934
Power
System,
Revenue,
2020
A,
Refunding,
5%,
7/01/28
...................
10,000,000
11,385,498
Power
System,
Revenue,
2020
B,
Refunding,
5%,
7/01/39
...................
13,560,000
15,093,384
Power
System,
Revenue,
2020
B,
Refunding,
5%,
7/01/40
...................
14,950,000
16,569,909
Power
System,
Revenue,
2020
B,
Refunding,
5%,
7/01/45
...................
8,500,000
9,287,882
Power
System,
Revenue,
2020
B,
Refunding,
5%,
7/01/50
...................
40,000,000
43,241,340
Power
System,
Revenue,
2021
C,
5%,
7/01/40
............................
8,020,000
8,984,358
Power
System,
Revenue,
2022
C,
Refunding,
5%,
7/01/40
...................
6,000,000
6,756,237
Power
System,
Revenue,
2022
C,
Refunding,
5%,
7/01/41
...................
5,000,000
5,611,654
Power
System,
Revenue,
2022
C,
Refunding,
5%,
7/01/42
...................
6,250,000
6,999,844
Power
System,
Revenue,
2022
C,
Refunding,
5%,
7/01/43
...................
5,000,000
5,576,600
Water
System,
Revenue,
2014
A,
5%,
7/01/44
............................
50,000,000
51,994,105
Water
System,
Revenue,
2016
A,
Refunding,
5%,
7/01/46
...................
62,660,000
66,212,302
Water
System,
Revenue,
2017
A,
Refunding,
5%,
7/01/44
...................
72,060,000
77,094,068
Water
System,
Revenue,
2018
A,
5%,
7/01/43
............................
13,805,000
14,979,865
Water
System,
Revenue,
2018
A,
5%,
7/01/48
............................
22,375,000
24,170,762
Water
System,
Revenue,
2018
B,
Refunding,
5%,
7/01/48
...................
10,000,000
10,870,871
Water
System,
Revenue,
2020
C,
Refunding,
5%,
7/01/37
...................
6,035,000
6,786,968
Water
System,
Revenue,
2020
C,
Refunding,
5%,
7/01/38
...................
20,350,000
22,791,365
Water
System,
Revenue,
2020
C,
Refunding,
5%,
7/01/39
...................
8,100,000
9,039,598
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Los
Angeles
Unified
School
District
,
GO,
2017
A,
Refunding,
5%,
7/01/25
...................................
$
18,750,000
$
20,131,596
GO,
2020
C,
4%,
7/01/33
............................................
10,820,000
11,502,828
GO,
2020
C,
4%,
7/01/36
............................................
7,865,000
8,108,690
GO,
2020
RYQ,
4%,
7/01/44
.........................................
10,730,000
10,343,752
Los
Gatos-Saratoga
Joint
High
School
District
,
GO,
A,
4%,
8/01/39
................................................
10,635,000
10,707,671
GO,
A,
4%,
8/01/44
................................................
16,090,000
16,111,240
Los
Rios
Community
College
District
,
GO,
E,
3%,
8/01/23
................................................
10,560,000
10,629,209
GO,
E,
3%,
8/01/24
................................................
8,250,000
8,312,373
Marin
Municipal
Water
District
,
Revenue
,
2022
,
Refunding
,
4
%
,
6/15/52
..........
27,295,000
25,561,759
McFarland
Public
Financing
Authority
,
Revenue
,
2010
A
,
AGMC
Insured
,
5
%
,
10/01/40
5,115,000
5,125,991
Menifee
Union
School
District
,
Community
Facilities
District
No.
2011-1,
Special
Tax,
2021,
4%,
9/01/26
........
75,000
76,064
Community
Facilities
District
No.
2011-1,
Special
Tax,
2021,
4%,
9/01/27
........
140,000
142,053
Community
Facilities
District
No.
2011-1,
Special
Tax,
2021,
4%,
9/01/28
........
105,000
106,263
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5,
Special
Tax,
2021,
4%,
9/01/45
....................................................
875,000
780,537
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5,
Special
Tax,
2021,
4%,
9/01/51
....................................................
1,825,000
1,576,467
Community
Facilities
District
No.
2019-2,
Special
Tax,
2021,
4%,
9/01/35
........
200,000
193,366
Community
Facilities
District
No.
2019-2,
Special
Tax,
2021,
4%,
9/01/44
........
565,000
507,823
Community
Facilities
District
No.
2019-2,
Special
Tax,
2021,
4%,
9/01/51
........
675,000
584,957
Metropolitan
Water
District
of
Southern
California
,
Revenue,
2015
A,
Pre-Refunded,
5%,
7/01/40
............................
10,000,000
10,736,852
a
Revenue,
2017
C,
Mandatory
Put,
1.81%,
5/21/24
.........................
13,000,000
12,961,767
a
Revenue,
2017
D,
Refunding,
Mandatory
Put,
1.81%,
5/21/24
................
10,000,000
9,970,601
a
Revenue,
2017
E,
Refunding,
Mandatory
Put,
1.81%,
5/21/24
................
13,000,000
12,961,781
Revenue,
2020
A,
5%,
10/01/49
.......................................
16,665,000
18,437,493
Revenue,
2021
B,
Refunding,
4%,
10/01/24
..............................
4,070,000
4,207,410
Revenue,
2021
B,
Refunding,
4%,
10/01/25
..............................
2,000,000
2,098,232
Revenue,
2022
B,
Refunding,
3%,
7/01/28
...............................
20,000,000
20,642,350
Middle
Fork
Project
Finance
Authority
,
Revenue,
2020,
Refunding,
5%,
4/01/27
.................................
3,000,000
3,214,864
Revenue,
2020,
Refunding,
5%,
4/01/31
.................................
3,895,000
4,256,240
Revenue,
2020,
Refunding,
5%,
4/01/36
.................................
7,330,000
7,842,116
Midpeninsula
Regional
Open
Space
District
,
GO
,
2018
,
4
%
,
9/01/48
.............
11,220,000
11,072,024
Milpitas
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
1997
,
NATL
Insured
,
ETM,
5.5
%
,
1/15/24
.........................................
3,830,000
3,925,017
Modesto
High
School
District
,
GO,
2002
A,
NATL
Insured,
Zero
Cpn.,
8/01/23
...........................
10,815,000
10,556,003
GO,
2002
A,
NATL
Insured,
Zero
Cpn.,
5/01/27
...........................
12,770,000
11,164,063
Monterey
Peninsula
Unified
School
District
,
GO
,
2016
C
,
Refunding
,
5
%
,
8/01/41
...
11,190,000
11,906,276
Moorpark
Unified
School
District
,
GO
,
2009
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/32
...
5,870,000
4,065,143
Moreno
Valley
Unified
School
District
,
GO,
2004
A,
AGMC
Insured,
ETM,
Zero
Cpn.,
8/01/27
......................
6,315,000
5,550,017
GO,
2004
A,
AGMC
Insured,
ETM,
Zero
Cpn.,
8/01/28
......................
6,625,000
5,656,650
Mount
Diablo
Unified
School
District
,
GO,
2022
B,
Refunding,
4%,
8/01/25
...................................
3,100,000
3,236,424
GO,
B,
4%,
8/01/24
................................................
1,425,000
1,466,453
Mount
San
Antonio
Community
College
District
,
GO
,
2013
A
,
Zero
Cpn.,
8/01/43
....
55,000,000
49,342,233
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.5
%
,
11/01/39
....................
25,000,000
30,206,540
Murrieta
Valley
Unified
School
District
,
Community
Facilities
District
No.
2018-1,
Special
Tax,
2021,
4%,
9/01/24
........
60,000
60,624
Community
Facilities
District
No.
2018-1,
Special
Tax,
2021,
4%,
9/01/29
........
75,000
75,662
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Murrieta
Valley
Unified
School
District,
(continued)
Community
Facilities
District
No.
2018-1,
Special
Tax,
2021,
4%,
9/01/35
........
$
120,000
$
115,022
Community
Facilities
District
No.
2018-1,
Special
Tax,
2021,
4%,
9/01/44
........
500,000
442,191
Community
Facilities
District
No.
2018-1,
Special
Tax,
2021,
4%,
9/01/51
........
1,000,000
853,905
Newport
Mesa
Unified
School
District
,
GO
,
2011
,
6.3
%
,
8/01/42
................
20,000,000
24,578,822
Norman
Y
Mineta
San
Jose
International
Airport
SJC
,
Revenue,
2017
A,
Refunding,
5%,
3/01/41
...............................
10,000,000
10,298,100
Revenue,
2017
A,
Refunding,
5%,
3/01/47
...............................
20,000,000
20,458,072
Revenue,
2017
B,
Refunding,
5%,
3/01/47
...............................
10,000,000
10,448,626
Revenue,
2021
A,
Refunding,
5%,
3/01/32
...............................
2,000,000
2,189,289
Revenue,
2021
A,
Refunding,
5%,
3/01/33
...............................
2,000,000
2,178,281
Revenue,
2021
B,
Refunding,
5%,
3/01/29
...............................
500,000
568,609
Revenue,
2021
B,
Refunding,
5%,
3/01/30
...............................
600,000
690,807
Revenue,
2021
B,
Refunding,
5%,
3/01/31
...............................
1,000,000
1,158,481
Revenue,
2021
B,
Refunding,
5%,
3/01/32
...............................
2,000,000
2,296,102
Revenue,
2021
B,
Refunding,
5%,
3/01/33
...............................
1,400,000
1,593,510
Oceanside
Unified
School
District
,
GO,
2010
B,
AGMC
Insured,
Zero
Cpn.,
8/01/38
...........................
10,590,000
5,672,477
GO,
2010
B,
AGMC
Insured,
Zero
Cpn.,
8/01/39
...........................
7,860,000
3,992,077
GO,
2015,
Refunding,
5%,
8/01/48
.....................................
12,000,000
12,557,639
Ontario
International
Airport
Authority
,
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/28
...........................
300,000
327,279
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/29
...........................
830,000
908,075
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/30
...........................
1,315,000
1,448,275
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/31
...........................
1,000,000
1,104,372
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/32
...........................
2,000,000
2,192,432
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/33
...........................
1,000,000
1,090,460
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/34
...........................
1,000,000
1,082,795
Ontario
Montclair
School
District
,
GO
,
2017
A
,
5
%
,
8/01/46
....................
11,765,000
12,587,462
Orange
County
Sanitation
District
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
2/01/36
......
8,350,000
8,727,540
Orange
County
Transportation
Authority
,
Revenue,
2021,
4%,
10/15/24
........................................
44,055,000
45,546,266
Revenue,
2021,
5%,
10/15/24
........................................
20,945,000
22,108,713
Orange
County
Water
District
,
COP,
2003
B,
NATL
Insured,
ETM,
5%,
8/15/28
...........................
13,740,000
15,075,030
COP,
2003
B,
NATL
Insured,
ETM,
5%,
8/15/34
...........................
3,305,000
3,836,631
COP,
2003
B,
Pre-Refunded,
NATL
Insured,
5%,
8/15/34
....................
4,140,000
4,922,158
Palo
Alto
Unified
School
District
,
GO
,
2022
,
5
%
,
8/01/25
......................
10,975,000
11,796,935
Palomar
Community
College
District
,
GO,
2010
B,
Zero
Cpn.,
8/01/39
.......................................
69,410,000
74,319,682
GO,
C,
Pre-Refunded,
5%,
8/01/44
....................................
35,120,000
37,781,053
Palomar
Health
,
GO,
2009
A,
AGMC
Insured,
7%,
8/01/38
................................
36,000,000
42,059,387
GO,
2010
A,
6.75%,
8/01/40
..........................................
60,000,000
69,809,700
Palomar
Health
Obligated
Group,
Revenue,
2017,
Refunding,
AGMC
Insured,
5%,
11/01/47
.......................................................
35,000,000
36,495,977
Panoche
Financing
Authority
,
Panoche
Water
District,
Revenue,
2021
A,
4%,
9/01/43
.....................
1,120,000
1,041,093
Panoche
Water
District,
Revenue,
2021
A,
4%,
9/01/51
.....................
6,070,000
5,417,530
Panoche
Water
District,
Revenue,
2021
B,
0.932%,
9/01/22
..................
125,000
125,000
Panoche
Water
District,
Revenue,
2021
B,
1.182%,
9/01/23
..................
125,000
121,156
Panoche
Water
District,
Revenue,
2021
B,
1.408%,
9/01/24
..................
125,000
118,208
Panoche
Water
District,
Revenue,
2021
B,
1.553%,
9/01/25
..................
130,000
120,242
Panoche
Water
District,
Revenue,
2021
B,
2.006%,
9/01/27
..................
395,000
354,139
Panoche
Water
District,
Revenue,
2021
B,
2.456%,
9/01/29
..................
415,000
365,248
Panoche
Water
District,
Revenue,
2021
B,
2.756%,
9/01/31
..................
435,000
374,676
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Panoche
Financing
Authority,
(continued)
Panoche
Water
District,
Revenue,
2021
B,
3.106%,
9/01/35
..................
$
880,000
$
740,437
Panoche
Water
District,
Revenue,
2021
B,
3.571%,
9/01/40
..................
1,155,000
955,854
Paramount
Unified
School
District
,
GO,
2013,
Pre-Refunded,
BAM
Insured,
5%,
8/01/48
.......................
2,450,000
2,510,784
GO,
2013,
Pre-Refunded,
BAM
Insured,
Zero
Cpn.,
8/01/43
..................
32,000,000
8,131,853
GO,
2013,
Pre-Refunded,
BAM
Insured,
Zero
Cpn.,
8/01/48
..................
28,000,000
4,783,145
Patterson
Joint
Unified
School
District
,
GO,
2001
A,
NATL
Insured,
Zero
Cpn.,
8/01/23
...........................
1,985,000
1,939,212
GO,
2001
A,
NATL
Insured,
Zero
Cpn.,
