# EDGAR Filing Document

**Accession Number:** 0000225375
**File Stem:** 0001133228-26-007456
**Filing Date:** 2026-4
**Character Count:** 304203
**Document Hash:** 1d8ad60f082d75bad22590ed9fe47672
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-007456.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001133228-26-007456

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Franklin California Tax Free Income Fund
- **CENTRAL INDEX KEY:** 0000225375

**ORGANIZATION NAME:**
- **EIN:** 942450603
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02790
- **FILM NUMBER:** 26923898

**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

## Series and Classes Contracts Data

### FRANKLIN CALIFORNIA TAX-FREE INCOME FUND (Series ID: S000006665)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| 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           |

?xml version='1.0' encoding='ASCII'? 2026-03-1874200012700_FranklinCaliforniaTax-FreeIncomeFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-02790**

**Franklin California Tax-Free Income Fund**

(Exact name of registrant as specified in charter)

**One Franklin Parkway, San Mateo, CA 94403-1906**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

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

Date of fiscal year end: **February 28**

Date of reporting period: **February 28, 2026**

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Franklin California Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FTFQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class A | $79 | 0.77% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A shares of Franklin California Tax-Free Income Fund returned 4.15%. The Fund compares its performance to the Bloomberg Municipal Bond California Exempt Index, which returned 4.98% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Selection in A rated bonds |
| ↑ | Selection in AA rated bonds |
| ↑ | Overweight to BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight bonds with five years or less to maturity |
| ↓ | Overweight bonds with 20 or more years to maturity |
| ↓ | Selection in BBB rated bonds |

---

Franklin California Tax-Free Income Fund PAGE 1 1112-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6679img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 4.15 | 1.11 | 2.37 |
| **Class A (with sales charge)**  | 0.25 | 0.34 | 1.98 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |
| **Bloomberg Municipal Bond California Exempt Index**  | 4.98 | 1.45 | 2.37 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $13284092002 |
| **Total Number of Portfolio Holdings** | 1111 |
| **Total Management Fee Paid** | $56929729 |
| **Portfolio Turnover Rate** | 11.93% |

---

Franklin California Tax-Free Income Fund PAGE 2 1112-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6679img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder 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 shareholder reports 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) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin California Tax-Free Income Fund PAGE 3 1112-ATSR-0426

9625974199591029811571114761141110655112961164212125100001002510276107001171311837117591115911764121121271310000999710259106541169311763116761112411738120421264225.412.312.010.110.08.97.86.63.01.81.70.4 ------

---

| | |
|:---|:---|
| **Franklin California Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FKTFX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class A1 | $62 | 0.61% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A1 shares of Franklin California Tax-Free Income Fund returned 4.32%. The Fund compares its performance to the Bloomberg Municipal Bond California Exempt Index, which returned 4.98% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Selection in A rated bonds |
| ↑ | Selection in AA rated bonds |
| ↑ | Overweight to BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight bonds with five years or less to maturity |
| ↓ | Overweight bonds with 20 or more years to maturity |
| ↓ | Selection in BBB rated bonds |

---

Franklin California Tax-Free Income Fund PAGE 1 112-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 2/29/2016 — 2/28/2026

![image](ts6678img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 4.32 | 1.29 | 2.48 |
| **Class A1 (with sales charge)**  | 0.36 | 0.51 | 2.09 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |
| **Bloomberg Municipal Bond California Exempt Index**  | 4.98 | 1.45 | 2.37 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

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.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $13284092002 |
| **Total Number of Portfolio Holdings** | 1111 |
| **Total Management Fee Paid** | $56929729 |
| **Portfolio Turnover Rate** | 11.93% |

---

Franklin California Tax-Free Income Fund PAGE 2 112-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6678img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder 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 shareholder reports 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) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin California Tax-Free Income Fund PAGE 3 112-ATSR-0426

9625974299611032411620115271149410749114131178112289100001002510276107001171311837117591115911764121121271310000999710259106541169311763116761112411738120421264225.412.312.010.110.08.97.86.63.01.81.70.4 ------

---

| | |
|:---|:---|
| **Franklin California Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRCTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class C | $119 | 1.17% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class C shares of Franklin California Tax-Free Income Fund returned 3.61%. The Fund compares its performance to the Bloomberg Municipal Bond California Exempt Index, which returned 4.98% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Selection in A rated bonds |
| ↑ | Selection in AA rated bonds |
| ↑ | Overweight to BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight bonds with five years or less to maturity |
| ↓ | Overweight bonds with 20 or more years to maturity |
| ↓ | Selection in BBB rated bonds |

---

Franklin California Tax-Free Income Fund PAGE 1 212-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 2/29/2016 — 2/28/2026

![image](ts6680img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 3.61 | 0.71 | 1.90 |
| **Class C (with sales charge)**  | 2.61 | 0.71 | 1.90 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |
| **Bloomberg Municipal Bond California Exempt Index**  | 4.98 | 1.45 | 2.37 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $13284092002 |
| **Total Number of Portfolio Holdings** | 1111 |
| **Total Management Fee Paid** | $56929729 |
| **Portfolio Turnover Rate** | 11.93% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6680img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Franklin California Tax-Free Income Fund PAGE 2 212-ATSR-0426

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder 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 shareholder reports 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) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin California Tax-Free Income Fund PAGE 3 212-ATSR-0426

1000010065102201053411808116501153710743113461164712067100001002510276107001171311837117591115911764121121271310000999710259106541169311763116761112411738120421264225.412.312.010.110.08.97.86.63.01.81.70.4 ------

---

| | |
|:---|:---|
| **Franklin California Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FKTQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class R6 | $49 | 0.48% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class R6 shares of Franklin California Tax-Free Income Fund returned 4.47%. The Fund compares its performance to the Bloomberg Municipal Bond California Exempt Index, which returned 4.98% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Selection in A rated bonds |
| ↑ | Selection in AA rated bonds |
| ↑ | Overweight to BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight bonds with five years or less to maturity |
| ↓ | Overweight bonds with 20 or more years to maturity |
| ↓ | Selection in BBB rated bonds |

---

Franklin California Tax-Free Income Fund PAGE 1 8112-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 2/29/2016 — 2/28/2026

![image](ts6681img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 4.47 | 1.40 | 2.57 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |
| **Bloomberg Municipal Bond California Exempt Index**  | 4.98 | 1.45 | 2.37 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $13284092002 |
| **Total Number of Portfolio Holdings** | 1111 |
| **Total Management Fee Paid** | $56929729 |
| **Portfolio Turnover Rate** | 11.93% |

---

Franklin California Tax-Free Income Fund PAGE 2 8112-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6681img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder 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 shareholder reports 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) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin California Tax-Free Income Fund PAGE 3 8112-ATSR-0426

1000010122103371072512087120221198711223119341233512887100001002510276107001171311837117591115911764121121271310000999710259106541169311763116761112411738120421264225.412.312.010.110.08.97.86.63.01.81.70.4 ------

---

| | |
|:---|:---|
| **Franklin California Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FCAVX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Advisor Class | $53 | 0.52% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Advisor Class shares of Franklin California Tax-Free Income Fund returned 4.28%. The Fund compares its performance to the Bloomberg Municipal Bond California Exempt Index, which returned 4.98% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Selection in A rated bonds |
| ↑ | Selection in AA rated bonds |
| ↑ | Overweight to BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight bonds with five years or less to maturity |
| ↓ | Overweight bonds with 20 or more years to maturity |
| ↓ | Selection in BBB rated bonds |

---

Franklin California Tax-Free Income Fund PAGE 1 614-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 2/29/2016 — 2/28/2026

![image](ts6677img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 4.28 | 1.36 | 2.56 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |
| **Bloomberg Municipal Bond California Exempt Index**  | 4.98 | 1.45 | 2.37 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $13284092002 |
| **Total Number of Portfolio Holdings** | 1111 |
| **Total Management Fee Paid** | $56929729 |
| **Portfolio Turnover Rate** | 11.93% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6677img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Franklin California Tax-Free Income Fund PAGE 2 614-ATSR-0426

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder 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 shareholder reports 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) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin California Tax-Free Income Fund PAGE 3 614-ATSR-0426

1000010132103701075712120120341201111242119511234812876100001002510276107001171311837117591115911764121121271310000999710259106541169311763116761112411738120421264225.412.312.010.110.08.97.86.63.01.81.70.4 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(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.

The Board of Trustees of the Registrant has determined that Mary C. Choksi, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Mary C. Choksi as the Audit Committee's financial expert. Mary C. Choksi is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending February 28, 2025 and February 28, 2026 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $87,711 in February 28, 2025 and $57,855 in February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in February 28, 2025 and $0 in February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $9,750 in February 28, 2025 and $9,750 in February 28, 2026. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in February 28, 2025 and $0 in February 28, 2026.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pre-approval of all audit and audit related services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) establishment by the Audit Committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the Auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of Audit Committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $489,326 in February 28, 2025 and $1,690,011 in February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial
 Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### California

#### Tax-Free

#### Income

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

February

28,

2026

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 36
Notes

to

Financial

Statements

#### 40
Report

of

Independent

Registered

Public

Accounting

Firm

#### 48
Tax

Information

#### 49
Changes

In

and

Disagreements

with

Accountants

#### 50
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

California

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### March

#### 31,

#### 2021

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.......

$6.86

$6.89

$6.73

$7.44

$7.71

$7.50

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.25 0.24 0.24 0.22 0.18 0.22 Net

realized

and

unrealized

gains

(losses)

0.02 (0.03)

0.16 (0.71)

(0.28)

0.20 Total

from

investment

operations

........

0.27 0.21 0.40 (0.49)

(0.10)

0.42 Less

distributions

from:

Net

investment

income

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

(0.24)

(0.24)

(0.24)

(0.22)

(0.17)

(0.21)

Net

asset

value,

end

of

year

...........

$6.89

$6.86

$6.89

$6.73

$7.44

$7.71

Total

return

e

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

4.15%

3.06%

6.02%

(6.62)%

(1.30)%

5.66%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

0.77%

0.76%

g

0.76%

g

0.77%

g

0.75%

g

0.75%

g

Net

investment

income

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

3.72%

3.48%

3.57%

3.27%

2.52%

2.79%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.........

$2,990,950

$2,853,539

$2,554,655

$2,282,254

$2,412,285

$2,074,343

Portfolio

turnover

rate

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

11.93%

7.96%

14.01%

42.30%

19.33%

14.41%

a

For

the

year

ended

February

29. b

For

the

period

April

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### March

#### 31,

#### 2021

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.......

$6.85

$6.88

$6.72

$7.43

$7.70

$7.49

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.26 0.25 0.25 0.23 0.19 0.23 Net

realized

and

unrealized

gains

(losses)

0.02 (0.03)

0.16 (0.71)

(0.27)

0.20 Total

from

investment

operations

........

0.28 0.22 0.41 (0.48)

(0.08)

0.43 Less

distributions

from:

Net

investment

income

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

(0.25)

(0.25)

(0.25)

(0.23)

(0.19)

(0.22)

Net

asset

value,

end

of

year

...........

$6.88

$6.85

$6.88

$6.72

$7.43

$7.70

Total

return

e

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

4.32%

3.22%

6.18%

(6.48)%

(1.17)%

5.83%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

0.61%

0.60%

g

0.61%

g

0.62%

g

0.59%

g

0.60%

g

Net

investment

income

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

3.88%

3.64%

3.73%

3.42%

2.68%

2.97%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.........

$6,303,627

$6,986,725

$7,640,302

$8,130,315

$10,201,944

$11,084,478

Portfolio

turnover

rate

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

11.93%

7.96%

14.01%

42.30%

19.33%

14.41%

a

For

the

year

ended

February

29. b

For

the

period

April

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### March

#### 31,

#### 2021

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.......

$6.84

$6.87

$6.71

$7.41

$7.69

$7.47

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.22 0.21 0.21 0.20 0.15 0.19 Net

realized

and

unrealized

gains

(losses)

0.02 (0.03)

0.16 (0.71)

(0.28)

0.21 Total

from

investment

operations

........

0.24 0.18 0.37 (0.51)

(0.13)

0.40 Less

distributions

from:

Net

investment

income

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

(0.22)

(0.21)

(0.21)

(0.19)

(0.15)

(0.18)

Net

asset

value,

end

of

year

...........

$6.86

$6.84

$6.87

$6.71

$7.41

$7.69

Total

return

e

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

3.61%

2.65%

5.61%

(6.88)%

(1.80)%

5.40%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

1.17%

1.16%

g

1.16%

g

1.17%

g

1.15%

g

1.16%

g

Net

investment

income

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

3.33%

3.09%

3.19%

2.86%

2.13%

2.42%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.........