8/01/24
...........................
2,075,000
1,974,054
GO,
2001
A,
NATL
Insured,
Zero
Cpn.,
8/01/25
...........................
2,170,000
1,999,039
GO,
2001
A,
NATL
Insured,
Zero
Cpn.,
8/01/26
...........................
2,265,000
2,012,340
Perris
Joint
Powers
Authority
,
Community
Facilities
District
No.
2018-1,
Special
Tax,
2020,
4%,
9/01/50
........
1,125,000
964,143
Facilities
District
No.
2007-2,
Special
Tax,
2021,
4%,
9/01/43
.................
1,445,000
1,300,654
Facilities
District
No.
2007-2,
Special
Tax,
2021,
4%,
9/01/48
.................
1,250,000
1,093,487
Perris
Union
High
School
District
,
COP,
2019,
Refunding,
BAM
Insured,
5%,
10/01/48
........................
10,000,000
10,807,645
GO,
2013
A,
Pre-Refunded,
AGMC
Insured,
5%,
9/01/42
....................
5,000,000
5,134,833
GO,
2019
A,
AGMC
Insured,
4%,
9/01/43
................................
5,540,000
5,348,865
Pittsburg
Unified
School
District
,
GO
,
2016
,
Refunding
,
4
%
,
8/01/44
.............
11,000,000
10,601,589
Placentia-Yorba
Linda
Unified
School
District
,
GO,
2008
D,
Zero
Cpn.,
8/01/43
.......................................
27,955,000
11,005,280
GO,
2008
D,
Zero
Cpn.,
8/01/46
.......................................
89,200,000
29,291,656
GO,
2008
D,
Zero
Cpn.,
8/01/49
.......................................
85,000,000
24,069,807
Port
of
Los
Angeles
,
Revenue
,
2014
B
,
Refunding
,
5
%
,
8/01/44
.................
10,300,000
10,696,454
Poway
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation,
2015
A,
Refunding,
5%,
12/15/31
..........................
10,180,000
11,897,340
Tax
Allocation,
2015
A,
Refunding,
5%,
12/15/32
..........................
11,215,000
13,201,631
Tax
Allocation,
2015
A,
Refunding,
5%,
6/15/33
...........................
5,835,000
6,881,672
Poway
Unified
School
District
,
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/50
7,500,000
7,202,597
Facilities
Improvement
District
No.
2007-1,
GO,
B,
Zero
Cpn.,
8/01/46
..........
45,000,000
15,254,446
Regents
of
the
University
of
California
,
Medical
Center,
Revenue,
2013
J,
5%,
5/15/48
............................
75,000,000
76,072,260
Medical
Center,
Revenue,
2016
L,
Refunding,
5%,
5/15/47
...................
49,575,000
52,076,594
Medical
Center,
Revenue,
2022
P,
5%,
5/15/47
...........................
10,000,000
10,988,989
Medical
Center,
Revenue,
2022
P,
4%,
5/15/53
...........................
76,805,000
74,381,034
Rialto
Unified
School
District
,
GO
,
2011
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/41
......
27,000,000
30,492,164
Rio
Hondo
Community
College
District
,
GO
,
2010
C
,
Zero
Cpn.,
8/01/35
..........
10,000,000
6,062,324
Ripon
Unified
School
District
,
GO,
2013
A,
Pre-Refunded,
BAM
Insured,
5%,
8/01/42
.....................
705,000
722,491
GO,
2013
A,
Refunding,
BAM
Insured,
5%,
8/01/42
........................
2,315,000
2,367,132
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
4,333,018
Community
Facilities
District
No
2003-1
Improvement
Area
No.
1,
Special
Tax,
2022
A-1,
Refunding,
AGMC
Insured,
4.25%,
9/01/47
.........................
6,000,000
5,895,433
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
12,015,977
Riverside
County
Asset
Leasing
Corp.
,
County
of
Riverside,
Revenue,
1997
A,
NATL
Insured,
Zero
Cpn.,
6/01/23
.......
14,160,000
13,894,453
County
of
Riverside,
Revenue,
1997
A,
NATL
Insured,
Zero
Cpn.,
6/01/24
.......
13,005,000
12,427,840
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
29
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
RNR
School
Financing
Authority
,
Community
Facilities
District
No.
92-1
,
Special
Tax
,
2015
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/36
............................
$
11,145,000
$
11,793,088
Rocklin
Unified
School
District
,
GO,
2003,
NATL
Insured,
Zero
Cpn.,
8/01/25
.............................
8,160,000
7,508,491
GO,
2003,
NATL
Insured,
Zero
Cpn.,
8/01/26
.............................
8,695,000
7,751,930
GO,
2003,
NATL
Insured,
Zero
Cpn.,
8/01/27
.............................
9,080,000
7,842,076
GO,
2003,
NATL
Insured,
Zero
Cpn.,
8/01/28
.............................
16,615,000
13,867,539
Community
Facilities
District
No.
3,
Special
Tax,
2019,
BAM
Insured,
4%,
9/15/49
..
9,095,000
8,556,258
Rohnert
Park
Community
Development
Commission
Successor
Agency
,
Tax
Allocation
,
2007
R
,
NATL
Insured
,
ETM,
5
%
,
8/01/37
...............................
1,380,000
1,447,041
Romoland
School
District
,
c
Community
Facilities
District
No.
2016-2,
Special
Tax,
2022,
4.5%,
9/01/42
.......
360,000
357,387
c
Community
Facilities
District
No.
2016-2,
Special
Tax,
2022,
4.625%,
9/01/47
.....
750,000
737,825
c
Community
Facilities
District
No.
2016-2,
Special
Tax,
2022,
4.75%,
9/01/52
......
1,000,000
992,355
Community
Facilities
District
No.
91-1,
Special
Tax,
2022,
3.75%,
9/01/42
........
1,695,000
1,437,924
Community
Facilities
District
No.
91-1,
Special
Tax,
2022,
4%,
9/01/46
..........
5,085,000
4,548,503
Roseville
Natural
Gas
Financing
Authority
,
Revenue
,
2007
,
5
%
,
2/15/26
..........
5,000,000
5,236,709
Sacramento
City
Unified
School
District
,
GO
,
2017
E
,
4
%
,
5/01/47
...............
20,000,000
18,378,122
Sacramento
County
Sanitation
Districts
Financing
Authority
,
Revenue,
2014
A,
Refunding,
5%,
12/01/44
..............................
25,000,000
25,841,602
Sacramento
Regional
County
Sanitation
District,
Revenue,
2020
A,
Refunding,
5%,
12/01/27
.......................................................
2,960,000
3,329,732
Sacramento
County
Water
Financing
Authority
,
Sacramento
County
Water
Agency,
Revenue,
2019,
Refunding,
5%,
6/01/27
.....
2,000,000
2,222,109
Sacramento
County
Water
Agency,
Revenue,
2022
A,
4%,
11/01/25
............
32,260,000
33,681,676
Sacramento
Municipal
Utility
District
,
Revenue,
2019
G,
5%,
8/15/39
.......................................
3,135,000
3,480,959
Revenue,
2019
G,
5%,
8/15/41
.......................................
2,500,000
2,764,618
Revenue,
2021
I,
Refunding,
5%,
8/15/25
................................
2,000,000
2,148,743
Revenue,
2021
I,
Refunding,
5%,
8/15/26
................................
6,500,000
7,137,405
San
Bernardino
Community
College
District
,
GO
,
2009
B
,
Zero
Cpn.,
8/01/48
......
66,390,000
21,814,406
San
Diego
Community
College
District
,
GO
,
2009
B
,
Pre-Refunded
,
6
%
,
8/01/33
....
26,880,000
31,386,878
San
Diego
County
Regional
Airport
Authority
,
Revenue,
2017
A,
Refunding,
5%,
7/01/47
...............................
5,000,000
5,239,175
Revenue,
2019
A,
Refunding,
5%,
7/01/44
...............................
9,000,000
9,646,034
Revenue,
2019
B,
Refunding,
4%,
7/01/44
...............................
5,000,000
4,663,579
Revenue,
2021
A,
5%,
7/01/51
........................................
7,000,000
7,482,262
Revenue,
2021
B,
5%,
7/01/29
........................................
2,150,000
2,354,623
Revenue,
2021
B,
5%,
7/01/30
........................................
2,260,000
2,490,841
Revenue,
2021
B,
4%,
7/01/36
........................................
3,610,000
3,515,101
Special
Facilities,
Revenue,
2014
A,
5%,
7/01/44
..........................
5,645,000
5,748,757
San
Diego
County
Regional
Transportation
Commission
,
Revenue
,
2016
A
,
5
%
,
4/01/48
.........................................................
25,000,000
26,525,288
San
Diego
County
Water
Authority
,
Revenue,
2021
A,
Refunding,
5%,
5/01/29
...............................
2,335,000
2,707,590
Revenue,
Sub.
Lien,
2021
S-1,
Refunding,
5%,
5/01/28
.....................
18,020,000
20,507,295
San
Diego
Unified
School
District
,
GO,
1999
A,
NATL
Insured,
Zero
Cpn.,
7/01/23
...........................
11,120,000
10,908,982
GO,
2009-1,
Pre-Refunded,
6%,
7/01/33
................................
104,505,000
111,376,110
GO,
2010
C,
Zero
Cpn.,
7/01/48
.......................................
29,840,000
25,614,086
GO,
2012
E,
Zero
Cpn.,
7/01/47
.......................................
74,270,000
53,560,375
GO,
2019
L,
4%,
7/01/49
............................................
30,000
28,511
GO,
F,
5%,
7/01/40
................................................
56,510,000
59,851,239
GO,
F,
5%,
7/01/45
................................................
34,370,000
36,250,585
GO,
G,
5%,
7/01/40
................................................
13,000,000
13,768,645
GO,
R-2,
Refunding,
Zero
Cpn.,
7/01/40
.................................
79,760,000
70,819,478
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
San
Francisco
Bay
Area
Rapid
Transit
District
,
GO,
2020
C-1,
4%,
8/01/34
..........................................
$
1,560,000
$
1,645,394
GO,
2022
D-1,
3%,
8/01/41
..........................................
23,605,000
20,767,854
GO,
2022
D-1,
3%,
8/01/42
..........................................
20,000,000
17,416,144
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue,
2016
B,
5%,
5/01/46
........................................
81,185,000
83,529,144
Revenue,
2016
C,
5%,
5/01/46
........................................
53,000,000
55,819,393
Revenue,
2019
A,
Refunding,
5%,
5/01/39
...............................
14,500,000
15,274,348
Revenue,
2019
A,
Refunding,
5%,
5/01/49
...............................
9,000,000
9,328,100
Revenue,
Second
Series,
2014
B,
5%,
5/01/44
............................
31,000,000
31,796,300
Revenue,
Second
Series,
2017
A,
5%,
5/01/42
............................
20,910,000
21,590,721
Revenue,
Second
Series,
2017
A,
5%,
5/01/47
............................
81,855,000
83,787,580
Revenue,
Second
Series,
2017
B,
5%,
5/01/47
............................
62,070,000
66,034,312
Revenue,
Second
Series,
2018,
5.25%,
5/01/48
...........................
120,000,000
125,345,796
Revenue,
Second
Series,
2018
D,
5%,
5/01/43
...........................
32,000,000
33,182,858
Revenue,
Second
Series,
2018
E,
5%,
5/01/48
............................
10,305,000
10,927,809
Revenue,
Second
Series,
2019
E,
5%,
5/01/50
............................
8,000,000
8,286,614
Revenue,
Second
Series,
2021
A,
Refunding,
5%,
5/01/36
...................
5,000,000
5,382,665
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation,
Third
Lien
,
2017
B
,
AGMC
Insured
,
5
%
,
8/01/46
..................
10,000,000
10,592,344
San
Francisco
Unified
School
District
,
GO
,
2022
C
,
5
%
,
6/15/35
................
6,640,000
7,516,949
San
Gabriel
Unified
School
District
,
GO,
2002
A,
AGMC
Insured,
Zero
Cpn.,
8/01/26
...........................
3,530,000
3,136,229
GO,
2002
A,
AGMC
Insured,
Zero
Cpn.,
2/01/27
...........................
1,850,000
1,616,520
San
Jacinto
Unified
School
District
,
Community
Facilities
District
No.
2003-1
,
Special
Tax
,
2022
,
4
%
,
9/01/50
.............................................
875,000
749,889
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue,
1997
A,
Refunding,
5.9%,
1/15/38
..............................
106,465,000
126,914,872
Revenue,
1997
A,
Refunding,
5.95%,
1/15/40
.............................
142,645,000
171,997,033
Revenue,
1997
A,
Refunding,
6%,
1/15/43
...............................
161,250,000
196,514,810
Revenue,
1997
A,
Refunding,
6%,
1/15/45
...............................
143,336,000
175,324,080
Revenue,
1997
A,
Refunding,
6%,
1/15/46
...............................
143,336,000
175,621,316
Revenue,
1997
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
1/15/26
...............
13,155,000
11,676,366
Revenue,
Senior
Lien,
1993,
ETM,
Zero
Cpn.,
1/01/25
......................
5,700,000
5,380,558
Revenue,
Senior
Lien,
1993,
ETM,
Zero
Cpn.,
1/01/28
......................
33,545,000
29,134,480
Revenue,
Senior
Lien,
1993,
ETM,
Zero
Cpn.,
1/01/29
......................
37,050,000
31,334,511
Revenue,
Senior
Lien,
2014
A,
Pre-Refunded,
5%,
1/15/50
...................
230,000,000
244,289,026
Revenue,
Senior
Lien,
2021
A,
Refunding,
AGMC
Insured,
4%,
1/15/44
.........
130,746,000
124,831,927
Revenue,
Senior
Lien,
2021
A,
Refunding,
AGMC
Insured,
4%,
1/15/50
.........
191,775,000
179,532,487
San
Jose
Unified
School
District
,
COP,
2002,
AGMC
Insured,
ETM,
Zero
Cpn.,
1/01/27
.......................
7,105,000
6,328,871
COP,
2002,
AGMC
Insured,
ETM,
Zero
Cpn.,
1/01/29
.......................
7,105,000
5,952,926
San
Juan
Unified
School
District
,
GO,
2003
B,
NATL
Insured,
Zero
Cpn.,
8/01/26
...........................
13,575,000
11,776,851
GO,
2003
B,
NATL