$246,506

$324,192

$395,396

$502,065

$723,593

$1,018,197

Portfolio

turnover

rate

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

11.93%

7.96%

14.01%

42.30%

19.33%

14.41%

a

For

the

year

ended

February

29. b

For

the

period

April

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### March

#### 31,

#### 2021

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.......

$6.84

$6.87

$6.71

$7.42

$7.69

$7.48

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.27 0.26 0.26 0.24 0.20 0.24 Net

realized

and

unrealized

gains

(losses)

0.02 (0.03)

0.15 (0.71)

(0.28)

0.20 Total

from

investment

operations

........

0.29 0.23 0.41 (0.47)

(0.08)

0.44 Less

distributions

from:

Net

investment

income

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

(0.26)

(0.26)

(0.25)

(0.24)

(0.19)

(0.23)

Net

asset

value,

end

of

year

...........

$6.87

$6.84

$6.87

$6.71

$7.42

$7.69

Total

return

e

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

4.47%

3.36%

6.33%

(6.37)%

(1.05)%

5.97%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

0.48%

0.47%

g

0.48%

g

0.49%

g

0.47%

g,h

0.47%

g,h

Net

investment

income

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

4.02%

3.78%

3.87%

3.55%

2.81%

3.08%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.........

$404,787

$380,103

$316,077

$271,190

$345,058

$281,038

Portfolio

turnover

rate

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

11.93%

7.96%

14.01%

42.30%

19.33%

14.41%

a

For

the

year

ended

February

29. b

For

the

period

April

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### March

#### 31,

#### 2021

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

.......

$6.84

$6.87

$6.71

$7.42

$7.69

$7.48

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.27 0.26 0.26 0.24 0.20 0.24 Net

realized

and

unrealized

gains

(losses)

0.02 (0.04)

0.15 (0.72)

(0.28)

0.20 Total

from

investment

operations

........

0.29 0.22 0.41 (0.48)

(0.08)

0.44 Less

distributions

from:

Net

investment

income

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

(0.26)

(0.25)

(0.25)

(0.23)

(0.19)

(0.23)

Net

asset

value,

end

of

year

...........

$6.87

$6.84

$6.87

$6.71

$7.42

$7.69

Total

return

e

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

4.28%

3.33%

6.30%

(6.40)%

(1.08)%

5.94%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

0.52%

0.51%

g

0.52%

g

0.52%

g

0.50%

g

0.51%

g

Net

investment

income

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

3.99%

3.74%

3.84%

3.53%

2.78%

3.06%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.........

$3,338,223

$2,609,811

$2,425,421

$2,344,189

$2,619,688

$2,498,587

Portfolio

turnover

rate

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

11.93%

7.96%

14.01%

42.30%

19.33%

14.41%

a

For

the

year

ended

February

29. b

For

the

period

April

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments,

February

28,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares
a

#### Value
a

#### Common

#### Stocks

#### 0.0%

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.0%
a,b

AES

Guayama

Holdings

BV

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

79,045

$

—

b

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### –

####)
...............................................

#### —

#### Principal

#### Amount
a

#### a
a

#### Municipal

#### Bonds

#### 98.0%

#### California

#### 95.1%
Alameda

Corridor

Transportation

Authority

,

c

Revenue,

Sub.

Lien

,

2004

A

,

Refunding

,

AMBAC

Insured

,

2.73 %,

10/01/29

......

$

20,000,000

18,158,682

c

Revenue,

Sub.

Lien

,

2004

A

,

Refunding

,

AMBAC

Insured

,

2.76 %,

10/01/30

......

41,665,000

36,764,429

Revenue,

Sub.

Lien

,

2022

C

,

Refunding

,

AG

Insured

,

%

,

10/01/52

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

28,000,000

29,068,704

Alameda

Unified

School

District

,

GO

,

2015

A

,

%

,

8/01/39

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

18,000,000

18,019,735

c

Alhambra

City

Elementary

School

District

,

Alhambra

Unified

School

District

,

GO

,

2004

B

,

NATL

Insured

,

2.34 %,

9/01/27

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

3,035,000

2,931,179

Align

Capital

Trust

,

Revenue

,

2023-1

,

5.5 %

,

3/01/35

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

13,000,000

13,919,599

c

Alisal

Union

School

District

,

GO

,

2009

B

,

AG

Insured

,

2.52 %,

8/01/32

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

3,355,000

2,860,169

GO

,

2009

B

,

AG

Insured

,

2.62 %,

8/01/33

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

3,610,000

2,980,154

GO

,

2009

B

,

AG

Insured

,

2.66 %,

2/01/34

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

3,345,000

2,715,709

Alta

Loma

School

District

,

GO

,

2019

B

,

%

,

8/01/44

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

7,375,000

7,543,576

c

Alvord

Unified

School

District

,

GO

,

2011

B

,

AG

Insured

,

3.53 %,

8/01/36

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

15,000,000

10,448,600

GO

,

2011

B

,

AG

Insured

,

7.218 %,

8/01/46

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

42,500,000

53,461,124

Anaheim

Housing

&

Public

Improvements

Authority

,

City

of

Anaheim

Electric

System

,

Revenue

,

2022

A

,

Refunding

,

%

,

10/01/52

.....

8,040,000

8,146,996

City

of

Anaheim

Water

System

,

Revenue

,

2022

A

,

%

,

10/01/52

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

8,345,000

8,462,440

c

Anaheim

Public

Financing

Authority

,

City

of

Anaheim

,

Revenue,

Sub.

Lien

,

1997

C

,

AG

Insured

,

2.19 %,

9/01/26

.......

29,430,000

29,107,356

City

of

Anaheim

,

Revenue,

Sub.

Lien

,

1997

C

,

AG

Insured

,

2.26 %,

9/01/27

.......

22,860,000

22,104,164

City

of

Anaheim

,

Revenue,

Sub.

Lien

,

1997

C

,

AG

Insured

,

2.32 %,

9/01/28

.......

14,425,000

13,620,385

City

of

Anaheim

,

Revenue,

Sub.

Lien

,

1997

C

,

AG

Insured

,

2.34 %,

9/01/29

.......

24,810,000

22,874,741

City

of

Anaheim

,

Revenue,

Sub.

Lien

,

1997

C

,

AG

Insured

,

2.54 %,

9/01/32

.......

13,665,000

11,604,170

City

of

Anaheim

,

Revenue,

Sub.

Lien

,

1997

C

,

AG

Insured

,

2.64 %,

9/01/33

.......

37,070,000

30,473,208

City

of

Anaheim

,

Revenue,

Sub.

Lien

,

1997

C

,

AG

Insured

,

2.75 %,

9/01/34

.......

24,970,000

19,829,446

City

of

Anaheim

,

Revenue,

Sub.

Lien

,

1997

C

,

AG

Insured

,

ETM,

2.84 %,

3/01/37

..

15,080,000

11,086,885

c

Anaheim

Union

High

School

District

,

GO

,

2002

A

,

AG

Insured

,

2.13 %,

8/01/26

.....

8,570,000

8,493,739

Bay

Area

Toll

Authority

,

Revenue

,

2017

,

Refunding

,

%

,

4/01/42

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

119,305,000

119,564,631

Revenue

,

2017

,

Refunding

,

%

,

4/01/47

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

23,330,000

22,694,218

Revenue

,

2017

,

Refunding

,

%

,

4/01/49

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

13,625,000

13,109,600

d

Revenue

,

2021

A

,

Refunding

,

Mandatory

Put

,

%

,

4/01/28

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

12,000,000

11,791,234

Beaumont

Public

Improvement

Authority

,

Special

Tax

,

2025

B

,

%

,

9/01/55

........

1,250,000

1,265,252

Beaumont

Unified

School

District

,

c

GO

,

2011

C

,

AG

Insured

,

3.83 %,

8/01/40

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

11,000,000

6,394,177

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

4.125 %

,

9/01/40

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

280,000

284,356

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

4.375 %

,

9/01/45

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

435,000

428,710

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

4.5 %

,

9/01/50

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

640,000

622,795

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

4.5 %

,

9/01/55

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

910,000

874,346

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

4.125 %

,

9/01/40

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

310,000

314,822

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

4.375 %

,

9/01/45

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

875,000

862,347

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Beaumont

Unified

School

District,

(continued)

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/50

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

$

1,000,000

$

1,022,529

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/55

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

1,000,000

1,018,136

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

,

Revenue,

Senior

Lien

,

2024

B

,

5.25 %

,

7/01/49

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

6,750,000

7,161,189

Revenue,

Senior

Lien

,

2024

B

,

5.25 %

,

7/01/54

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

8,500,000

8,935,352

Cabrillo

Unified

School

District

,

GO

,

2018

A

,

%

,

8/01/45

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

4,245,000

4,280,684

California

Affordable

Housing

Agency

,

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

%

,

10/01/40

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

1,580,000

1,609,670

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

%

,

10/01/45

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

1,930,000

1,870,952

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

%

,

10/01/50

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

1,855,000

1,723,026

California

Community

Choice

Financing

Authority

,

d

Revenue

,

2022

,

Mandatory

Put

,

%

,

8/01/28

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

100,000,000

102,399,170

d

Revenue

,

2023

C

,

Mandatory

Put

,

5.25 %

,

10/01/31

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

122,575,000

131,795,668

d

Revenue

,

2023

,

Mandatory

Put

,

%

,

3/01/31

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

38,855,000

42,043,639

d

Revenue

,

2023

,

Mandatory

Put

,

5.25 %

,

4/01/30

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

23,500,000

25,354,042

d

Revenue

,

2024

B

,

Mandatory

Put

,

%

,

12/01/32

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

69,000,000

72,963,139

d

Revenue

,

2024

D

,

Mandatory

Put

,

%

,

9/01/32

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

70,000,000

77,497,532

d

Revenue

,

2024

E

,

Mandatory

Put

,

%

,

9/01/32

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

90,000,000

98,508,402

d

Revenue

,

2025

A

,

Mandatory

Put

,

%

,

5/01/35

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

6,000,000

6,433,531

d

Revenue

,

2025

B

,

Mandatory

Put

,

%

,

11/01/35

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

15,585,000

17,327,450

d

Revenue

,

2025

C

,

Mandatory

Put

,

%

,

10/01/33

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

47,500,000

51,573,438

Revenue

,

2025

G

,

%

,

12/01/35

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

22,800,000

25,702,160

d

Revenue

,

2026

,

Mandatory

Put

,

%

,

2/01/36

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

55,000,000

61,087,323

Revenue

,

2026

B

,

%

,

3/01/36

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

92,820,000

101,252,827

California

Community

College

Financing

Authority

,

Revenue

,

2001

A

,

NATL

Insured

,

5.125 %

,

4/01/31

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

880,000

881,702

NCCD-Orange

Coast

Properties

LLC

,

Revenue

,

2018

,

5.25 %

,

5/01/53

..........

8,150,000

8,228,707

e

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

2/01/56

..........

5,235,000

4,448,632

Brio

Apartments

&

Next

on

Lex

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

2/01/56

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

35,015,000

30,095,781

Exchange

at

Bayfront

Apartments

,

Revenue,

Senior

Lien

,

144A,

T

,

4.25 %

,

2/01/38

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

7,095,000

6,407,013

Exchange

at

Bayfront

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

2/01/57

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

59,855,000

37,854,966

Fountains

at

Emerald

Park

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

8/01/46

...

14,740,000

12,932,525

Fountains

at

Emerald

Park

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

8/01/56

..

46,440,000

32,502,409

K

Street

Flats

,

Revenue

,

144A,

2021

,

%

,

2/01/57

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

47,500,000

33,026,645

Summit

at

Sausalito

Apartments

,

Revenue

,

144A,

2021

,

%

,

2/01/57

........

16,260,000

11,305,542

Twin

Creek

Apartments

,

Revenue

,

144A,

2022

,

4.5 %

,

8/01/52

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

29,275,000

22,458,457

c

Twin

Creek

Apartments

,

Revenue,

Senior

Lien

,

144A,

2022

,

6.311 %,

8/01/65

..

79,990,000

3,230,476

Verdant

at

Green

Valley

Apartments

,

Revenue

,

144A,

2019

A

,

%

,

8/01/49

.......

15,765,000

14,834,401

California

County

Tobacco

Securitization

Agency

,

Gold

Country

Settlement

Funding

Corp.

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/40

1,120,000

1,096,108

Gold

Country

Settlement

Funding

Corp.