Insured,
Zero
Cpn.,
8/01/27
...........................
18,605,000
16,107,430
GO,
2003
B,
NATL
Insured,
Zero
Cpn.,
8/01/28
...........................
19,470,000
16,297,833
San
Luis
Obispo
County
Financing
Authority
,
Revenue
,
2015
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/37
...............................................
10,000,000
10,569,604
San
Marino
Unified
School
District
,
GO
,
2000
A
,
NATL
Insured
,
Zero
Cpn.,
7/01/25
..
6,080,000
5,587,725
San
Mateo
Foster
City
Public
Financing
Authority
,
City
of
San
Mateo
Sewer,
Revenue,
2019,
5%,
8/01/49
.....................
20,000,000
21,798,556
Estero
Municipal
Improvement
District,
Revenue,
2021
A,
5%,
8/01/25
..........
14,485,000
15,599,525
San
Mateo
Union
High
School
District
,
COP,
2007,
Pre-Refunded,
AMBAC
Insured,
5%,
12/15/43
...................
11,535,000
12,187,516
GO,
2002
B,
NATL
Insured,
Zero
Cpn.,
9/01/22
...........................
5,000,000
5,000,000
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
31
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
San
Rafael
City
High
School
District
,
GO
,
2018
B
,
4
%
,
8/01/47
.................
$
17,060,000
$
16,323,318
Sanger
Public
Financing
Authority
,
Revenue,
2013,
Pre-Refunded,
AGMC
Insured,
5%,
6/15/35
.................
2,360,000
2,407,050
Revenue,
2013,
Pre-Refunded,
AGMC
Insured,
5%,
6/15/43
.................
6,155,000
6,277,707
Sanger
Unified
School
District
,
GO
,
A
,
BAM
Insured
,
4
%
,
8/01/41
...............
10,000,000
9,873,259
Santa
Ana
Unified
School
District
,
COP
,
1999
,
AGMC
Insured
,
Zero
Cpn.,
4/01/24
...
5,450,000
5,129,575
Santa
Cruz
County
Redevelopment
Successor
Agency
,
Tax
Allocation
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/35
.................................
20,000,000
21,187,614
Santaluz
Community
Facilities
District
No.
2
,
City
of
San
Diego
Community
Facilities
District
No.
2,
Special
Tax,
2021,
Refunding,
4%,
9/01/28
....................................................
880,000
931,413
City
of
San
Diego
Community
Facilities
District
No.
2,
Special
Tax,
2021,
Refunding,
4%,
9/01/29
....................................................
690,000
732,548
City
of
San
Diego
Community
Facilities
District
No.
2,
Special
Tax,
2021,
Refunding,
4%,
9/01/30
....................................................
430,000
454,020
School
Facilities
Financing
Authority
,
Twin
Rivers
Unified
School
District
,
Revenue
,
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/42
....................................
49,000,000
19,883,156
Semitropic
Improvement
District
of
the
Semitropic
Water
Storage
District
,
Revenue,
Second
Lien
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/45
...............
10,000,000
10,528,768
Southern
California
Public
Power
Authority
,
Revenue
,
2007
A
,
5
%
,
11/01/33
.......
17,500,000
18,811,315
Southern
Mono
Health
Care
District
,
GO,
A,
NATL
Insured,
Zero
Cpn.,
8/01/28
................................
2,340,000
1,917,022
GO,
A,
NATL
Insured,
Zero
Cpn.,
8/01/29
................................
2,440,000
1,911,797
GO,
A,
NATL
Insured,
Zero
Cpn.,
8/01/30
................................
2,550,000
1,910,323
GO,
A,
NATL
Insured,
Zero
Cpn.,
8/01/31
................................
2,660,000
1,901,627
Southwestern
Community
College
District
,
GO
,
D
,
Pre-Refunded
,
5
%
,
8/01/44
.....
10,000,000
10,781,179
State
of
California
,
GO,
5%,
10/01/22
.................................................
18,500,000
18,542,493
GO,
Refunding,
5%,
9/01/23
.........................................
15,000,000
15,407,502
GO,
Refunding,
4%,
10/01/23
.........................................
31,000,000
31,564,123
GO,
Refunding,
5%,
12/01/23
.........................................
5,000,000
5,168,519
GO,
6%,
5/01/24
..................................................
1,280,000
1,287,633
GO,
NATL
Insured,
6%,
8/01/24
.......................................
500,000
507,554
GO,
5.625%,
9/01/24
...............................................
255,000
259,198
GO,
Refunding,
4%,
10/01/24
.........................................
17,340,000
17,924,120
GO,
4%,
12/01/24
.................................................
3,500,000
3,627,453
GO,
5%,
3/01/25
..................................................
10,000,000
10,643,637
GO,
AMBAC
Insured,
5.9%,
3/01/25
....................................
110,000
112,031
GO,
Refunding,
5%,
4/01/25
.........................................
10,000,000
10,664,069
GO,
Refunding,
5%,
12/01/25
.........................................
23,000,000
24,902,171
GO,
Refunding,
5%,
9/01/26
.........................................
8,500,000
9,345,846
GO,
5%,
3/01/27
..................................................
5,000,000
5,313,175
GO,
5%,
4/01/27
..................................................
4,000,000
4,448,195
GO,
Refunding,
5%,
10/01/27
.........................................
10,000,000
11,231,288
GO,
Refunding,
5%,
10/01/28
.........................................
4,000,000
4,570,708
GO,
Refunding,
5%,
11/01/28
.........................................
5,000,000
5,720,820
GO,
Refunding,
5%,
12/01/28
.........................................
25,945,000
29,723,817
GO,
Refunding,
5%,
11/01/29
.........................................
1,055,000
1,224,930
GO,
Refunding,
5%,
12/01/29
.........................................
3,015,000
3,504,423
GO,
Refunding,
5%,
11/01/30
.........................................
14,125,000
16,633,070
GO,
5%,
4/01/33
..................................................
5,000,000
5,659,737
GO,
Refunding,
5%,
3/01/35
.........................................
50,000,000
56,498,330
GO,
Refunding,
5%,
9/01/35
.........................................
9,000,000
9,723,846
GO,
Refunding,
4%,
3/01/37
.........................................
10,000,000
10,301,087
GO,
5%,
10/01/39
.................................................
15,000,000
15,992,124
GO,
5%,
4/01/43
..................................................
44,745,000
45,362,405
GO,
5%,
10/01/44
.................................................
25,000,000
26,104,838
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
State
of
California,
(continued)
GO,
5%,
8/01/45
..................................................
$
22,085,000
$
23,308,849
GO,
5%,
8/01/46
..................................................
20,000,000
21,282,976
GO,
5%,
10/01/47
.................................................
81,000,000
85,745,328
GO,
5%,
4/01/49
..................................................
5,000,000
5,427,304
GO,
1996,
FGIC
Insured,
5.375%,
6/01/26
...............................
1,065,000
1,073,694
GO,
1997,
NATL,
FGIC
Insured,
5.625%,
10/01/26
.........................
5,005,000
5,108,927
GO,
2004,
5.125%,
4/01/24
..........................................
5,000
5,011
GO,
2004,
5.2%,
4/01/26
............................................
20,000
20,051
GO,
2017,
5%,
11/01/47
.............................................
10,000,000
10,740,369
GO,
2022,
Refunding,
5%,
4/01/35
.....................................
12,985,000
14,494,136
GO,
2022,
Refunding,
5%,
4/01/35
.....................................
38,600,000
44,808,501
Department
of
Water
Resources,
Revenue,
BD,
5%,
12/01/26
................
3,250,000
3,607,442
Department
of
Water
Resources,
Revenue,
BD,
5%,
12/01/27
................
8,240,000
9,321,292
Department
of
Water
Resources,
Revenue,
BD,
5%,
12/01/28
................
1,650,000
1,897,532
Sulphur
Springs
Union
School
District
,
COP,
2010,
AGMC
Insured,
6.5%,
12/01/37
..............................
6,175,000
6,838,877
COP,
2010,
AGMC
Insured,
ETM,
6.5%,
12/01/37
..........................
1,275,000
1,325,996
COP,
2010,
Pre-Refunded,
AGMC
Insured,
6.5%,
12/01/37
..................
5,215,000
5,873,790
Temescal
Valley
Water
District
,
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/36
................................................
930,000
886,010
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/41
................................................
785,000
713,953
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/46
................................................
1,040,000
917,712
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/51
................................................
930,000
802,516
Temple
City
Unified
School
District
,
GO
,
A
,
Pre-Refunded
,
5
%
,
8/01/43
...........
10,000,000
10,248,098
Three
Rivers
Levee
Improvement
Authority
,
Special
Tax,
2021
A,
Refunding,
3%,
9/01/22
.............................
105,000
105,000
Special
Tax,
2021
A,
Refunding,
3%,
9/01/23
.............................
220,000
218,675
Special
Tax,
2021
A,
Refunding,
3%,
9/01/24
.............................
245,000
240,650
Special
Tax,
2021
A,
Refunding,
4%,
9/01/25
.............................
280,000
284,054
Special
Tax,
2021
A,
Refunding,
4%,
9/01/36
.............................
1,080,000
1,038,681
Special
Tax,
2021
A,
Refunding,
4%,
9/01/41
.............................
2,840,000
2,600,553
Special
Tax,
2021
A,
Refunding,
4%,
9/01/46
.............................
2,700,000
2,383,332
Special
Tax,
2021
A,
Refunding,
4%,
9/01/51
.............................
5,065,000
4,375,235
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
1,652,250
Sacramento
County
Tobacco
Securitization
Corp.,
Revenue,
Senior
Lien,
2021
A,
1,
Refunding,
4%,
6/01/49
............................................
8,000,000
7,392,725
Town
of
Tiburon
,
Assessment
District
No.
2017-1,
1915
Act,
Special
Assessment,
2021
A,
2.375%,
9/02/41
........................................................
550,000
368,772
Assessment
District
No.
2017-1,
1915
Act,
Special
Assessment,
2021
A,
2.5%,
9/02/51
........................................................
1,250,000
774,811
Tracy
Community
Facilities
District
,
City
of
Tracy
Community
Facilities
District
No.
2016-02,
Special
Tax,
2021,
3%,
9/01/24
........................................................
100,000
99,183
City
of
Tracy
Community
Facilities
District
No.
2016-02,
Special
Tax,
2021,
4%,
9/01/25
........................................................
115,000
116,960
City
of
Tracy
Community
Facilities
District
No.
2016-02,
Special
Tax,
2021,
4%,
9/01/28
........................................................
120,000
122,413
City
of
Tracy
Community
Facilities
District
No.
2016-02,
Special
Tax,
2021,
4%,
9/01/30
........................................................
110,000
110,679
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
33
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Tracy
Community
Facilities
District,
(continued)
City
of
Tracy
Community
Facilities
District
No.
2016-02,
Special
Tax,
2021,
4%,
9/01/36
........................................................
$
430,000
$
417,498
City
of
Tracy
Community
Facilities
District
No.
2016-02,
Special
Tax,
2021,
4%,
9/01/41
........................................................
665,000
620,861
City
of
Tracy
Community
Facilities
District
No.
2016-02,
Special
Tax,
2021,
4%,
9/01/46
........................................................
885,000
795,144
City
of
Tracy
Community
Facilities
District
No.
2016-02,
Special
Tax,
2021,
4%,
9/01/51
........................................................
2,210,000
1,949,570
Transbay
Joint
Powers
Authority
,
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/45
...........................
10,315,000
10,894,505
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/49
...........................
9,080,000
9,557,591
Truckee-Donner
Public
Utility
District
,
Water
System
,
Revenue
,
2022
A
,
5
%
,
11/15/47
3,230,000
3,589,009
Tulare
County
Board
of
Education
,
COP,
Pre-Refunded,
BAM
Insured,
5.375%,
5/01/33
........................
3,185,000
3,249,952
COP,
Pre-Refunded,
BAM
Insured,
5.5%,
5/01/38
.........................
8,305,000
8,481,161
COP,
Pre-Refunded,
BAM
Insured,
5.5%,
5/01/43
.........................
10,855,000
11,085,251
Turlock
Irrigation
District
,
Revenue,
2019,
Refunding,
5%,
1/01/44
.................................
9,060,000
9,866,642
Revenue,
2020,
Refunding,
5%,
1/01/37
.................................
2,090,000
2,326,971
Revenue,
2020,
Refunding,
5%,
1/01/38
.................................
940,000
1,042,505
Revenue,
2020,
Refunding,
5%,
1/01/39
.................................
2,250,000
2,483,925
Revenue,
2020,
Refunding,