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/49

2,000,000

1,784,943

Kern

County

Tobacco

Funding

Corp.

,

Revenue

,

2014

,

Refunding

,

%

,

6/01/34

....

7,080,000

7,080,933

Kern

County

Tobacco

Funding

Corp.

,

Revenue

,

2014

,

Refunding

,

%

,

6/01/40

....

17,650,000

17,506,675

Los

Angeles

County

Securitization

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

%

,

6/01/49

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

3,525,000

3,143,684

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

%

,

6/01/36

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

470,000

474,026

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

%

,

6/01/38

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

530,000

528,449

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

California

County

Tobacco

Securitization

Agency,

(continued)

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

%

,

6/01/40

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

$

625,000

$

611,668

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

%

,

6/01/42

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

100,000

97,343

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/35

..

350,000

354,852

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/36

..

600,000

605,140

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/37

..

530,000

531,339

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/38

..

790,000

791,218

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/39

..

620,000

612,431

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/40

..

830,000

812,294

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/49

..

3,520,000

3,137,543

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

,

Refunding

,

%

,

6/01/49

.

345,000

345,551

Stanislaus

County

Tobacco

Funding

Corp.

,

Revenue

,

2002

A

,

5.875 %

,

6/01/43

...

2,115,000

2,117,643

California

Educational

Facilities

Authority

,

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

%

,

12/01/40

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

1,295,000

1,276,973

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

%

,

12/01/41

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

1,345,000

1,310,587

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

%

,

12/01/42

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

1,400,000

1,343,664

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

%

,

12/01/46

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

3,000,000

2,745,156

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

%

,

12/01/50

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

2,675,000

2,350,757

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

%

,

12/01/51

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

650,000

464,351

Chapman

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

4/01/31

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

475,000

543,558

Leland

Stanford

Junior

University

(The)

,

Revenue

,

,

%

,

3/15/39

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

2,815,000

3,556,399

Leland

Stanford

Junior

University

(The)

,

Revenue

,

,

5.25 %

,

4/01/40

.........

5,000,000

6,437,050

Leland

Stanford

Junior

University

(The)

,

Revenue

,

,

%

,

5/01/45

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

7,000,000

8,405,324

Leland

Stanford

Junior

University

(The)

,

Revenue

,

,

%

,

5/01/49

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

20,850,000

24,225,135

Loma

Linda

University

,

Revenue

,

2017

A

,

Refunding

,

%

,

4/01/47

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

11,000,000

11,055,142

c

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

2.39 %,

10/01/26

..

7,620,000

7,514,356

c

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

2.45 %,

10/01/27

..

7,365,000

7,086,582

c

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

2.51 %,

10/01/28

..

4,120,000

3,863,570

c

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

2.57 %,

10/01/30

..

5,685,000

5,059,611

c

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

2.65 %,

10/01/31

..

7,615,000

6,579,930

c

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

2.75 %,

10/01/32

..

7,615,000

6,370,366

c

Santa

Clara

University

,

Revenue

,

1999

,

AMBAC

Insured

,

2.17 %,

9/01/26

........

655,000

647,883

St.

Mary's

College

of

California

,

Revenue

,

2023

A

,

Refunding

,

5.5 %

,

10/01/53

....

10,850,000

10,819,686

University

of

Redlands

,

Revenue

,

2022

A

,

%

,

10/01/44

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

3,835,000

3,934,366

University

of

Redlands

,

Revenue

,

2022

A

,

%

,

10/01/52

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

18,790,000

18,842,076

University

of

San

Francisco

,

Revenue

,

2018

A

,

%

,

10/01/48

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

10,000,000

10,062,971

f

University

of

Southern

California

,

Revenue

,

2025

A

,

%

,

10/01/55

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

50,000,000

53,133,915

California

Enterprise

Development

Authority

,

Castilleja

School

Foundation

,

Revenue

,

2024

,

%

,

6/01/49

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

2,800,000

2,954,910

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

%

,

8/01/40

..

650,000

679,825

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

%

,

8/01/45

..

650,000

665,544

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

%

,

8/01/50

..

650,000

658,294

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

%

,

8/01/55

..

3,175,000

3,217,718

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

%

,

8/01/57

..

500,000

504,696

California

Health

Facilities

Financing

Authority

,

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2024

A

,

%

,

12/01/28

..

24,200,000

25,686,797

Cedars-Sinai

Medical

Center

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

8/15/41

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

5,000,000

5,501,383

Children's

Hospital

Los

Angeles

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

8/15/42

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

14,370,000

14,499,777

Children's

Hospital

Los

Angeles

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

8/15/47

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

7,750,000

7,703,570

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

4/01/36

.

13,220,000

13,722,245

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

4/01/37

.

5,550,000

5,715,047

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

4/01/38

.

7,075,000

7,258,521

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

California

Health

Facilities

Financing

Authority,

(continued)

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

4/01/44

.

$

4,340,000

$

3,804,334

El

Camino

Hospital

LP

,

Revenue

,

2017

,

4.125 %

,

2/01/47

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

11,000,000

10,825,742

El

Camino

Hospital

LP

,

Revenue

,

2017

,

%

,

2/01/47

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

12,500,000

12,644,576

Episcopal

Communities

&

Services

for

Seniors

Obligated

Group

,

Revenue

,

2024

B

,

5.25 %

,

11/15/48

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

1,905,000

1,978,626

Episcopal

Communities

&

Services

for

Seniors

Obligated

Group

,

Revenue

,

2024

B

,

5.25 %

,

11/15/53

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

1,945,000

2,000,458

Episcopal

Communities

&

Services

for

Seniors

Obligated

Group

,

Revenue

,

2024

B

,

5.25 %

,

11/15/58

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

3,100,000

3,176,577

Kaiser

Foundation

Hospitals

,

Revenue

,

2017

,

%

,

11/01/38

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

25,000,000

25,198,230

Kaiser

Foundation

Hospitals

,

Revenue

,

2017

,

%

,

11/01/44

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

411,225,000

404,512,081

Kaiser

Foundation

Hospitals

,

Revenue

,

2017

,

%

,

11/01/47

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

12,500,000

14,092,946

Lucile

Salter

Packard

Children's

Hospital

at

Stanford

Obligated

Group

,

Revenue

,

2016

B

,

%

,

8/15/55

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

24,000,000

24,093,485

Lucile

Salter

Packard

Children's

Hospital

at

Stanford

Obligated

Group

,

Revenue

,

2017

A

,

%

,

11/15/56

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

10,300,000

10,397,882

On

Lok

Senior

Health

Services

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

8/01/40

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

1,450,000

1,531,599

On

Lok

Senior

Health

Services

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

8/01/50

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

2,375,000

2,400,588

On

Lok

Senior

Health

Services

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

8/01/55

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

850,000

855,707

Providence

St.

Joseph

Health

Obligated

Group

,

Revenue

,

2014

A

,

%

,

10/01/38

..

5,110,000

5,117,341

Scripps

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

11/15/42

.....

2,500,000

2,824,074

Sutter

Health

Obligated

Group

,

Revenue

,

2016

B

,

%

,

11/15/46

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

42,105,000

42,505,452

Sutter

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

11/15/48

......

10,585,000

9,719,937

Sutter

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

11/15/48

......

21,690,000

21,940,016

Sutter

Health

Obligated

Group

,

Revenue

,

2018

A

,

%

,

11/15/42

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

11,680,000

11,608,273

Sutter

Health

Obligated

Group

,

Revenue

,

2018

A

,

%

,

11/15/48

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

24,500,000

24,782,407

California

Housing

Finance

Agency

,

Revenue

,

2019-1

,

A

,

4.25 %

,

1/15/35

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

41,795,288

44,083,451

Revenue

,

2019-2

,

A

,

%

,

3/20/33

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

12,948,188

13,487,635

e

Found

Middle

LP

,

Revenue

,

144A,

2024

L

,

5.2 %

,

12/01/27

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

5,000,000

5,095,430

d,e

Shermanair

Apartments

Owner

LP

,

Revenue

,

144A,

2021

,

Mandatory

Put

,

%

,

9/01/36

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

22,535,000

20,120,431

e

Shermanair

Apartments

Owner

LP

,

Revenue

,

144A,

2021

,

%

,

9/01/36

......

1,940,000

1,692,228

California

Infrastructure

&

Economic

Development

Bank

,

California

State

Teachers'

Retirement

System

,

Revenue

,

2019

,

%

,

8/01/44

......

12,750,000

13,430,300

California

State

Teachers'

Retirement

System

,

Revenue

,

2019

,

%

,

8/01/49

......

16,040,000

16,614,500

California

State

Water

Resources

Control

Board

Water

Pollution

Control

Revolving

Fund

,

Revenue

,

2018

,

%

,

10/01/43

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

10,000,000

10,375,504

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

B

,

%

,

11/01/45

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

850,000

811,231

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

B

,

%

,

11/01/50

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

860,000

781,291

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2021

B

,

%

,

11/01/56

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

1,000,000

880,874

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

B

,

%

,

11/01/47

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

2,300,000

2,392,860

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

B

,

4.125 %

,

11/01/52

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

3,100,000

2,835,144

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

B

,

%

,

11/01/57

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

5,500,000

5,621,369

Los

Angeles

County

Museum

of

Natural

History

Foundation

,

Revenue

,

2020

,

Refunding

,

%

,

7/01/50

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

18,995,000

14,403,644

d

Museum

Associates

,

Revenue

,

2021

A

,

Refunding

,

Mandatory

Put

,

1.2 %

,

6/01/28

.

15,000,000

14,330,364

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

California

Infrastructure

&

Economic

Development

Bank,

(continued)

University

of

California

,

Revenue

,

2017

,

%

,

5/15/52

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

$

31,305,000

$

31,844,933

California

Municipal

Finance

Authority

,

e

Revenue

,

144A,

2025

A

,

6.375 %

,

8/01/37

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

28,300,000

29,935,083

Revenue

,

2025

A

,

6.1 %

,

12/01/37

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

23,875,000

24,319,553

Revenue,

Senior

Lien

,

2017

A

,

Refunding

,

%

,

8/15/52

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

27,350,000

23,944,605

Special

Tax

,

2024

C

,

%

,

9/01/44

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

1,100,000

1,145,623

Special

Tax

,

2024

C

,

%

,

9/01/54

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

1,000,000

1,010,007

Special

Tax

,

2024

E

,

%

,

9/01/55

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

2,485,000

2,512,737

Special

Tax

,

2025

A

,

%

,

9/01/50

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

1,350,000

1,370,008

Special

Tax

,

2025

B

,

5.125 %

,

9/01/50

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

1,275,000

1,303,130

Special

Tax

,

2025

C

,

%

,

9/01/50

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

1,275,000

1,285,007

Special

Tax

,

2025

C

,

%

,

9/01/55

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

1,090,000

1,093,415

g

1717

University

Associates

LLC

,

Revenue

,

2020

A

,

8.5 %

,

6/01/52

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

11,413,000

9,341,572

g

1717

University

Associates

LLC

,

Revenue

,

2020

A-T

,

9.25 %

,

6/01/52

...........

3,407,000

2,654,026

e

Ascent

613

,

Revenue

,

144A,

2025

A

,

5.25 %

,

1/01/45

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

2,500,000

2,561,483

e

Ascent

613

,

Revenue

,

144A,

2025

A

,

5.375 %

,

1/01/55

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

3,500,000

3,506,762

e

Ascent

613

,

Revenue

,

144A,

2025

A

,

5.5 %

,

1/01/60

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

2,850,000

2,869,474

Bethany

Home

Society

of

San

Joaquin

County,

Inc.

,

Revenue

,

2023

,

California

Mortgage

Insured

,

%

,

11/15/52

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

26,465,000

27,755,002

California

Institute

of

the

Arts

,

Revenue

,

2021

,

%

,

10/01/51

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

2,355,000

2,050,794

Caritas

Corp.

CMFA

Mobile

Home

Park

Financing

2024

Portfolio

,

Revenue

,

2024

A

,

Refunding

,

%

,

8/15/49

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

1,235,000

1,270,217

Caritas

Corp.

CMFA

Mobile

Home

Park

Financing

2024

Portfolio

,

Revenue

,

2024

A

,

Refunding

,

%

,

8/15/54

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

1,800,000

1,836,658

Caritas

Corp.

CMFA

Mobile

Home

Park

Financing

2024

Portfolio

,

Revenue

,

2024

A

,

Refunding

,

%

,

8/15/59

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

2,600,000

2,641,045

Carmel

Valley

Manor

Obligated

Group

,

Revenue

,

2022

,

California

Mortgage

Insured

,

%

,

5/15/52

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

17,775,000

18,600,594

e

Century

CityView

LP

,

Revenue

,

144A,

2021

A

,

%

,

11/01/36

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

10,375,000

10,230,933

CHF-Davis

I

LLC

,

Revenue

,

2018

,

%

,

5/15/51

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

10,000,000

10,026,757

City

of

Elk

Grove

Community

Facilities

District

No.

2023-7

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/39

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

580,000

618,187

City

of

Elk

Grove

Community

Facilities

District

No.

2023-7

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

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

900,000

934,783

City

of

Elk

Grove

Community

Facilities

District

No.

2023-7

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

785,000

804,278

City

of

Elk

Grove

Community

Facilities

District

No.

2023-7

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

750,000

758,181

Community

Facilities

District

No.

2020-6

,

Special

Tax

,

2025

,

%

,

9/01/50

........

1,000,000

1,014,123

Community

Facilities

District

No.

2020-6

,

Special

Tax

,

2025

,

%

,

9/01/55

........

1,500,000

1,516,743

Community

Facilities

District

No.

2021-13

,

Special

Tax

,

2025

,

%

,

9/01/45

.......

1,085,000

1,117,005

Community

Facilities

District

No.

2021-13

,

Special

Tax

,

2025

,

%

,

9/01/50

.......

1,250,000

1,267,654

Community

Facilities

District

No.

2021-13

,

Special

Tax

,

2025

,

%

,

9/01/55

.......

1,400,000

1,413,683

Community

Facilities

District

No.

2021-9

Improvement

Area

No.

,

Special

Tax

,

2025

,

5.125 %

,

9/01/50

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

1,725,000

1,763,059

Community

Facilities

District

No.

2021-9

Improvement

Area

No.

,

Special

Tax

,

2025

,

5.25 %

,

9/01/55

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

2,425,000

2,490,498

Community

Facilities

District

No.

2022-6

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

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

1,000,000

1,035,738

Community

Facilities

District

No.

2022-6

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

1,250,000

1,262,162

Community

Facilities

District

No.

2022-6

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

4,025,000

4,065,278

Community

Facilities

District

No.

2023-5

Area

No.

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/50

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

1,000,000

1,016,205

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

California

Municipal

Finance

Authority,

(continued)

Community

Facilities

District

No.

2023-5

Area

No.

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/55

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

$

1,120,000

$

1,131,966

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

2/01/42

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

15,900,000

16,045,183

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

2/01/47

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

19,145,000

19,218,971

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2021

A

,

%

,

2/01/51

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

7,000,000

6,146,834

Concordia

University

Irvine

,

Revenue

,

2021

,

%

,

1/01/37

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

1,025,000

1,008,478

Concordia

University

Irvine

,

Revenue

,

2021

,

%

,

1/01/38

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

985,000

959,691

Concordia

University

Irvine

,

Revenue

,

2021

,

%

,

1/01/39

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

1,040,000

1,002,959

Concordia

University

Irvine

,

Revenue

,

2021

,

%

,

1/01/40

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

1,175,000

1,111,931

Concordia

University

Irvine

,

Revenue

,

2021

,

%

,

1/01/41

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

1,060,000

984,166

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/15/42

....

450,000

438,990

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/15/52

....

1,000,000

848,448

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/15/56

....

1,100,000

917,615

Eisenhower

Medical

Center

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/47

.........

9,100,000

9,126,561

Eskaton

Properties,

Inc.

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

%

,

11/15/44

1,500,000

1,571,820

e

IH

Citrus

Whittier

LLC

,

Revenue

,

144A,

2023

,

I-A

,

6.25 %

,

1/01/60

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

29,830,000

29,575,729

e

IH

Citrus

Whittier

LLC

,

Revenue

,

144A,

2023

,

I-B

,

%

,

7/01/42

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

1,800,000

1,890,272

e

IH

Lakes

Concord

LLC

,

Revenue

,

144A,

2022

,

4.375 %

,

12/01/32

...........

22,510,000

22,657,531

e

IH

Parkside

Fairfield

LLC

,

Revenue

,

144A,

2023

,

6.75 %

,

9/01/53

...........

51,750,000

54,658,743

e

IH

Parkside

Fairfield

LLC

,

Revenue

,

144A,

2023

,

%

,

9/01/27

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

565,000

578,839

Inland

Christian

Home,

Inc.

,

Revenue

,

2020

,

California

Mortgage

Insured

,

%

,

12/01/49

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

2,670,000

2,522,185

Inland

Counties

Regional

Center,

Inc.

,

Revenue

,

2015

,

Refunding

,

%

,

6/15/45

...

23,300,000

23,311,284

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

........

81,985,000

69,082,889

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

%

,

12/31/37

8,500,000

8,757,550

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

%

,

12/31/38

5,000,000

5,140,634

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

%

,

12/31/43

46,895,000

47,685,068

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

%

,

12/31/47

55,745,000

56,050,115

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

B

,

%

,

6/01/48

14,325,000

14,364,251

e

NCCD-Claremont

Properties

LLC

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.25 %

,

7/01/40

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

7,065,000

7,799,712

e

NCCD-Claremont

Properties

LLC

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.5 %

,

7/01/50

21,145,000

22,272,073

e

NCCD-Claremont

Properties

LLC

,

Revenue

,

144A,

2023

A

,

Refunding

,

%

,

7/01/53

12,485,000

13,663,578

e

NCCD-Claremont

Properties

LLC

,

Revenue

,

144A,

2023

B

,

Refunding

,

6.5 %

,

7/01/32

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

2,470,000

2,536,311

Northbay

Healthcare

Corp.

Obligated

Group

,

Revenue

,

2017

A

,

5.25 %

,

11/01/41

..

5,500,000

5,523,695

Northbay

Healthcare

Corp.

Obligated

Group

,

Revenue

,

2017

A

,

%

,

11/01/47

.....

8,650,000

8,386,934

Northern

California

Retired

Officers

Community

,

Revenue

,

2019

A

,

California

Mortgage

Insured

,

%

,

1/01/43

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

10,000,000

10,336,960

Northern

California

Retired

Officers

Community

,

Revenue

,

2019

A

,

California

Mortgage

Insured

,

%

,

1/01/49

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

18,990,000

19,496,403

Palomar

Health

Obligated

Group

,

COP

,

2022

A

,

Refunding

,

AG

Insured

,

5.25 %

,

11/01/52

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

43,040,000

43,910,669

Porter

1107

LLC

,

Revenue

,

2025

A

,

6.2 %

,

11/01/37

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

43,500,000

45,203,190

Samuel

Merritt

University

,

Revenue

,

2022

,

5.25 %

,

6/01/53

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

39,750,000

41,697,416

Scripps

College

,

Revenue

,

2025

,

5.5 %

,

7/01/60

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

8,500,000

9,181,289

e

Sierra

Ridge

3600

LLC

,

Revenue

,

144A,

2024

A

,

5.75 %

,

11/01/39

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

48,675,000

49,710,390

University

of

La

Verne

,

Revenue

,

2017

A

,

Refunding

,

%

,

6/01/47

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

10,500,000

9,749,563

California

Pollution

Control

Financing

Authority

,

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2019

,

Refunding

,

%

,

7/01/39

.

7,250,000

7,517,675

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2019

,

Refunding

,

%

,

11/21/45

11,365,000

11,600,498

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

%

,

7/01/30

..........

5,200,000

5,620,902

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

%

,

7/01/31

..........

3,000,000

3,286,172

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

California

Pollution

Control

Financing

Authority,

(continued)

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

%

,

7/01/32

..........

$

5,500,000

$

6,105,314

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

%

,

7/01/33

..........

6,000,000

6,737,617

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

%

,

7/01/34

..........

3,250,000

3,645,638

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

%

,

7/01/35

..........

3,250,000

3,627,728

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

%

,

7/01/36

..........

2,650,000

2,936,176

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

%

,

7/01/37

..........

2,300,000

2,535,810

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

%

,

7/01/38

..........

2,000,000

2,189,496

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

%

,

11/21/45

.........

2,200,000

2,308,019

San

Jose

Water

Co.

,

Revenue

,

2016

,

4.75 %

,

11/01/46

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

15,000,000

15,014,091

California

Public

School

District

Financing

Authority

,

Southern

Kern

Unified

School

District

,

Revenue

,

1996

B

,

AG

Insured

,

ETM,

5.9 %

,

9/01/26

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

220,000

224,132

e

California

School

Finance

Authority

,

Alliance

for

College

Ready

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

%

,

7/01/34

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

445,000

459,030

Alliance

for

College

Ready

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

%

,

7/01/49

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

1,000,000

1,022,575

Alliance

for

College

Ready

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

%

,

7/01/59

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

3,000,000

3,030,235

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2021

A

,

2.125 %

,

8/01/31

.

500,000

460,889

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2021

A

,

%

,

8/01/36

....

325,000

325,406

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2021

A

,

%

,

8/01/41

....

525,000

498,065

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2021

A

,

%

,

8/01/51

....

800,000

671,372

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2022

A

,

%

,

8/01/52

....

2,935,000

2,826,847

Camino

Nuevo

Charter

Academy

Obligated

Group

,

Revenue

,

144A,

2023

A

,

Refunding

,

%

,

6/01/43

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

1,000,000

1,014,678

Camino

Nuevo

Charter

Academy

Obligated

Group

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.25 %

,

6/01/53

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

1,550,000

1,551,162

Classical

Academy

Obligated

Group

,

Revenue

,

144A,

2022

A

,

Refunding

,

%

,

10/01/42

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

1,325,000

1,375,306

Classical

Academy

Obligated

Group

,

Revenue

,

144A,

2022

A

,

Refunding

,

%

,

10/01/52

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

2,265,000

2,222,634

Classical

Academy

Obligated

Group

,

Revenue

,

144A,

2022

A

,

Refunding

,

%

,

10/01/61

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

3,905,000

3,778,504

Granada

Hills

Charter

High

School

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

%

,

7/01/29

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

200,000

203,739

Granada

Hills

Charter

High

School

Obligated

Group

,

Revenue

,

144A,

2024

A

,

%

,

7/01/64

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

500,000

477,795

Green

Dot

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2022

A

,

Refunding

,

5.75 %

,

8/01/52

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

1,500,000

1,564,401

KIPP

SoCal

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2020

A

,

%

,

7/01/40

800,000

786,325

STEM

Preparatory

Schools

-

Obligated

Group

,

Revenue

,

144A,

2023

A

,

5.125 %

,

6/01/53

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

1,000,000

981,680

STEM

Preparatory

Schools

-

Obligated

Group

,

Revenue

,

144A,

2023

A

,

5.375 %

,

5/01/63

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

1,000,000

1,000,567

Value

Schools

,

Revenue

,

144A,

2023

A

,

Refunding

,

%

,

7/01/40

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

550,000

570,812

Value

Schools

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.25 %

,

7/01/48

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

725,000

736,175

California

State

Public

Works

Board

,

Revenue

,

2025

A

,

%

,

4/01/50

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

23,775,000

25,484,202

State

of

California

,

Revenue

,

2019

C

,

%

,

11/01/44

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

5,000,000

5,276,811

State

of

California

,

Revenue

,

2021

D

,

%

,

11/01/35

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

1,210,000

1,301,096

State

of

California

,

Revenue

,

2025

C

,

%

,

11/01/50

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

13,750,000

14,790,270

California

State

University

,

Revenue

,

2015

A

,

%

,

11/01/47

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

150,000

150,141

Revenue

,

2016

A

,

Refunding

,

%

,

11/01/36

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

3,760,000

3,775,325

d

Revenue

,

2016

,

Refunding

,

Mandatory

Put

,

0.55 %

,

11/01/26

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

12,000,000

11,837,796

Revenue

,

2017

A

,

Refunding

,

%

,

11/01/42

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

12,310,000

12,594,718

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

California

State

University,

(continued)