5%,
1/01/41
.................................
3,500,000
3,835,634
Union
Elementary
School
District
,
GO,
1999
A,
NATL
Insured,
Zero
Cpn.,
9/01/24
...........................
2,000,000
1,894,696
GO,
2001
B,
NATL
Insured,
Zero
Cpn.,
9/01/25
...........................
5,500,000
5,063,656
GO,
2001
B,
NATL
Insured,
Zero
Cpn.,
9/01/26
...........................
5,850,000
5,227,277
University
of
California
,
Revenue,
2015
I,
Refunding,
5%,
5/15/40
................................
22,990,000
24,253,266
Revenue,
2015
I,
Refunding,
5%,
5/15/50
................................
25,420,000
26,666,272
Revenue,
2016
AR,
Refunding,
5%,
5/15/41
..............................
13,760,000
14,739,760
Revenue,
2016
K,
4%,
5/15/46
........................................
19,850,000
19,123,262
Revenue,
2017
M,
5%,
5/15/37
.......................................
15,410,000
16,703,435
Revenue,
2018
AZ,
Refunding,
5%,
5/15/48
..............................
72,325,000
78,146,786
Revenue,
2018
O,
Refunding,
5%,
5/15/39
...............................
14,400,000
15,743,972
Revenue,
2018
O,
Refunding,
5%,
5/15/43
...............................
30,120,000
32,634,288
Revenue,
2018
O,
Refunding,
5%,
5/15/48
...............................
20,000,000
21,566,912
Revenue,
2018
O,
Refunding,
5%,
5/15/58
...............................
10,000,000
10,745,745
Revenue,
2020
BE,
Refunding,
5%,
5/15/42
..............................
5,000,000
5,512,132
c
Revenue,
2022
BK,
5%,
5/15/52
.......................................
250,000,000
275,708,425
Upland
Community
Facilities
District
,
City
of
Upland
Community
Facilities
District
No.
2016-1,
Special
Tax,
2021
A,
4%,
9/01/40
........................................................
260,000
241,797
City
of
Upland
Community
Facilities
District
No.
2016-1,
Special
Tax,
2021
A,
4%,
9/01/45
........................................................
165,000
147,895
City
of
Upland
Community
Facilities
District
No.
2016-1,
Special
Tax,
2021
A,
4%,
9/01/51
........................................................
260,000
226,744
Upland
Unified
School
District
,
GO
,
2011
C
,
Zero
Cpn.,
8/01/45
.................
62,900,000
20,691,370
Val
Verde
Unified
School
District
,
GO,
2010
B,
AGMC
Insured,
6.125%,
8/01/34
............................
1,000,000
1,202,125
GO,
2015
B,
Pre-Refunded,
BAM
Insured,
5%,
8/01/44
.....................
15,000,000
16,114,593
GO,
2020
A,
BAM
Insured,
4%,
8/01/46
.................................
1,450,000
1,393,456
Community
Facilities
District
No.
2018-1,
Special
Tax,
2022,
4%,
9/01/52
........
7,000,000
6,021,893
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
34
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Vallejo
Public
Financing
Authority
,
Vallejo
CA-Hiddenbrooke
Improvement
District
No.
1
,
Revenue
,
2004
A
,
5.8
%
,
9/01/31
....................................
$
3,370,000
$
3,407,403
Vista
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2015
B-1
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/37
..........................................
3,020,000
3,203,601
Vista
Unified
School
District
,
GO,
2002
A,
AGMC
Insured,
Zero
Cpn.,
8/01/26
...........................
7,150,000
6,357,319
GO,
2002
A,
AGMC
Insured,
Zero
Cpn.,
2/01/27
...........................
4,795,000
4,188,024
Washington
Township
Health
Care
District
,
GO
,
2015
B
,
5
%
,
8/01/45
.............
15,000,000
15,354,803
West
Basin
Municipal
Water
District
,
Revenue,
2021
A,
Refunding,
5%,
8/01/23
...............................
2,170,000
2,223,041
Revenue,
2021
A,
Refunding,
5%,
8/01/24
...............................
1,100,000
1,152,472
Revenue,
2021
A,
Refunding,
5%,
8/01/25
...............................
1,365,000
1,464,832
Revenue,
2021
A,
Refunding,
5%,
8/01/26
...............................
1,000,000
1,096,754
West
Sacramento
Area
Flood
Control
Agency
,
Special
Assessment,
2015,
AGMC
Insured,
5%,
9/01/40
.....................
3,000,000
3,160,992
Special
Assessment,
2015,
AGMC
Insured,
5%,
9/01/45
.....................
7,500,000
7,865,662
West
Sacramento
Financing
Authority
,
Special
Tax
,
A
,
AGMC
Insured
,
5
%
,
9/01/34
..
4,940,000
5,457,233
13,950,845,467
Wisconsin
0.8%
b
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
30,400,000
25,413,324
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
....
83,000,000
82,441,111
107,854,435
U.S.
Territories
1.0%
Guam
0.2%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue,
2021
A,
Refunding,
2.499%,
10/01/25
...........................
1,480,000
1,382,139
Revenue,
2021
A,
Refunding,
2.699%,
10/01/26
...........................
2,445,000
2,243,166
Revenue,
2021
A,
Refunding,
2.899%,
10/01/27
...........................
1,325,000
1,197,853
Revenue,
2021
A,
Refunding,
3.099%,
10/01/28
...........................
2,375,000
2,120,405
Revenue,
2021
A,
Refunding,
3.189%,
10/01/29
...........................
3,560,000
3,121,051
Revenue,
2021
A,
Refunding,
3.339%,
10/01/30
...........................
2,400,000
2,085,546
Revenue,
2021
A,
Refunding,
3.489%,
10/01/31
...........................
2,155,000
1,862,279
Revenue,
2021
A,
Refunding,
3.839%,
10/01/36
...........................
9,650,000
8,345,293
Revenue,
2021
A,
Refunding,
4.46%,
10/01/43
............................
2,400,000
2,030,239
24,387,971
Puerto
Rico
0.8%
Children's
Trust
Fund
,
Revenue,
5.5%,
5/15/39
.............................................
6,210,000
6,307,027
Revenue,
2002,
5.625%,
5/15/43
......................................
16,000,000
16,287,277
e
Puerto
Rico
Electric
Power
Authority
,
Revenue,
2012
A,
5%,
7/01/29
........................................
20,000,000
16,250,000
Revenue,
2013
A,
7%,
7/01/33
........................................
50,000,000
42,375,000
Revenue,
WW,
5%,
7/01/28
..........................................
12,030,000
9,774,375
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
AES
Puerto
Rico
LP
,
Revenue
,
2000
A
,
6.625
%
,
6/01/26
.....
5,800,000
6,009,770
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
15,000,000
14,551,602
111,555,051
Total
U.S.
Territories
....................................................................
135,943,022
Total
Municipal
Bonds
(Cost
$13,797,100,165)
..................................
14,194,642,924
a
a
a
a
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
35
See
Abbreviations
on
page
48
.
Short
Term
Investments
0.8%
a
a
Principal
Amount
a
Value
Municipal
Bonds
0.8%
California
0.8%
f
Irvine
Ranch
Water
District
,
Special
Assessment
,
2009
B
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
0.77
%
,
10/01/41
..................................
$
9,300,000
$
9,300,000
f
Santa
Clara
Valley
Transportation
Authority
,
2000
Measure
A
Sales
Tax
,
Revenue
,
2008
D
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.94
%
,
4/01/36
..........
11,700,000
11,700,000
f
Southern
California
Public
Power
Authority
,
Revenue
,
2020-3
,
Refunding
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
0.95
%
,
7/01/36
...........................
52,890,000
52,890,000
f
University
of
California
,
Revenue,
2013
AL-3,
Refunding,
Daily
VRDN
and
Put,
0.8%,
5/15/48
...........
2,000,000
2,000,000
Revenue,
2013
AL-4,
Refunding,
Daily
VRDN
and
Put,
0.85%,
5/15/48
..........
30,400,000
30,400,000
106,290,000
Total
Municipal
Bonds
(Cost
$106,290,000)
.....................................
106,290,000
Total
Short
Term
Investments
(Cost
$106,290,000
)
...............................
106,290,000
a
Total
Investments
(Cost
$13,903,390,165)
101.6%
...............................
$14,300,932,924
Other
Assets,
less
Liabilities
(1.6)%
...........................................
(216,343,616)
Net
Assets
100.0%
...........................................................
$14,084,589,308
a
The
maturity
date
shown
represents
the
mandatory
put
date.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
August
31,
2022,
the
aggregate
value
of
these
securities
was
$950,970,202,
representing
6.8%
of
net
assets.
c
Security
purchased
on
a
when-issued
basis.
See
Note
1(b).
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(b).
e
See
Note
7
regarding
defaulted
securities.
f
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
California
Tax-Free
Income
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
August
31,
2022
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
36
Franklin
California
Tax-
Free
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$13,903,390,165
Value
-
Unaffiliated
issuers
..................................................................
$14,300,932,924
Cash
....................................................................................
40,909,942
Receivables:
Investment
securities
sold
...................................................................
16,148,107
Capital
shares
sold
........................................................................
9,704,017
Interest
.................................................................................
128,732,276
Total
assets
..........................................................................
14,496,427,266
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
358,153,654
Capital
shares
redeemed
...................................................................
39,397,631
Management
fees
.........................................................................
5,304,688
Distribution
fees
..........................................................................
1,548,267
Transfer
agent
fees
........................................................................
1,501,736
Distributions
to
shareholders
.................................................................
5,291,511
Accrued
expenses
and
other
liabilities
...........................................................
640,471
Total
liabilities
.........................................................................
411,837,958
Net
assets,
at
value
.................................................................
$14,084,589,308
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$14,584,125,602
Total
distributable
earnings
(losses)
.............................................................
(499,536,294)
Net
assets,
at
value
.................................................................
$14,084,589,308
Franklin
California
Tax-Free
Income
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
August
31,
2022
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
37
Franklin
California
Tax-
Free
Income
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$2,193,274,591
Shares
outstanding
........................................................................
321,681,863
Net
asset
value
per
share
a
..................................................................
$6.82
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%)
................................
$7.09
Class
A1:
Net
assets,
at
value
.......................................................................
$8,738,701,996
Shares
outstanding
........................................................................
1,283,521,996
Net
asset
value
per
share
a
..................................................................
$6.81
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%)
................................
$7.08
Class
C:
Net
assets,
at
value
.......................................................................
$570,977,321
Shares
outstanding
........................................................................
84,033,800
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$6.79
Class
R6:
Net
assets,
at
value
.......................................................................
$284,784,122
Shares
outstanding
........................................................................
41,880,509
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$6.80
Advisor
Class:
Net
assets,
at
value
.......................................................................
$2,296,851,278
Shares
outstanding
........................................................................
337,957,899
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$6.80
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
Franklin
California
Tax-Free
Income
Fund
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
August
31,
2022
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
38
Franklin