Revenue

,

2017

A

,

Refunding

,

%

,

11/01/47

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

$

26,185,000

$

26,563,258

Revenue

,

2018

A

,

Refunding

,

%

,

11/01/39

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

3,675,000

3,901,353

Revenue

,

2018

A

,

Refunding

,

%

,

11/01/43

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

3,330,000

3,487,856

Revenue

,

2018

A

,

Refunding

,

%

,

11/01/48

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

17,385,000

17,896,256

Revenue

,

2019

A

,

%

,

11/01/44

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

40,010,000

42,295,767

Revenue

,

2019

A

,

%

,

11/01/49

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

31,915,000

33,135,570

Revenue

,

2019

A

,

%

,

11/01/51

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

45,680,000

47,235,459

Revenue

,

2025

A

,

Refunding

,

4.625 %

,

11/01/56

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

32,800,000

33,737,234

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

11/01/56

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

75,000,000

81,817,537

California

Statewide

Communities

Development

Authority

,

Revenue

,

2024

,

%

,

9/02/44

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

2,500,000

2,612,735

Revenue

,

2024

,

%

,

9/02/49

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

2,000,000

2,034,796

Revenue

,

2024

,

%

,

9/02/54

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

2,500,000

2,533,719

Special

Assessment

,

2024

A

,

%

,

9/02/54

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

1,290,000

1,315,462

Special

Assessment

,

2025

,

%

,

9/02/50

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

4,830,000

4,986,488

Special

Assessment

,

2025

,

%

,

9/02/55

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

4,260,000

4,370,751

Special

Tax

,

2023

A

,

5.25 %

,

9/01/51

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

3,300,000

3,409,317

Special

Tax

,

2024

,

4.375 %

,

9/02/40

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

1,000,000

1,029,800

Special

Tax

,

2024

,

4.5 %

,

9/02/45

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

1,050,000

1,053,162

Special

Tax

,

2024

,

4.625 %

,

9/02/50

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

2,135,000

2,131,690

Special

Tax

,

2024

,

4.75 %

,

9/02/55

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

2,000,000

1,987,992

Special

Tax

,

2025

A

,

%

,

9/02/55

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

10,075,000

10,336,929

Special

Tax

,

2025

B

,

%

,

9/02/50

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

2,840,000

2,932,014

Special

Tax

,

2025

B

,

%

,

9/02/55

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

2,000,000

2,051,996

Special

Tax

,

2025

,

%

,

9/02/51

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

2,300,000

2,370,129

Special

Tax

,

2025

,

%

,

9/02/56

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

3,180,000

3,264,567

899

Charleston

,

Revenue

,

2024

,

Refunding

,

California

Mortgage

Insured

,

4.25 %

,

11/01/44

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

4,320,000

4,386,848

899

Charleston

,

Revenue

,

2024

,

Refunding

,

California

Mortgage

Insured

,

%

,

11/01/49

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

2,500,000

2,658,693

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

%

,

3/01/35

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

9,250,000

9,258,521

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

3/01/48

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

67,585,000

68,150,700

Cedars-Sinai

Medical

Center

Obligated

Group

,

Revenue

,

2018

,

%

,

7/01/48

.....

7,980,000

8,183,904

Community

Facilities

District

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/45

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

1,840,000

1,908,705

Community

Facilities

District

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/55

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

2,400,000

2,438,491

Community

Facilities

District

No.

2020-02

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.25 %

,

9/01/52

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

1,650,000

1,691,079

Community

Facilities

District

No.

2020-2

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/34

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

345,000

377,805

Community

Facilities

District

No.

2020-2

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/39

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

745,000

801,612

Community

Facilities

District

No.

2020-2

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

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

1,230,000

1,285,529

Community

Facilities

District

No.

2020-2

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

500,000

510,690

Community

Facilities

District

No.

2020-2

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

750,000

761,481

Community

Facilities

District

No.

2021-03

,

Special

Tax

,

2024

,

%

,

9/01/44

.......

875,000

915,078

Community

Facilities

District

No.

2021-03

,

Special

Tax

,

2024

,

%

,

9/01/49

.......

820,000

837,136

Community

Facilities

District

No.

2021-03

,

Special

Tax

,

2024

,

%

,

9/01/54

.......

850,000

863,832

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

,

%

,

9/01/43

........

1,000,000

1,052,330

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

,

%

,

9/01/53

........

1,850,000

1,881,031

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

California

Statewide

Communities

Development

Authority,

(continued)

Community

Facilities

District

No.

20220

,

Special

Tax

,

2023

,

%

,

9/01/43

.........

$

1,030,000

$

1,083,900

Community

Facilities

District

No.

20220

,

Special

Tax

,

2023

,

%

,

9/01/48

.........

1,120,000

1,147,691

Community

Facilities

District

No.

20220

,

Special

Tax

,

2023

,

%

,

9/01/53

.........

1,000,000

1,015,512

Community

Facilities

District

No.

2022-03

,

Special

Tax

,

2023

,

%

,

9/01/38

.......

1,675,000

1,804,615

Community

Facilities

District

No.

2022-03

,

Special

Tax

,

2023

,

%

,

9/01/43

.......

380,000

399,885

Community

Facilities

District

No.

2022-03

,

Special

Tax

,

2023

,

%

,

9/01/53

.......

1,250,000

1,269,390

Community

Facilities

District

No.

2022-10

,

Special

Tax

,

2023

,

5.5 %

,

9/01/53

......

1,770,000

1,853,867

Enloe

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

AG

Insured

,

%

,

8/15/42

600,000

635,210

Enloe

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

AG

Insured

,

5.125 %

,

8/15/47

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

880,000

905,728

Enloe

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

AG

Insured

,

5.25 %

,

8/15/52

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

11,215,000

11,498,558

Enloe

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

AG

Insured

,

5.375 %

,

8/15/57

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

17,930,000

18,465,261

Sequoia

Living,

Inc.

,

Revenue

,

2025

A

,

Refunding

,

California

Mortgage

Insured

,

%

,

7/01/50

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

23,000,000

24,393,230

c

Carlsbad

Unified

School

District

,

GO

,

2011

C

,

6.556 %,

8/01/35

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

33,000,000

41,872,182

Centinela

Valley

Union

High

School

District

,

GO

,

2004

A

,

Refunding

,

NATL

Insured

,

5.5 %

,

8/01/33

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

12,600,000

14,075,431

Central

Valley

Energy

Authority

,

d

Revenue

,

2025

,

Mandatory

Put

,

%

,

8/01/35

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

50,000,000

55,535,790

Revenue

,

2026

,

%

,

8/01/34

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

32,660,000

35,938,826

Chino

Community

Facilities

District

,

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/29

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

285,000

291,996

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/34

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

650,000

720,684

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/39

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

830,000

903,767

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

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

795,000

832,564

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

675,000

689,581

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

740,000

751,525

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/41

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

1,710,000

1,713,880

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/46

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

1,000,000

938,401

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/51

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

1,250,000

1,107,154

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2022

,

%

,

9/01/37

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

2,740,000

2,980,021

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.25 %

,

9/01/42

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

2,000,000

2,142,966

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.375 %

,

9/01/47

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

2,000,000

2,095,826

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.375 %

,

9/01/52

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

2,695,000

2,792,878

City

of

Chino

Community

Facilities

District

No.

2022-1

,

Special

Tax

,

2025

,

5.25 %

,

9/01/55

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

2,000,000

2,069,818

Chino

Valley

Unified

School

District

,

GO

,

2020

B

,

3.375 %

,

8/01/50

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

20,500,000

17,246,176

City

&

County

of

San

Francisco

,

GO

,

2022

,

Refunding

,

%

,

6/15/26

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

5,000,000

5,046,067

e

District

No.

2020-1

Development

,

Special

Tax

,

144A,

2023

A

,

5.75 %

,

9/01/50

.....

850,000

897,296

e

District

No.

2020-1

Office

,

Special

Tax

,

144A,

2023

B

,

5.75 %

,

9/01/53

..........

1,835,000

1,931,693

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

City

of

Beaumont

,

Community

Facilities

District

No.

2016-3

,

Special

Tax

,

2023

,

%

,

9/01/38

........

$

500,000

$

544,370

Community

Facilities

District

No.

2016-3

,

Special

Tax

,

2023

,

%

,

9/01/43

........

625,000

661,831

Community

Facilities

District

No.

2016-3

,

Special

Tax

,

2023

,

%

,

9/01/48

........

745,000

764,369

Community

Facilities

District

No.

2016-3

,

Special

Tax

,

2023

,

%

,

9/01/53

........

950,000

961,748

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2024

,

%

,

9/01/39

........

400,000

429,357

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2024

,

%

,

9/01/44

........

650,000

681,042

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2024

,

%

,

9/01/49

........

1,000,000

1,023,285

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2024

,

%

,

9/01/54

........

1,500,000

1,523,908

Community

Facilities

District

No.

93-1

Improvement

Area

No.

17D

,

Special

Tax

,

2024

,

%

,

9/01/45

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

1,000,000

1,036,624

Community

Facilities

District

No.

93-1

Improvement

Area

No.

17D

,

Special

Tax

,

2024

,

%

,

9/01/49

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

1,000,000

1,023,713

Community

Facilities

District

No.

93-1

Improvement

Area

No.

17D

,

Special

Tax

,

2024

,

%

,

9/01/54

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

1,390,000

1,416,511

City

of

Corona

,

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

,

Special

Tax

,

2020

,

%

,

9/01/45

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

650,000

614,811

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

,

Special

Tax

,

2020

,

%

,

9/01/50

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

1,500,000

1,339,016

City

of

Dixon

,

Community

Facilities

District

No.

2019-1

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

1,000,000

1,017,672

City

of

Dublin

,

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.25 %

,

9/01/42

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

2,005,000

2,136,356

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.5 %

,

9/01/47

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

2,630,000

2,774,345

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.5 %

,

9/01/51

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

3,040,000

3,171,320

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

5.125 %

,

9/01/43

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

1,275,000

1,345,926

City

of

Fillmore

,

Community

Facilities

District

No.

Improvement

Area

B

,

Special

Tax

,

2023

,

%

,

9/01/38

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

1,000,000

1,079,120

Community

Facilities

District

No.

Improvement

Area

B

,

Special

Tax

,

2023

,

%

,

9/01/43

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

1,100,000

1,154,674

Community

Facilities

District

No.

Improvement

Area

B

,

Special

Tax

,

2023

,

%

,

9/01/48

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

2,375,000

2,435,234

Community

Facilities

District

No.

Improvement

Area

B

,

Special

Tax

,

2023

,

%

,

9/01/53

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

3,740,000

3,802,733

City

of

Fontana

,

Community

Facilities

District

No.

,

Special

Tax

,

2020

,

%

,

9/01/45

...........

850,000

797,629

Community

Facilities

District

No.

,

Special

Tax

,

2020

,

%

,

9/01/50

...........

900,000

809,436

Community

Facilities

District

No.

,

Special

Tax

,

2020

,

%

,

9/01/45

...........

1,100,000

1,037,698

Community

Facilities

District

No.

,

Special

Tax

,

2020

,

%

,

9/01/51

...........

1,545,000

1,370,527

Community

Facilities

District

No.

,

Special

Tax

,

2020

,

%

,

9/01/40

...........

750,000

755,589

Community

Facilities

District

No.

,

Special

Tax

,

2020

,

%

,

9/01/51

...........

1,500,000

1,344,891

Community

Facilities

District

No.

,

Special

Tax

,

2021

,

%

,

9/01/41

...........

530,000

531,723

Community

Facilities

District

No.

,

Special

Tax

,

2021

,

%

,

9/01/46

...........

475,000

448,794

Community

Facilities

District

No.

,

Special

Tax

,

2021

,

%

,

9/01/51

...........

1,825,000

1,641,297

Community

Facilities

District

No.

,

Special

Tax

,

2023

,

%

,

9/01/45

...........

600,000

621,282

Community

Facilities

District

No.

,

Special

Tax

,

2023

,

%

,

9/01/53

...........

500,000

507,989

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

..........

1,000,000

1,043,637

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

..........

1,100,000

1,122,988

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

..........

1,400,000

1,420,827

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/39

...........

1,000,000

1,082,076

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

...........

2,300,000

2,400,364

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

City

of

Fontana,

(continued)

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

...........

$

2,000,000

$

2,029,753

City

of

Laguna

Beach

,

Underground

Utility

Assessment

District

No.

2014-2

,

Special

Assessment

,

4.375 %

,

9/02/39

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

1,685,000

1,757,770

Underground

Utility

Assessment

District

No.

2014-2

,

Special

Assessment

,

4.625 %

,

9/02/44

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

1,000,000

1,013,727

City

of

Lake

Elsinore

,

Community

Facilities

District

No.

2006-6

,

Special

Tax

,

2022

,

4.75 %

,

9/01/52

......

1,000,000

977,963

Community

Facilities

District

No.

2019-2

,

Special

Tax

,

2024

,

%

,

9/01/49

........

1,000,000

1,022,304

Community

Facilities

District

No.

2019-2

,

Special

Tax

,

2024

,

%

,

9/01/54

........

1,000,000

1,015,574

Community

Facilities

District

No.

2022-1

,

Special

Tax

,

2025

,

%

,

9/01/50

........

1,000,000

1,020,798

Community

Facilities

District

No.

2022-1

,

Special

Tax

,

2025

,

%

,

9/01/55

........

1,500,000

1,522,870

City

of

Lincoln

,

Community

Facilities

District

No.

2006-1

Area

No.

,

Special

Tax

,

2021

,

Refunding

,

%

,

9/01/39

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

290,000

290,050

Community

Facilities

District

No.

2006-1

Area

No.

,

Special

Tax

,

2021

,

Refunding

,

%

,

9/01/40

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

160,000

159,336

Community

Facilities

District

No.

2006-1

Area

No.

,

Special

Tax

,

2021

,

Refunding

,

%

,

9/01/43

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

320,000

309,054

Community

Facilities

District

No.

2019-1

,

Special

Tax

,

2022

,

%

,

9/01/42

........

2,015,000

2,101,162

Community

Facilities

District

No.

2019-1

,

Special

Tax

,

2022

,

%

,

9/01/47

........

3,430,000

3,507,105

Community

Facilities

District

No.

2019-1

,

Special

Tax

,

2022

,

%

,

9/01/52

........

2,090,000

2,113,163

Community

Facilities

District

No.

2019-1

,

Special

Tax

,

2025

,

%

,

9/01/55

........

1,400,000

1,414,957

City

of

Long

Beach

,

Harbor

,

Revenue

,

2017

C

,

Refunding

,

%

,

5/15/47

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

15,660,000

15,912,506

Harbor

,

Revenue

,

2019

A

,

%

,

5/15/44

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

15,045,000

15,824,193

Harbor

,

Revenue

,

2019

A

,

%

,

5/15/49

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

8,705,000

9,043,619

City

of

Los

Angeles

,

Department

of

Airports

,

Revenue

,

2018

C

,

%

,

5/15/37

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

9,550,000

9,862,800

Department

of

Airports

,

Revenue

,

2018

C

,

%

,

5/15/44

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

39,405,000

40,064,971

Department

of

Airports

,

Revenue

,

2019

A

,

Refunding

,

%

,

5/15/49

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

10,000,000

10,156,213

Department

of

Airports

,

Revenue

,

2019

C

,

%

,

5/15/39

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

2,305,000

2,482,749

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

%

,

5/15/35

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

10,005,000

11,063,505

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

%

,

5/15/36

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

6,000,000

6,608,063

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

%

,

5/15/37

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

5,000,000

5,483,930

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

%

,

5/15/38

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

15,925,000

17,403,090

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

%

,

5/15/40

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

22,485,000

24,414,921

Department

of

Airports

,

Revenue

,

2021

D

,

%

,

5/15/33

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

4,735,000

5,344,625

Department

of

Airports

,

Revenue

,

2021

D

,

%

,

5/15/34

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

2,500,000

2,807,094

Department

of

Airports

,

Revenue

,

2021

D

,

Pre-Refunded

,

%

,

5/15/34

..........

140,000

158,682

Department

of

Airports

,

Revenue,

Senior

Lien

,

2020

B

,

Refunding

,

%

,

5/15/39

...

2,000,000

2,074,399

Department

of

Airports

,

Revenue,

Senior

Lien

,

2020

C

,

%

,

5/15/37

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

6,595,000

7,098,506

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

G

,

%

,

5/15/42

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

16,575,000

16,649,718

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

G

,

%

,

5/15/47

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

11,325,000

10,665,476

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

H

,

%

,

5/15/42

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

1,415,000

1,517,734

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

H

,

%

,

5/15/47

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

25,000,000

25,944,515

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

H

,

5.25 %

,

5/15/47

.........

24,000,000

25,244,971

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

I

,

%

,

5/15/42

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

2,360,000

2,627,843

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

I

,

%

,

5/15/48

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

2,000,000

1,974,887

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

I

,

%

,

5/15/48

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

6,265,000

6,638,216

Department

of

Airports

,

Revenue,

Sub.

Lien

,

2016

B

,

%

,

5/15/41

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

10,000,000

10,028,670

Department

of

Airports

,

Revenue,

Sub.

Lien

,

2016

B

,

%

,

5/15/46

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

15,265,000

15,285,713

Department

of

Airports

,

Revenue,

Sub.

Lien

,

2017

A

,

%

,

5/15/42

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

3,680,000

3,737,305

Department

of

Airports

,

Revenue,

Sub.

Lien

,

2017

A

,

%

,

5/15/47

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

51,110,000

51,488,444

Department

of

Airports

,

Revenue,

Sub.

Lien

,

2017

B

,

%

,

5/15/42

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

4,000,000

4,107,514

Department

of

Airports

,

Revenue,

Sub.

Lien

,

2018

A

,

%

,

5/15/44

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

32,985,000

33,693,313

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

City

of

Los

Angeles,

(continued)

Department

of

Airports

,

Revenue,

Sub.

Lien

,

2018

E

,

Refunding

,

%

,

5/15/43

.....

$

16,995,000

$

18,025,004

Department

of

Airports

,

Revenue,

Sub.

Lien

,

2018

E

,

Refunding

,

%

,

5/15/48

.....

33,145,000

34,345,873

Department

of

Airports

,

Revenue,

Sub.

Lien

,

2019

E

,

%

,

5/15/44

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

23,485,000

24,663,790

Department

of

Airports

,

Revenue,

Sub.

Lien

,

2019

E

,

%

,

5/15/49

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

10,495,000

10,799,004

Department

of

Airports

,

Revenue,

Sub.

Lien

,

2021

A

,

Refunding

,

%

,

5/15/36

.....

3,665,000

4,034,467

Department

of

Airports

,

Revenue,

Sub.

Lien

,

2021

A

,

Refunding

,

%

,

5/15/38

.....

4,920,000

5,349,446

Department

of

Airports

,

Revenue,

Sub.

Lien

,

2021

A

,

Refunding

,

%

,

5/15/41

.....

7,005,000

7,509,562

Department

of

Airports

,

Revenue,

Sub.

Lien

,

2021

A

,

Refunding

,

%

,

5/15/46

.....

25,965,000

26,910,775

Department

of

Airports

,

Revenue,

Sub.

Lien

,

2021

A

,

Refunding

,

%

,

5/15/51

.....

26,450,000

27,055,393

Department

of

Airports

,

Revenue,

Sub.

Lien

,

2022

C

,

Refunding

,

%

,

5/15/45

.....

8,000,000

8,405,074

Wastewater

System

,

Revenue

,

2025

A

,

%

,

6/01/55

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

5,000,000

5,331,942

Wastewater

System

,

Revenue,

Sub.

Lien

,

2018

A

,

%

,

6/01/43

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

10,000,000

10,393,503

City

of

Menifee

,

Community

Facilities

District

No.

2019-1

Meadow

Run

,

Special

Tax

,

2022

,

%

,

9/01/37

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

320,000

325,983

Community

Facilities

District

No.

2019-1

Meadow

Run

,

Special

Tax

,

2022

,

%

,

9/01/43

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

135,000

111,526

Community

Facilities

District

No.

2019-1

Meadow

Run

,

Special

Tax

,

2022

,

%

,

9/01/51

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

565,000

492,900

Community

Facilities

District

No.

2022-1

,

Special

Tax

,

2023

A

,

%

,

9/01/38

......

500,000

542,177

Community

Facilities

District

No.

2022-1

,

Special

Tax

,

2023

A

,

%

,

9/01/43

......

600,000

633,374

Community

Facilities

District

No.

2022-1

,

Special

Tax

,

2023

A

,

%

,

9/01/48

......

700,000

719,093

Community

Facilities

District

No.

2022-1

,

Special

Tax

,

2023

A

,

%

,

9/01/53

......

1,000,000

1,012,994

Community

Facilities

District

No.

2022-1

,

Special

Tax

,

2024

A

,

%

,

9/01/54

......

1,000,000

1,012,791

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2024

,

%

,

9/01/44

........

1,500,000

1,567,621

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2024

,

%

,

9/01/49

........

2,100,000

2,148,317

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2024

,

%

,

9/01/55

........

4,365,000

4,416,755

City

of

Mountain

House

,

Community

Facilities

District

No.

2024-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

5.25 %

,

9/01/55

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

1,000,000

1,019,338

City

of

Newport

Beach

,

Assessment

District

No.

,

1915

Act,

Special

Assessment

,

2021

A

,

2.25 %

,

9/02/41

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

1,290,000

940,793

City

of

Ontario

,

Community

Facilities

District

No.

,

Special

Tax

,

2021

,

Refunding

,

%

,

9/01/38

...

400,000

398,688

Community

Facilities

District

No.

,

Special

Tax

,

2020

,

%

,

9/01/43

...........

410,000

398,933

Community

Facilities

District

No.

,

Special

Tax

,

2020

,

%

,

9/01/51

...........

1,565,000

1,386,157

Community

Facilities

District

No.

,

Special

Tax

,

2022

,

%

,

9/01/42

...........

750,000

790,779

Community

Facilities

District

No.

,

Special

Tax

,

2022

,

%

,

9/01/47

...........

800,000

819,789

Community

Facilities

District

No.

,

Special

Tax

,

2022

,

%

,

9/01/53

...........

845,000

857,558

Community

Facilities

District

No.

,

Special

Tax

,

2022

,

4.25 %

,

9/01/37

.........

415,000

428,758

Community

Facilities

District

No.

,

Special

Tax

,

2022

,

4.625 %

,

9/01/42

........

650,000

665,932

Community

Facilities

District

No.

,

Special

Tax

,

2022

,

4.75 %

,

9/01/47

.........

840,000

843,455

Community

Facilities

District

No.

,

Special

Tax

,

2022

,

4.75 %

,

9/01/52

.........

825,000

812,840

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

...........

2,225,000

2,263,697

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/39

...........

1,410,000

1,520,594

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

...........

1,795,000

1,882,417

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

...........

1,000,000

1,023,008

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

...........

1,000,000

1,016,972

Community

Facilities

District

No.

,

Special

Tax

,

2025

,

%

,

9/01/55

...........

1,500,000

1,526,306

City

of

Orange

,

Community

Facilities

District

No.

06-1

,

Special

Tax

,

2015

,

Refunding

,

AG

Insured

,

%

,

10/01/40

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

7,500,000

7,513,195

City

of

Pasadena

,

Electric

,

Revenue

,

2016

A

,

Refunding

,

%

,

6/01/46

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

22,625,000

22,556,270

City

of

Rancho

Cordova

,

Arista

Del

Sol

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

5.125 %

,

9/01/43

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

525,000

553,593

Arista

Del

Sol

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

5.375 %

,

9/01/53

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

1,100,000

1,138,568

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

City

of

Rancho

Cordova,

(continued)

City

Grantline

Community

Facilities

District

No.

2023-1

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

$

1,790,000

$

1,811,642

Grantline

Community

Facilities

District

No.

2023-1

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

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

885,000

920,350

Grantline

Community

Facilities

District

No.

2023-1

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

550,000

560,365

Grantline

Community

Facilities

District

No.

2023-1

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/53

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

525,000

532,152

City

of

Rialto

,

Community

Facilities

District

No.

2020-1

,

Special

Tax

,

2025

,

5.125 %

,

9/01/55

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

1,000,000

1,021,630

City

of

Roseville

,

Amoruso

Ranch

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/50

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

1,190,000

1,202,042

Amoruso

Ranch

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/55

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

1,750,000

1,754,169

Creekview

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

2,165,000

2,185,164

Electric

System

,

COP

,

2004

,

AG

Insured

,

%

,

2/01/34

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

5,000

5,010

Ranch

at

Sierra

Vista

Community

Facilities

District

No.

,

Special

Tax

,

2023

,

%

,

9/01/38

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

1,165,000

1,252,624

Ranch

at

Sierra

Vista

Community

Facilities

District

No.

,

Special

Tax

,

2023

,

%

,

9/01/43

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

1,000,000

1,049,048

Ranch

at

Sierra

Vista

Community

Facilities

District

No.

,

Special

Tax

,

2023

,

%

,

9/01/48

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

1,000,000

1,026,638

Ranch

at

Sierra

Vista

Community

Facilities

District

No.