California
Tax-
Free
Income
Fund
Investment
income:
Dividends:
Unaffiliated
issuers
........................................................................
$247,568
Interest:
Unaffiliated
issuers
........................................................................
285,040,769
Total
investment
income
...................................................................
285,288,337
Expenses:
Management
fees
(Note
3
a
)
...................................................................
32,396,454
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
2,779,320
    Class
A1
...............................................................................
4,572,368
    Class
C
................................................................................
2,053,844
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
699,826
    Class
A1
...............................................................................
2,931,371
    Class
C
................................................................................
198,173
    Class
R6
...............................................................................
38,489
    Advisor
Class
............................................................................
753,262
Custodian
fees
(Note
4
)
......................................................................
48,107
Reports
to
shareholders
fees
..................................................................
105,227
Registration
and
filing
fees
....................................................................
79,088
Professional
fees
...........................................................................
93,769
Trustees'
fees
and
expenses
..................................................................
74,376
Other
....................................................................................
1,061,434
Total
expenses
.........................................................................
47,885,108
Expense
reductions
(Note
4
)
...............................................................
(69,548)
Net
expenses
.........................................................................
47,815,560
Net
investment
income
................................................................
237,472,777
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(162,713,339)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(1,186,900,457)
Net
realized
and
unrealized
gain
(loss)
............................................................
(1,349,613,796)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(1,112,141,019)
Franklin
California
Tax-Free
Income
Fund
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
39
Franklin
California
Tax-Free
Income
Fund
Six
Months
Ended
August
31,
2022
(unaudited)
Year
Ended
February
28,
2022
a
Year
Ended
March
31,
2021
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
..............................
$237,472,777
$416,241,993
$490,235,889
Net
realized
gain
(loss)
..............................
(162,713,339)
127,429,234
22,797,752
Net
change
in
unrealized
appreciation
(depreciation)
........
(1,186,900,457)
(745,776,220)
421,902,497
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................................
(1,112,141,019)
(202,104,993)
934,936,138
Distributions
to
shareholders:
Class
A
..........................................
(32,995,792)
(53,499,461)
(48,518,935)
Class
A1
.........................................
(145,661,434)
(260,995,462)
(328,240,709)
Class
C
..........................................
(8,129,817)
(16,830,244)
(25,424,832)
Class
R6
.........................................
(5,012,898)
(8,375,467)
(6,958,278)
Advisor
Class
.....................................
(38,655,558)
(65,985,188)
(70,956,814)
Total
distributions
to
shareholders
.......................
(230,455,499)
(405,685,822)
(480,099,568)
Capital
share
transactions:
(Note
2
)
Class
A
..........................................
(19,560,749)
434,390,342
639,600,509
Class
A1
.........................................
(625,011,698)
(508,292,749)
(679,834,875)
Class
C
..........................................
(94,710,260)
(269,980,029)
(132,618,274)
Class
R6
.........................................
(31,115,948)
78,785,563
90,043,567
Advisor
Class
.....................................
(104,984,767)
218,813,972
548,024,489
Total
capital
share
transactions
.........................
(875,383,422)
(46,282,901)
465,215,416
Net
increase
(decrease)
in
net
assets
................
(2,217,979,940)
(654,073,716)
920,051,986
Net
assets:
Beginning
of
period
..................................
16,302,569,248
16,956,642,964
16,036,590,978
End
of
period
.......................................
$14,084,589,308
$16,302,569,248
$16,956,642,964
a
For
the
period
April
1,
2021
to
February
28,
2022.
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
40
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Franklin
California
Tax-Free
Income
Fund (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
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.
Subsequent
to
March
31,
2021,
the
Fund’s
fiscal
year
end
changed
to
February
28. 
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
Board,
the
Fund's
administrator
has
responsibility
for
oversight
of
valuation,
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. 
Debt
securities
generally
trade
in
the
over-the-counter
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,
book
values,
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
or
Delayed
Delivery
Basis
The
Fund
purchases
securities
on
a
when-issued
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.
c.
Income
Taxes
It
is the
Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The
Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
August
31,
2022,
the
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
41
franklintempleton.com
Semiannual
Report
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests. 
d.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Dividends
from
net
investment
income
are
normally
declared
daily;
these
dividends
may
be
reinvested
or
paid
monthly
to
shareholders.
Distributions
from
realized
capital
gains
and
other
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
e.
Insurance
The
scheduled
payments
of
interest
and
principal
for
each
insured
municipal
security
in
the
Fund
are
insured
by
either
a
new
issue
insurance
policy
or
a
secondary
insurance
policy.
Some
municipal
securities
in
the
Fund
are
secured
by
collateral
guaranteed
by
an
agency
of
the
U.S.
government.
Depending
on
the
type
of
coverage,
premiums
for
insurance
are
either
added
to
the
cost
basis
of
the
security
or
paid
by
a
third
party.
Insurance
companies
typically
insure
municipal
bonds
that
tend
to
be
of
very
high
quality,
with
the
majority
of
underlying
municipal
bonds
rated
A
or
better.
However,
an
event
involving
an
insurer
could
have
an
adverse
effect
on
the
value
of
the
securities
insured
by
that
insurance
company.
There
can
be
no
assurance
the
insurer
will
be
able
to
fulfill
its
obligations
under
the
terms
of
the
policy.
f.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
g.
Guarantees
and
Indemnifications
Under
the
Fund's
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Fund
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Fund
that
have
not
yet
occurred.
Currently,
the
Fund
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Income
Taxes
(continued)
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
42
franklintempleton.com
Semiannual
Report
2.
Shares
of
Beneficial
Interest
At
August
31,
2022,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund’s
shares
were
as
follows:
Six
Months
Ended
August
31,
2022
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
49,910,210
$347,751,343
Shares
issued
in
reinvestment
of
distributions
..........
4,289,997
29,867,670
Shares
redeemed
...............................
(56,757,788)
(397,179,762)
Net
increase
(decrease)
..........................
(2,557,581)
$(19,560,749)
Class
A1
Shares:
Shares
sold
...................................
18,669,670
$130,130,352
Shares
issued
in
reinvestment
of
distributions
..........
17,538,111
121,958,907
Shares
redeemed
...............................
(125,915,553)
(877,100,957)
Net
increase
(decrease)
..........................
(89,707,772)
$(625,011,698)
Class
C
Shares:
Shares
sold
...................................
3,444,877
$23,949,778
Shares
issued
in
reinvestment
of
distributions
..........
1,119,404
7,770,444
Shares
redeemed
a
..............................
(18,127,536)
(126,430,482)
Net
increase
(decrease)
..........................
(13,563,255)
$(94,710,260)
Class
R6
Shares:
Shares
sold
...................................
16,051,109
$114,032,058
Shares
issued
in
reinvestment
of
distributions
..........
703,636
4,886,848
Shares
redeemed
...............................
(21,374,246)
(150,034,854)
Net
increase
(decrease)
..........................
(4,619,501)
$(31,115,948)
Advisor
Class
Shares:
Shares
sold
...................................
163,972,993
$1,139,713,761
Shares
issued
in
reinvestment
of
distributions
..........
4,965,649
34,479,096
Shares
redeemed
...............................
(184,235,392)
(1,279,177,624)
Net
increase
(decrease)
..........................
(15,296,750)
$(104,984,767)
Year
Ended
February
28,
2022
b
Year
Ended
March
31,
2021
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
102,849,999
$800,681,168
116,764,837
$900,106,033
Shares
issued
in
reinvestment
of
distributions
..........
6,232,164
48,151,934
5,649,675
43,540,099
Shares
redeemed
...............................
(53,757,023)
(414,442,760)
(39,521,104)
(304,045,623)
Net
increase
(decrease)
..........................
55,325,140
$434,390,342
82,893,408
$639,600,509
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
43
franklintempleton.com
Semiannual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the
Fund
are
also
officers
and/or
directors
of
the
following
subsidiaries:
Year
Ended
February
28,
2022
b
Year
Ended
March
31,
2021
Shares
Amount
Shares
Amount
Class
A1
Shares:
Shares
sold
...................................
27,965,848
$216,900,382
38,448,447
$295,862,358
Shares
issued
in
reinvestment
of
distributions
..........
28,376,063
219,117,806
35,578,222
273,460,524
Shares
redeemed
...............................
(122,160,097)
(944,310,937)
(163,644,176)
(1,249,157,757)
Net
increase
(decrease)
..........................
(65,818,186)
$(508,292,749)
(89,617,507)
$(679,834,875)
Class
C
Shares:
Shares
sold
...................................
8,856,498
$68,689,312
21,886,128
$168,140,968
Shares
issued
in
reinvestment
of
distributions
..........
2,081,718
16,060,375
3,102,271
23,791,412
Shares
redeemed
a
..............................
(45,808,242)
(354,729,716)
(42,202,150)
(324,550,654)
Net
increase
(decrease)
..........................
(34,870,026)
$(269,980,029)
(17,213,751)
$(132,618,274)
Class
R6
Shares:
Shares
sold
...................................
27,701,071
$212,525,404
18,408,171
$141,741,350
Shares
issued
in
reinvestment
of
distributions
..........
1,060,271
8,169,377
897,010
6,895,210
Shares
redeemed
...............................
(18,788,650)
(141,909,218)
(7,653,152)
(58,592,993)
Net
increase
(decrease)
..........................
9,972,692
$78,785,563
11,652,029
$90,043,567
Advisor
Class
Shares:
Shares
sold
...................................
89,585,752
$690,000,973
129,992,816
$988,998,367
Shares
issued
in
reinvestment
of
distributions
..........
7,531,931
58,048,798
8,037,135
61,706,862
Shares
redeemed
...............................
(68,827,137)
(529,235,799)
(65,656,687)
(502,680,740)
Net
increase
(decrease)
..........................
28,290,546
$218,813,972
72,373,264
$548,024,489
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
b
For
the
period
April
1,
2021
to
February
28,
2022.
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
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
44
franklintempleton.com
Semiannual
Report
a.
Management
Fees
The
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Advisers
based
on
the
month-end
net
assets
of
the
Fund
as
follows:
For
the
period
ended
August
31,
2022,
the
annualized
gross
effective
investment
management
fee
rate
was 0.435%
of
the
Fund’s
average daily