,

Special

Tax

,

2023

,

%

,

9/01/53

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

1,150,000

1,169,289

City

of

Sacramento

,

Transient

Occupancy

Tax

,

Revenue

,

2018

A

,

%

,

6/01/43

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

13,555,000

14,105,065

Transient

Occupancy

Tax

,

Revenue

,

2018

A

,

%

,

6/01/48

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

21,415,000

22,019,376

City

of

San

Francisco

,

Public

Utilities

Commission

Water

,

Revenue

,

2025

D

,

%

,

11/01/55

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

75,000,000

80,162,925

Public

Utilities

Commission

Water

,

Revenue,

Sub.

Lien

,

2023

AB-A

,

5.25 %

,

11/01/48

47,895,000

52,618,640

Public

Utilities

Commission

Water

,

Revenue,

Sub.

Lien

,

2023

AB-A

,

5.25 %

,

11/01/52

40,170,000

43,318,187

City

of

Santa

Paula

,

Harvest

Community

Facilities

District

No.

Improvement

Area

A

,

Special

Tax

,

2022

,

%

,

9/01/42

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

575,000

562,073

Harvest

Community

Facilities

District

No.

Improvement

Area

A

,

Special

Tax

,

2022

,

%

,

9/01/47

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

1,460,000

1,327,104

Harvest

Community

Facilities

District

No.

Improvement

Area

A

,

Special

Tax

,

2022

,

%

,

9/01/52

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

3,530,000

3,066,417

Harvest

Community

Facilities

District

No.

Improvement

Area

A

,

Special

Tax

,

2023

,

%

,

9/01/49

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

325,000

332,981

Harvest

Community

Facilities

District

No.

Improvement

Area

A

,

Special

Tax

,

2023

,

%

,

9/01/53

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

1,345,000

1,369,259

City

of

Upland

,

San

Antonio

Regional

Hospital

Obligated

Group

,

COP

,

Refunding

,

%

,

1/01/47

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

14,400,000

14,525,326

City

of

Vernon

,

Electric

System

,

Revenue

,

2022

A

,

Refunding

,

%

,

8/01/34

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

1,350,000

1,517,263

Electric

System

,

Revenue

,

2022

A

,

Refunding

,

%

,

8/01/39

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

425,000

462,792

Electric

System

,

Revenue

,

2022

A

,

Refunding

,

%

,

8/01/40

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

365,000

395,389

Electric

System

,

Revenue

,

2022

A

,

Refunding

,

%

,

8/01/41

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

420,000

451,390

City

of

Wildomar

,

Community

Facilities

District

No.

2022-3

,

Special

Tax

,

2024

,

%

,

9/01/42

........

800,000

847,092

Community

Facilities

District

No.

2022-3

,

Special

Tax

,

2024

,

%

,

9/01/47

........

1,000,000

1,025,337

Community

Facilities

District

No.

2022-3

,

Special

Tax

,

2024

,

%

,

9/01/54

........

1,200,000

1,216,179

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

e

CMFA

Special

Finance

Agency

,

Latitude33

,

Revenue

,

144A,

2021

,

%

,

12/01/56

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

$

9,000,000

$

6,059,924

Solana

at

Grand

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

8/01/56

..........

54,800,000

48,136,896

e

CMFA

Special

Finance

Agency

Enclave

,

Revenue,

Senior

Lien

,

144A,

2022

,

%

,

8/01/58

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

26,500,000

20,548,039

e

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

,

%

,

8/01/56

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

94,250,000

66,543,940

e

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

8/01/56

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

34,750,000

24,278,341

e

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue,

Senior

Lien

,

144A,

2022

,

3.25 %

,

2/01/57

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

27,500,000

20,170,785

Coachella

Valley

Unified

School

District

,

GO

,

2016

F

,

BAM

Insured

,

%

,

8/01/46

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

7,135,000

7,170,571

c

GO

,

C

,

AG

Insured

,

3.08 %,

8/01/36

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

8,000,000

5,831,475

c

GO

,

C

,

AG

Insured

,

3.22 %,

8/01/37

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

8,000,000

5,568,206

c

GO

,

C

,

AG

Insured

,

3.57 %,

8/01/40

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

7,500,000

4,519,794

c

GO

,

C

,

AG

Insured

,

4.1 %,

8/01/43

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

10,000,000

4,962,023

c

Colton

Joint

Unified

School

District

,

GO

,

2010

B

,

AG

Insured

,

4.25 %,

8/01/42

......

16,365,000

8,258,947

Contra

Costa

Community

College

District

,

GO

,

2020

C

,

%

,

8/01/32

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

1,200,000

1,299,504

Contra

Costa

Water

District

,

Revenue

,

V

,

Refunding

,

%

,

10/01/49

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

7,500,000

7,778,903

Corona

Community

Facilities

District

,

City

of

Corona

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

1,600,000

1,631,190

City

of

Corona

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

1,600,000

1,619,345

c

Corona-Norco

Unified

School

District

,

GO

,

1998

C

,

NATL

Insured

,

2.25 %,

9/01/26

...

6,080,000

6,011,571

County

of

El

Dorado

,

Community

Facilities

District

No.

2014-1

,

Special

Tax

,

2023

,

%

,

9/01/48

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

1,000,000

1,023,451

County

of

Los

Angeles

,

Community

Facilities

District

No.

2021-01

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

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

1,400,000

1,470,214

Community

Facilities

District

No.

2021-01

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

1,400,000

1,430,241

Community

Facilities

District

No.

2021-01

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

1,750,000

1,776,034

County

of

Orange

,

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2022

A

,

%

,

8/15/37

......

1,300,000

1,394,507

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2022

A

,

%

,

8/15/42

......

850,000

898,394

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2022

A

,

%

,

8/15/47

......

1,250,000

1,282,115

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2022

A

,

%

,

8/15/52

......

8,200,000

8,335,643

County

of

Placer

,

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/43

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

900,000

933,331

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/48

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

1,360,000

1,376,826

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/53

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

1,000,000

1,004,864

County

of

Riverside

,

Community

Facilities

District

No.

07-2

,

Special

Tax

,

2020

,

AG

Insured

,

%

,

9/01/45

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

2,730,000

2,682,516

County

of

Sacramento

,

Airport

System

,

Revenue

,

2025

D

,

AG

Insured

,

5.25 %

,

7/01/50

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

7,500,000

7,897,590

Airport

System

,

Revenue,

Senior

Lien

,

2016

A

,

Refunding

,

%

,

7/01/41

.........

10,000,000

10,066,835

Airport

System

,

Revenue,

Sub.

Lien

,

2016

B

,

Refunding

,

%

,

7/01/41

...........

9,000,000

9,060,152

Community

Facilities

District

No.

2014-2

,

Special

Tax

,

2021

,

%

,

9/01/41

........

325,000

320,065

Community

Facilities

District

No.

2014-2

,

Special

Tax

,

2021

,

%

,

9/01/46

........

325,000

298,014

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

e

CSCDA

Community

Improvement

Authority

,

1818

Platinum

Triangle-Anaheim

,

Revenue,

Senior

Lien

,

144A,

2021

,

3.35 %

,

4/01/47

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

$

9,600,000

$

8,448,403

777

Place-Pomona

,

Revenue,

Senior

Lien

,

144A,

2021

,

3.6 %

,

5/01/47

.......

10,000,000

8,524,677

777

Place-Pomona

,

Revenue,

Senior

Lien

,

144A,

2021

,

3.25 %

,

5/01/57

......

12,500,000

8,802,491

Acacia

on

Santa

Rosa

Creek

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

%

,

10/01/56

.

13,000,000

10,937,135

Cameo/Garrison

Apartments

,

Revenue

,

144A,

2021

,

2.8 %

,

3/01/47

.........

20,800,000

17,155,251

Cameo/Garrison

Apartments

,

Revenue

,

144A,

2021

B

,

%

,

3/01/57

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

7,000,000

5,285,727

Cameo/Garrison

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

3/01/57

.

7,430,000

5,181,845

Crescent

(The)

,

Revenue,

Senior

Lien

,

144A,

2022

,

3.25 %

,

7/01/43

.........

6,530,000

5,349,123

Crescent

(The)

,

Revenue,

Senior

Lien

,

144A,

2022

,

4.3 %

,

7/01/59

..........

18,250,000

14,870,947

Dublin

,

Revenue

,

144A,

2021

B

,

%

,

2/01/57

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

16,110,000

12,496,314

Dublin

,

Revenue,

Senior

Lien

,

144A,

2021

,

2.45 %

,

2/01/47

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

36,300,000

32,125,486

Dublin

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

2/01/57

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

45,500,000

32,835,243

Escondido

Portfolio

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

6/01/48

........

10,000,000

7,217,011

Jefferson

Platinum

Triangle

Apartments

,

Revenue

,

144A,

2021

,

2.875 %

,

8/01/41

17,170,000

16,636,382

Jefferson

Platinum

Triangle

Apartments

,

Revenue

,

144A,

2021

,

3.125 %

,

8/01/56

54,465,000

41,818,167

Monterey

Station

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

7/01/43

.

8,000,000

6,627,342

Parallel-Anaheim

,

Revenue

,

144A,

2021

A

,

%

,

8/01/56

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

17,540,000

16,119,881

Park

Crossing

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

3.25 %

,

12/01/58

.

18,750,000

13,116,161

Pasadena

Portfolio

,

Revenue,

Senior

Lien

,

144A,

2021

,

2.65 %

,

12/01/46

.....

1,340,000

1,152,650

Pasadena

Portfolio

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

12/01/56

.......

39,820,000

28,206,386

Renaissance

at

City

Center

,

Revenue

,

144A,

2020

A

,

%

,

7/01/51

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

18,625,000

18,000,059

Theo

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

3.5 %

,

5/01/47

........

5,000,000

4,366,415

c

Towne

at

Glendale

Apartments

,

Revenue

,

144A,

2022

A

,

1.199 %,

9/01/62

.......

53,000,000

36,320,566

Vineyard

Garden

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

3.25 %

,

10/01/58

14,000,000

10,114,586

Waterscape

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

%

,

9/01/56

......

5,000,000

3,497,728

Westgate

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

6/01/47

......

14,500,000

10,524,699

Wood

Creek

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

12/01/49

...

30,000,000

21,697,791

Wood

Creek

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

12/01/58

...

25,000,000

19,520,273

Daly

City

Housing

Development

Finance

Agency

,

Franciscan

Park

LLC

,

Revenue

,

2007

A

,

Refunding

,

%

,

12/15/47

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

17,870,000

17,877,366

Day

Creek

Square

Public

Facilities

,

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2020

,

%

,

9/01/40

........

625,000

629,144

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2020

,

%

,

9/01/45

........

700,000

661,228

Delano

Joint

Union

High

School

District

,

GO

,

2003

A

,

Refunding

,

NATL

Insured

,

5.15 %

,

2/01/32

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

7,175,000

7,805,798

East

Bay

Municipal

Utility

District

,

Water

System

,

Revenue

,

2017

A

,

Refunding

,

%

,

6/01/45

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

4,240,000

4,318,946

Eastern

Municipal

Water

District

,

Community

Facilities

District

No.

2013-63

Improvement

Area

B

,

Special

Tax

,

2024

,

%

,

9/01/43

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

1,315,000

1,262,186

Community

Facilities

District

No.

2013-63

Improvement

Area

B

,

Special

Tax

,

2024

,

4.25 %

,

9/01/49

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

1,095,000

1,007,961

Community

Facilities

District

No.

2017-77

Improvement

Area

A

,

Special

Tax

,

2024

,

%

,

9/01/45

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

1,175,000

1,214,676

Community

Facilities

District

No.

2017-77

Improvement

Area

A

,

Special

Tax

,

2024

,

%

,

9/01/54

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

2,485,000

2,516,774

Community

Facilities

District

No.

2017-79

,

Special

Tax

,

2021

,

%

,

9/01/46

.......

2,815,000

2,553,482

Community

Facilities

District

No.

2017-79

,

Special

Tax

,

2021

,

%

,

9/01/51

.......

3,405,000

2,948,133

Community

Facilities

District

No.

2019-83

,

Special

Tax

,

2022

,

%

,

9/01/51

.......

2,790,000

2,430,286

Community

Facilities

District

No.

2019-86

,

Special

Tax

,

2023

,

%

,

9/01/48

.......

855,000

876,684

Community

Facilities

District

No.

2019-86

,

Special

Tax

,

2023

,

%

,

9/01/54

.......

1,775,000

1,799,936

Community

Facilities

District

No.

2022-95

,

Special

Tax

,

2024

,

%

,

9/01/39

.......

1,250,000

1,261,149

Community

Facilities

District

No.

2022-95

,

Special

Tax

,

2024

,

%

,

9/01/44

.......

1,500,000

1,419,242

Community

Facilities

District

No.