net
assets. 
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Advisers
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund’s
Class
A
and
A1
reimbursement
distribution
plans,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
Under
the
Class
A
and
A1
reimbursement
distribution
plans,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund’s
Class
C
compensation
distribution
plan,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
Fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
Annualized
Fee
Rate
Net
Assets
0.625%
Up
to
and
including
$100
million
0.500%
Over
$100
million,
up
to
and
including
$250
million
0.450%
Over
$250
million,
up
to
and
including
$7.5
billion
0.440%
Over
$7.5
billion,
up
to
and
including
$10
billion
0.430%
Over
$10
billion,
up
to
and
including
$12.5
billion
0.420%
Over
$12.5
billion,
up
to
and
including
$15
billion
0.400%
Over
$15
billion,
up
to
and
including
$17.5
billion
0.380%
Over
$17.5
billion,
up
to
and
including
$20
billion
0.360%
In
excess
of
$20
billion
Class
A
..................................................................................
0.25%
Class
A1
.................................................................................
0.10%
Class
C
..................................................................................
0.65%
3.
Transactions
with
Affiliates
(continued)
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
45
franklintempleton.com
Semiannual
Report
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
The
fees
are
based
on
an
annualized
asset
based
fee
of
0.02%
plus
a
transaction
based
fee.
In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6, reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
are
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
specific
to
that
class.
For
the
period
ended
August
31,
2022,
the
Fund
paid
transfer
agent
fees
of
$4,621,121, of
which
$1,929,386
was
retained
by
Investor
Services.
f.
Waiver
and
Expense
Reimbursements
Effective
April
1,
2022,
Advisers
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
operating
expenses
(excluding
interest
expense,
distribution
fees,
acquired
fund
fees
and
expenses,
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for
each
class
of
the
Fund
do
not
exceed
0.65%,
based
on
the
average
net
assets
of
each
class
until
June
30,
2023.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
Investor
Services
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
so
that
the
Class
R6
transfer
agent
fees
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
June
30,
2023.
g.
Interfund
Transactions
The
Fund
engaged
in
purchases
and
sales
of
investments
with
funds
or
other
accounts
that
have
common
investment
managers
(or
affiliated
investment
managers),
directors,
trustees
or
officers.
During
the
period
ended
August
31,
2022,
these
purchases
and
sales
transactions
aggregated
$302,896,712
and
$417,112,268,
respectively,
with
net
realized
losses
of
$2,153,260.
4.
Expense
Offset
Arrangement
The Fund has
entered
into
an
arrangement
with
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
custodian
expenses.
During
the
period
ended
August
31,
2022,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations. 
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$32,062
CDSC
retained
..............................................................................
$390,358
3.
Transactions
with
Affiliates
(continued)
d.
Sales
Charges/Underwriting
Agreements
(continued)
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
46
franklintempleton.com
Semiannual
Report
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
February
28,
2022,
the
capital
loss
carryforwards
were
as
follows:
At
August
31,
2022,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
treatments
of
bond
discounts
and
premiums
and
wash
sales.
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities) for
the
period
ended
August
31,
2022,
aggregated
$3,289,480,614
and
$3,333,424,611,
respectively. 
7.
Defaulted
Securities
The
Fund
held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
August
31,
2022,
the
aggregate
value
of
these
securities
was
$68,399,375,
representing
0.5%
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.
Geopolitical
Risk 
On
February
24,
2022,
Russia
engaged
in
military
actions
in
the
sovereign
territory
of
Ukraine.
The
current
political
and
financial
uncertainty
surrounding
Russia
and
Ukraine
may
increase
market
volatility
and
the
economic
risk
of
investing
in
securities
in
these
countries
and
may
also
cause
uncertainty
for
the
global
economy
and
broader
financial
markets.
The
ultimate
fallout
and
long-term
impact
from
these
events
are
not
known.
The
Fund
will
continue
to
assess
the
impact
on
valuations
and
liquidity
and
will
take
any
potential
actions
needed
in
accordance
with
procedures
approved
by
the
Board.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$454,562,454
Long
term
................................................................................
306,754,989
Total
capital
loss
carryforwards
...............................................................
$761,317,443
Cost
of
investments
..........................................................................
$13,898,923,720
Unrealized
appreciation
........................................................................
$852,844,734
Unrealized
depreciation
........................................................................
(450,835,530)
Net
unrealized
appreciation
(depreciation)
..........................................................
$402,009,204
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
47
franklintempleton.com
Semiannual
Report
10.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
11.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
February
3,
2023.
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,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
August
31,
2022,
the Fund
did
not
use
the
Global
Credit
Facility.
12.
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.
At
August
31,
2022,
all
of
the
Fund’s
investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level
2
inputs.
13.
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.
Franklin
California
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
48
franklintempleton.com
Semiannual
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.
COP
Certificate
of
Participation
ETM
Escrowed
to
Maturity
FGIC
Financial
Guaranty
Insurance
Co.
FHLMC
Federal
Home
Loan
Mortgage
Corp.
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
Franklin
California
Tax-Free
Income
Fund
Shareholder
Information
49
franklintempleton.com
Semiannual
Report
Liquidity
Risk
Management
Program
Each
Fund
has
adopted
and
implemented
a
written
Liquidity
Risk
Management
Program
(the
“LRMP”)
as
required
by
Rule
22e-4
under
the
Investment
Company
Act
of
1940
(the
“Liquidity
Rule”).
The
LRMP
for
the
Franklin
Templeton
and
Legg
Mason
Funds
is
designed
to
assess
and
manage
each
Fund’s
liquidity
risk,
which
is
defined
as
the
risk
that
the
Fund
could
not
meet
requests
to
redeem
shares
issued
by
the
Fund
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
In
accordance
with
the
Liquidity
Rule,
the
LRMP
includes
policies
and
procedures
that
provide
for:
(1)
assessment,
management,
and
review
(no
less
frequently
than
annually)
of
each
Fund’s
liquidity
risk;
(2)
classification
of
each
Fund’s
portfolio
holdings
into
one
of
four
liquidity
categories
(Highly
Liquid,
Moderately
Liquid,
Less
Liquid,
and
Illiquid);
(3)
for
Funds
that
do
not
primarily
hold
assets
that
are
Highly
Liquid,
establishing
and
maintaining
a
minimum
percentage
of
the
Fund’s
net
assets
in
Highly
Liquid
investments
(called
a
“Highly
Liquid
Investment
Minimum”
or
“HLIM”);
and
(4)
prohibiting
the
Fund’s
acquisition
of
Illiquid
investments
that
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
Illiquid
assets.
The
LRMP
also
requires
reporting
to
the
Securities
and
Exchange
Commission
(“SEC”)
(on
a
non-public
basis)
and
to
the
Board
if
the
Fund’s
holdings
of
Illiquid
assets
exceed
15%
of
the
Fund’s
net
assets.
Funds
with
HLIMs
must
have
procedures
for
addressing
HLIM
shortfalls,
including
reporting
to
the
Board
and,
with
respect
to
HLIM
shortfalls
lasting
more
than
seven
consecutive
calendar
days,
reporting
to
the
SEC
(on
a
non-public
basis).
The
Director
of
Liquidity
Risk
within
the
Investment
Risk
Management
Group
(the
“IRMG”)
is
the
appointed
Administrator
of
the
LRMP.
The
IRMG
maintains
the
Investment
Liquidity
Committee
(the
“ILC”)
to
provide
oversight
and
administration
of
policies
and
procedures
governing
liquidity
risk
management
for
Franklin
Templeton
and
Legg
Mason
products
and
portfolios.
The
ILC
includes
representatives
from
Franklin
Templeton’s
Risk,
Trading,
Global
Compliance,
Legal,
Investment
Compliance,
Investment
Operations,
Valuation
Committee,
Product
Management
and
Global
Product
Strategy.
In
assessing
and
managing
each
Fund’s
liquidity
risk,
the
ILC
considers,
as
relevant,
a
variety
of
factors,
including
the
Fund’s
investment
strategy
and
the
liquidity
of
its
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions;
its
short
and
long-term
cash
flow
projections;
and
its
cash
holdings
and
access
to
other
funding
sources
including
the
Funds’
interfund
lending
facility
and
line
of
credit.
Classification
of
the
Fund’s
portfolio
holdings
in
the
four
liquidity
categories
is
based
on
the
number
of
days
it
is
reasonably
expected
to
take
to
convert
the
investment
to
cash
(for
Highly
Liquid
and
Moderately
Liquid
holdings)
or
sell
or
dispose
of
the
investment
(for
Less
Liquid
and
Illiquid
investments),
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
Each
Fund
primarily
holds
liquid
assets
that
are
defined
under
the
Liquidity
Rule
as
"Highly
Liquid
Investments,"
and
therefore
is
not
required
to
establish
an
HLIM.
Highly
Liquid
Investments
are
defined
as
cash
and
any
investment
reasonably
expected
to
be
convertible
to
cash
in
current
market
conditions
in
three
business
days
or
less
without
the
conversion
to
cash
significantly
changing
the
market
value
of
the
investment.
At
meetings
of
the
Funds’
Board
of
Trustees
held
in
May
2022,
the
Program
Administrator
provided
a
written
report
to
the
Board
addressing
the
adequacy
and
effectiveness
of
the
program
for
the
year
ended
December
31,
2021.
The
Program
Administrator
report
concluded
that
(i.)
the
LRMP,
as
adopted
and
implemented,
remains
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk;
(ii.)
the
LRMP,
including
the
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
was
implemented
and
operated
effectively
to
achieve
the
goal
of
assessing
and
managing
each
Fund’s
liquidity
risk;
and
(iii.)
each
Fund
was
able
to
meet
requests
for
redemption
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Fund’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Franklin
California
Tax-Free
Income
Fund
Shareholder
Information
50
franklintempleton.com
Semiannual
Report
Quarterly
Schedule
of
Investments
The
Fund
files
a
complete
schedule
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
the
Fund’s
financial
reports
every
six
months.
In
addition,
you
will
receive
an
annual
updated
summary
prospectus
(detail
prospectus
available
upon
request).
To
reduce
Fund
expenses,
we
try
to
identify
related
shareholders
in
a
household
and
send
only
one
copy
of
the
financial
reports
(to
the
extent
received
by
mail)
and
summary
prospectus.
This
process,
called
“householding,”
will
continue
indefinitely
unless
you
instruct
us
otherwise.
If
you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)
632-2301.
At
any
time
you
may
view
current
prospectuses/
summary
prospectuses
and
financial
reports
on
our
website.
If
you
choose,
you
may
receive
these
documents
through
electronic
delivery.
1112
S
10/22
©
2022
Franklin
Templeton
Investments.
All
rights
reserved.
Authorized
for
distribution
only
when
accompanied
or
preceded
by
a
summary
prospectus
and/or
prospectus.
Investors
should
carefully
consider
a
fund’s
investment
goals,
risks,
charges
and
expenses
before
investing.
A
prospectus
contains
this
and
other
information;
please
read
it
carefully
before
investing.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
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.       N/A
 
Item 5. Audit Committee of Listed Registrants.        N/A            
 
 
Item 6. Schedule of Investments.                      N/A
 
 
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.               N/A
 
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies.                                               N/A
 
 
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers.        N/A
 
 
Item 10. Submission of Matters to a Vote of Security Holders.
 
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
 
Item 11. Controls and Procedures.
(a) Evaluation of Disclosure Controls and Procedures.
The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
 
(b) Changes in Internal Controls.
There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.
 
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                             N/A
 
 
Item 13. Exhibits.
 
(a)(1) Code of Ethics
 
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
 
(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.
 
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND
 
 
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date  October 28, 2022
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date  October 28, 2022
 
 
By S\CHRISTOPHER KINGS______________________
      Christopher Kings
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  October 28, 2022
 
 EX-99.CODE ETH 2 codeofethics.htm
Code of Ethics for Principal Executives & Senior Financial Officers
 
 

Procedures
 
Revised December 19, 2014
 
 
 

FRANKLIN TEMPLETON FUNDS

 
CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND SENIOR FINANCIAL OFFICERS

I.
            
Covered Officers and Purpose of the
Code

 
This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers," each of whom is set forth in Exhibit A) of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission (“SEC”) (collectively, "FT Funds") for the purpose of promoting:
 
·
        
Honest and ethical conduct, including the ethical resolution of actual or apparent conflicts of interest between personal and professional
relationships;
·
        
Full, fair, accurate, timely and understandable disclosure in reports and documents
that a registrant files with, or submits to, the SEC and in other public communications made by or on behalf of the FT
Funds;
·
        
Compliance with applicable laws and governmental rules and
regulations;
·
        
The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code;
and
·
        
Accountability for adherence to the
Code.
 
Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.
 
 
 
 
*
Rule
38a-1
under
the Investment
Company
Act
of
1940
(“1940
Act”)
and
Rule
206(4)-7
under
the
Investment
Advisers
Act
of 1940 (“Advisers Act”) (together the “Compliance Rule”) require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws (“Compliance Rule Policies and
Procedures”).
 
CONFIDENTIAL INFORMATION. This document is the proprietary product of Franklin Templeton Investments. It may NOT be distributed outside the company unless it is made subject to a non-disclosure agreement and/or such release receives authorization by an FTI Chief Compliance Officer. Any unauthorized use, reproduction or transfer of this document is strictly prohibited. Franklin Templeton Investments © 2014. All Rights
Reserved.
 

II.
            
Other Policies and
Procedures

 
This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.
 
Franklin Resources, Inc. has separately adopted the Code of Ethics and Business Conduct (“Business Conduct”), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee’s business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee
policies.
 
Additionally, the Franklin Templeton Funds have separately adopted the FTI Personal Investments and Insider Trading Policy governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.
 
Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds’ adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to
you.
 

III.
            
Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

 
Overview. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of apposition with the FT Funds.
 
Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds’ and the investment advisers’ compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.
 
Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or

2


for all three), be involved in establishing policies and implementing decisions that will have different effects on the adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.
 
Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.
 
Each Covered Officer must:
·
        
Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the FT Funds whereby the Covered
Officer would benefit personally to the detriment of the FT
Funds;
·
        
Not cause the FT Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the FT
Funds;
·
        
Not retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated persons for reports of potential violations that are made in good
faith;
·
        
Report at least annually the following affiliations or other
relationships:
1
o
   
all directorships for public companies and all companies that are required to file reports with the
SEC;
o
   
any direct or indirect business relationship with any independent directors of
the FT
Funds;
o
   
any direct or indirect business relationship with any independent public accounting firm (which are not related to the routine issues related to the
firm’s service as the Covered Persons accountant);
and
o
   
any direct or indirect interest in any transaction with any FT Fund that will benefit the officer (not including benefits derived from the advisory, sub-advisory, distribution or service agreements with affiliates of Franklin
Resources).
These reports will be reviewed by the Legal Department for compliance with the Code.
There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include
2
:
·
        
Service as a director on the board of any public or private
Company.
 

1
 
Reporting
of
these
affiliations
or
other
relationships
shall
be
made
by
completing
the
annual
Directors
and
Officers
Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General
Counsel.
2
    
Any
activity
or
relationship
that
would
present
a
conflict
for
a
Covered Officer
may
also
present
a
conflict
for
the
Covered Officer
if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Cover Person should also obtain written approval by FT’s General Counsel in such situations.
 

3


·
        
The receipt of any gifts in excess of $100 from any person, from any corporation
or association.
·
        
The receipt of any entertainment from any Company with which the FT Funds has current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise
any question of impropriety. Notwithstanding the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources General Counsel for any entertainment with a value in excess of
$1000.
·
        
Any ownership interest in, or any consulting or employment relationship with, any of
the FT Fund’s service providers, other than an investment adviser, principal underwriter, administrator or any affiliated person
thereof.
·
        
A direct or indirect financial interest in commissions, transaction charges or spreads paid by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity
ownership.
·
        
Franklin Resources General Counsel or Deputy General Counsel will provide a report
to the FT Funds Audit Committee of any approvals granted at the next regularly scheduled meeting.
 

IV.
            
Disclosure and
Compliance

·
        
Each Covered Officer should familiarize himself with the disclosure
requirements generally applicable to the FT
Funds;
·
        
Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the FT Funds to others, whether within or outside the FT Funds, including to the FT Funds’ directors and auditors, and to governmental
regulators and self-regulatory
organizations;
·
        
Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the FT Funds, the FT Fund’s adviser and the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and in other public communications made by the FT Funds;
and
·
        
It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and
regulations.
 

V.
            
Reporting and Accountability

 
Each Covered Officer must:
·
        
Upon becoming a covered officer affirm in writing to the Board that he or she has received, read, and understands the Code (see Exhibit
B);
·
        
Annually thereafter affirm to the Board that he has complied with the requirements of
the Code;
and
·
        
Notify Franklin Resources’ General Counsel or Deputy General Counsel promptly if he or she knows of any violation of this Code. Failure to do so is itself is a violation of
this

4


Code.
Franklin Resources’ General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.
3
 
However, the Independent Directors of the respective FT Funds will consider any approvals or waivers
4
 
sought by any Chief Executive Officers of the Funds.
 
The FT Funds will follow these procedures in investigating and enforcing this Code:
 
·
        
Franklin Resources General Counsel or Deputy General Counsel will take all
appropriate action to investigate any potential violations reported to the Legal
Department;
·
        
If, after such investigation, the General Counsel or Deputy General Counsel believes that no violation has occurred, The General Counsel is not required to take any
further action;
·
        
Any matter that the General Counsel or Deputy General Counsel believes is a
violation will be reported to the Independent Directors of the appropriate FT
Fund;
·
        
If the Independent Directors concur that a violation has occurred, it will inform and make a recommendation to the Board of the appropriate FT Fund or Funds, which will
consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered
Officer;
·
        
The Independent Directors will be responsible for granting waivers, as appropriate;
and
·
        
Any changes to or waivers of this Code will, to the extent required, are disclosed
as provided by SEC
rules.
5

VI.
            
Other Policies and
Procedures

 
This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund’s principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT’s Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this
Code.
 
 
 

3
 
Franklin
Resources
General
Counsel
and
Deputy
General
Counsel
are
authorized
to
consult,
as
appropriate,
with
members
of
the Audit
Committee, counsel
to
the
FT
Funds
and
counsel
to
the
Independent
Directors,
and
are
encouraged
to
do
so.
4
  
Item
2
of
Form
N-CSR
defines
"waiver"
as
"the
approval
by
the
registrant
of
a
material
departure
from
a
provision
of
the
code
of
ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.
5
   
See Part
X.

VII.
            
Amendments

 
Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the FT Funds’ Board including a majority of independent directors.

VIII.
            
Confidentiality

 
All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds’ Board and their counsel.

IX.
            
Internal
Use

 
The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.
 
X.
           
Disclosure on Form
N-CSR
 
Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.
The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this
intention.
The Legal Department shall be responsible for ensuring that:
·
        
a copy of the Code is filed with the SEC as an exhibit to each Fund’s annual report;
and
·
        
any amendments to, or waivers (including implicit waivers) from, a provision of the
Code is disclosed in the registrant's annual report on Form
N-CSR.
In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N-CSR.
In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

EXHIBIT A

 
Persons Covered by the Franklin Templeton Funds Code of Ethics
January 1, 2022
 
 

FRANKLIN GROUP OF FUNDS

 
Edward
Perks                           President and Chief Executive Officer – Investment Management
Rupert H.
Johnson,
Jr.               Chairman of the Board and Vice
President
Michael
McCarthy                      President and Chief Executive Officer – Investment Management
Sonal Desai,
Ph
D                     President and Chief Executive Officer – Investment Management
Matthew
Hinkle                          Chief Executive Officer – Finance and
Administration
Christopher Kings                     Chief Financial Officer and Chief Accounting Officer and Treasurer
 
           
 

FRANKLIN MUTUAL SERIES FUNDS

 
Christian K. Correa                    Chief Executive Officer – Investment Management
Matthew
Hinkle                          Chief Executive Officer – Finance and Administration
Christopher Kings                     Chief Financial Officer and Chief Accounting Officer and Treasurer
 
 

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

 
Brooks
Ritchey                          President and Chief Executive Officer – Investment Management
Matthew
Hinkle                          Chief Executive Officer – Finance and
Administration
Christopher Kings                     Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
 

TEMPLETON GROUP OF FUNDS

 
Rupert H.
Johnson
Jr.                Chairman of the Board and Vice
President
Manraj
S.
Sekhon                      President and Chief Executive Officer – Investment Management
Michael Hasenstab, Ph.D.          President and Chief Executive Officer – Investment Management
Alan
Bartlett                              President and Chief Executive Officer – Investment Management
Matthew
Hinkle                          Chief Executive Officer – Finance and
Administration
Christopher Kings                     Chief Financial Officer, Chief Accounting Officer and Treasurer

Exhibit B ACKNOWLEDGMENT FORM

 

Franklin Templeton Funds Code of Ethics

For Principal Executives and Senior Financial Officers
 
 

Instructions:

1.
     
Complete all sections of this
form.
2.
     
Print the completed form, sign, and
date.
3.
     
Submit completed form to FT’s General Counsel c/o Code of Ethics Administration within 10 days of becoming a Covered Officer and by February 15th of each subsequent year.
 
E-mail:      Code of Ethics Inquiries & Requests (internal address);
lpreclear@franklintempleton.com
(external
address)
 
 
Covered Officer’s Name:
 
Title:
 
Department:
 
Location:
 
Certification for Year Ending:
 
 
 
To: Franklin Resources General Counsel, Legal Department
 
I acknowledge receiving, reading and understanding the Franklin Templeton Fund’s Code of Ethics for Principal Executive Officers and Senior Financial Officers (the “Code”). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.
 
 
 
 

Signature
 
Date signed
 
 EX-99.CERT 3 fcatfif302.htm
 
 
I, Matthew T. Hinkle, certify that:
 
1.
      
I have reviewed this report on Form N-CSR of Franklin California Tax-Free Income Fund;
2.
      
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;   
3.
      
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
      
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
 
(d) Disclosed in this report any change 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 registrant’s internal control over financial reporting; and 
5.
      
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
10/28/2022
 
 
 
S\MATTHEW T. HINKLE
 
Matthew T. Hinkle
Chief Executive Officer - Finance and Administration
 

I, Christopher Kings, certify that:
 
1.
      
I have reviewed this report on Form N-CSR of Franklin California Tax-Free Income Fund;
2.
      
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;   
3.
      
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
      
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
 
(d) Disclosed in this report any change 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 registrant’s internal control over financial reporting; and 
5.
      
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
10/28/2022
 
 
 
S\CHRISTOPHER KINGS
 
Christopher Kings
Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 EX-99.906 CERT 4 fcatfif906.htm
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

 
I, Matthew T. Hinkle, Chief Executive Officer of the Franklin California Tax-Free Income Fund (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
 
1.
                  
The periodic report on Form N-CSR of the Registrant for the period ended 8/31/2022 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
2.
                  
The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
 
Dated:  10/28/2022
 
                                                S\MATTHEW T. HINKLE
                                                                                                           
                                                Matthew T. Hinkle
Chief Executive Officer - Finance and Administration
                        

 
 
 
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

 
I, Christopher Kings, Chief Financial Officer of the Franklin California Tax-Free Income Fund (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
 
1.
                  
The periodic report on Form N-CSR of the Registrant for the period ended 8/31/2022 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
2.
                  
The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
 
Dated:  10/28/2022
 
                                                S\CHRISTOPHER KINGS
                                                                                                           
                                                Christopher Kings
Chief Financial Officer, Chief Accounting Officer and Treasurer