2022-95

,

Special

Tax

,

2024

,

4.25 %

,

9/01/49

.....

2,030,000

1,868,640

Community

Facilities

District

No.

2022-95

,

Special

Tax

,

2024

,

4.375 %

,

9/01/54

....

1,280,000

1,170,982

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Eastern

Municipal

Water

District

Financing

Authority

,

Revenue

,

2015

B

,

%

,

7/01/46

.

$

30,705,000

$

30,734,314

Elk

Grove

Finance

Authority

,

Community

Facilities

District

No.

2005-1

Laguna

Ridge

,

Special

Tax

,

2024

,

%

,

9/01/51

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

1,725,000

1,757,253

Elsinore

Valley

Municipal

Water

District

,

Community

Facilities

District

No.

2022-2

(Echo

Ridge)

,

Special

Tax

,

2026

,

%

,

9/01/55

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

1,250,000

1,237,018

c

Fairfax

School

District

,

GO

,

2011

,

AG

Insured

,

4.84 %,

11/01/48

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

10,380,000

3,557,686

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

Revenue

,

2019-ML06

,

ACA

,

2.493 %

,

7/25/35

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

976,648

904,668

Folsom

Cordova

Unified

School

District

,

School

Facilities

Improvement

District

No.

,

GO

,

C

,

%

,

10/01/43

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

5,000,000

5,018,163

Folsom

Ranch

Financing

Authority

,

City

of

Folsom

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

1,000,000

1,047,975

City

of

Folsom

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

1,250,000

1,279,641

City

of

Folsom

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

5,535,000

5,628,941

City

of

Folsom

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/39

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

715,000

767,166

City

of

Folsom

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

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

775,000

803,448

City

of

Folsom

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

425,000

432,740

City

of

Folsom

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/53

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

485,000

492,218

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue

,

2013

A

,

Refunding

,

AG

Insured

,

5.5 %

,

1/15/31

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

35,000,000

40,536,314

Revenue

,

2013

A

,

Refunding

,

AG

Insured

,

5.625 %

,

1/15/32

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

37,260,000

43,278,857

Revenue

,

2013

A

,

Refunding

,

6.85 %

,

1/15/42

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

99,150,000

120,427,610

c

Revenue

,

2013

A

,

Refunding

,

AG

Insured

,

3.11 %,

1/15/37

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

41,250,000

29,564,890

c

Revenue

,

2013

A

,

Refunding

,

AG

Insured

,

3.24 %,

1/15/38

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

77,650,000

53,153,584

c

Revenue

,

2013

A

,

Refunding

,

AG

Insured

,

3.36 %,

1/15/39

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

56,100,000

36,648,211

c

Revenue

,

2013

A

,

Refunding

,

3.84 %,

1/15/42

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

130,000,000

71,419,894

c

Revenue,

Senior

Lien

,

1995

A

,

ETM,

2.02 %,

1/01/27

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

15,000,000

14,749,443

c

Revenue,

Senior

Lien

,

1995

A

,

ETM,

2.03 %,

1/01/28

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

2,000,000

1,927,477

c

Revenue,

Senior

Lien

,

1995

A

,

ETM,

2.06 %,

1/01/29

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

35,310,000

33,325,461

Revenue,

Senior

Lien

,

2021

A

,

Refunding

,

%

,

1/15/46

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

17,500,000

17,188,971

c

Fowler

Unified

School

District

,

GO

,

2010

C

,

AG

Insured

,

3.7 %,

8/01/41

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

3,095,000

1,767,194

GO

,

2010

C

,

AG

Insured

,

3.82 %,

8/01/42

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

3,005,000

1,623,740

Fremont

Unified

School

District

,

GO

,

2024

A

,

%

,

8/01/45

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

5,000,000

5,023,127

Fresno

Unified

School

District

,

GO

,

2020

B

,

%

,

8/01/46

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

2,635,000

2,776,341

GO

,

2020

B

,

%

,

8/01/48

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

3,205,000

3,082,543

GO

,

2020

B

,

%

,

8/01/52

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

6,585,000

6,186,176

GO

,

2020

B

,

%

,

8/01/55

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

4,000,000

3,719,730

c

Glendale

Community

College

District

,

GO

,

2003

C

,

NATL

Insured

,

3.62 %,

8/01/28

...

6,570,000

6,027,213

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2022

,

Refunding

,

%

,

6/01/51

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

21,350,000

21,266,109

Golden

Valley

Unified

School

District

,

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/55

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

1,570,000

1,558,449

Golden

Valley

Unified

School

District

Financing

Authority

,

Community

Facilities

District

No.

2017-1

,

Revenue

,

2021

A

,

%

,

9/01/46

........

250,000

231,428

Community

Facilities

District

No.

2017-1

,

Revenue

,

2021

A

,

%

,

9/01/51

........

500,000

438,845

Community

Facilities

District

No.

2017-1

,

Revenue

,

2021

A

,

%

,

9/01/56

........

745,000

641,478

Grossmont-Cuyamaca

Community

College

District

,

GO

,

2018

B

,

%

,

8/01/47

......

10,000,000

9,920,320

Hacienda

La

Puente

Unified

School

District

,

GO

,

2017

A

,

%

,

8/01/47

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

655,000

647,931

Hartnell

Community

College

District

,

GO

,

2009

C

,

6.125 %

,

8/01/33

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

20,000,000

24,393,502

c

Hawthorne

School

District

,

GO

,

2008

C

,

AG

Insured

,

4.72 %,

8/01/48

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

37,665,000

13,377,576

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Hemet

Unified

School

District

,

Community

Facilities

District

No.

2021-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/55

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

$

1,000,000

$

1,016,038

Community

Facilities

District

No.

2021-5 Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/45

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

1,000,000

1,044,530

Community

Facilities

District

No.

2021-5 Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/50

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

1,070,000

1,094,859

Community

Facilities

District

No.

2021-5 Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/54

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

1,000,000

1,016,972

Community

Facilities

District

No.

2021-6

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

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

1,000,000

1,055,254

Community

Facilities

District

No.

2021-6

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

1,000,000

1,021,601

Community

Facilities

District

No.

2021-6

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

1,700,000

1,728,853

Community

Facilities

District

No.

2021-7

,

Special

Tax

,

2023

,

%

,

9/01/48

........

1,500,000

1,535,177

Community

Facilities

District

No.

2021-7

,

Special

Tax

,

2023

,

%

,

9/01/53

........

1,000,000

1,016,774

Community

Facilities

District

No.

2021-7

,

Special

Tax

,

2024

,

%

,

9/01/49

........

1,000,000

1,019,477

Community

Facilities

District

No.

2022-2

,

Special

Tax

,

2024

,

%

,

9/01/54

........

1,000,000

1,016,972

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2025

,

%

,

9/01/45

........

1,000,000

1,044,530

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2025

,

%

,

9/01/50

........

900,000

920,910

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2025

,

%

,

9/01/55

........

1,000,000

1,016,737

Community

Facilities

District

No.

2023-3

,

Special

Tax

,

2025

,

5.125 %

,

9/01/55

.....

1,300,000

1,336,094

Hesperia

Unified

School

District

,

Community

Facilities

District

No.

2015-1

,

Special

Tax

,

2015-1

,

%

,

9/01/55

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

1,000,000

1,013,248

c

Huntington

Beach

City

School

District

,

GO

,

2003

A

,

NATL

Insured

,

3.51 %,

8/01/28

..

7,190,000

6,613,957

Imperial

Irrigation

District

,

Electric

System

,

Revenue

,

2016

,

Refunding

,

%

,

11/01/27

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

1,000,000

1,019,401

Independent

Cities

Finance

Authority

,

Augusta

Communities

LLC

,

Revenue

,

2022

A

,

Refunding

,

5.25 %

,

5/15/56

.......

4,000,000

4,110,287

e

City

of

Compton

Sales

Tax

,

Revenue

,

144A,

2021

,

AG

Insured

,

%

,

6/01/36

......

700,000

723,280

e

City

of

Compton

Sales

Tax

,

Revenue

,

144A,

2021

,

AG

Insured

,

%

,

6/01/41

......

900,000

923,245

e

City

of

Compton

Sales

Tax

,

Revenue

,

144A,

2021

,

AG

Insured

,

%

,

6/01/46

......

925,000

914,688

e

City

of

Compton

Sales

Tax

,

Revenue

,

144A,

2021

,

AG

Insured

,

%

,

6/01/51

......

1,250,000

1,205,101

Millennium

Housing

LLC

,

Revenue

,

2021

A

,

Refunding

,

%

,

9/15/46

...........

1,000,000

796,655

Millennium

Housing

LLC

,

Revenue

,

2021

A

,

Refunding

,

%

,

9/15/56

...........

2,000,000

1,401,189

Millennium

Housing

LLC

,

Revenue

,

2022

,

Refunding

,

%

,

9/15/42

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

2,000,000

1,971,370

Millennium

Housing

LLC

,

Revenue

,

2022

,

Refunding

,

4.25 %

,

9/15/50

...........

2,000,000

1,854,432

Millennium

Housing

LLC

,

Revenue

,

2022

,

Refunding

,

%

,

9/15/50

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

2,000,000

2,038,390

Irvine

Unified

School

District

,

Special

Tax

,

2020

A

,

%

,

9/01/40

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

2,945,000

2,960,895

Special

Tax

,

2020

A

,

%

,

9/01/44

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

6,215,000

5,948,583

Special

Tax

,

2020

A

,

BAM

Insured

,

%

,

9/01/50

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

7,960,000

7,643,541

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2017

D

,

%

,

3/01/57

........

14,155,000

14,205,440

Jefferson

Union

High

School

District

,

GO

,

2000

A

,

Refunding

,

NATL

Insured

,

6.45 %

,

8/01/29

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

2,185,000

2,334,898

Jurupa

Community

Services

District

,

Community

Facilities

District

No.

,

Special

Tax

,

2021

A

,

%

,

9/01/39

..........

135,000

136,241

Community

Facilities

District

No.

,

Special

Tax

,

2021

A

,

%

,

9/01/40

..........

140,000

140,583

Community

Facilities

District

No.

,

Special

Tax

,

2021

A

,

%

,

9/01/50

..........

1,000,000

879,489

Community

Facilities

District

No.

,

Special

Tax

,

2021

A

,

%

,

9/01/46

..........

900,000

826,387

Community

Facilities

District

No.

,

Special

Tax

,

2021

A

,

%

,

9/01/51

..........

875,000

762,187

Community

Facilities

District

No.

,

Special

Tax

,

2025

A

,

%

,

9/01/55

..........

1,000,000

1,012,962

Community

Facilities

District

No.

Improvement

Area

A

,

Special

Tax

,

2025

A

,

%

,

9/01/50

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

3,980,000

4,050,577

Community

Facilities

District

No.

Improvement

Area

A

,

Special

Tax

,

2025

A

,

%

,

9/01/55

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

4,455,000

4,502,595

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

La

Mirada

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2010

A

,

Refunding

,

AG

Insured

,

%

,

8/15/28

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

$

1,855,000

$

1,859,583

Lake

Elsinore

Unified

School

District

,

Community

Facilities

District

No.

2006-3

Area

B

,

Special

Tax

,

2022

,

%

,

9/01/47

..

350,000

358,658

Community

Facilities

District

No.

2006-3

Area

B

,

Special

Tax

,

2022

,

%

,

9/01/52

..

500,000

507,772

Community

Facilities

District

No.

2017-2

,

Special

Tax

,

2024

,

%

,

9/01/49

........

1,250,000

1,275,138

Community

Facilities

District

No.

2017-2

,

Special

Tax

,

2024

,

%

,

9/01/54

........

850,000

861,407

c

Lakeside

Union

School

District

,

GO

,

2010

B

,

4.34 %,

8/01/45

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

11,540,000

5,053,135

Lammersville

Joint

Unified

School

District

,

GO

,

2016

A

,

%

,

8/01/46

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

41,340,000

41,214,645

c

Lancaster

School

District

,

GO

,

2001

,

NATL

Insured

,

2.31 %,

7/01/26

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

5,965,000

5,918,840

Lassen

Municipal

Utility

District

,

COP

,

2021

,

%

,

5/01/51

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

3,000,000

2,629,365

Lawndale

Redevelopment

Agency

,

Tax

Allocation

,

2009

,

AG

Insured

,

5.5 %

,

8/01/39

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

9,875,000

9,898,954

Tax

Allocation

,

2009

,

AG

Insured

,

5.5 %

,

8/01/44

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

6,085,000

6,098,694

c

Lemon

Grove

School

District

,

GO

,

2010

B

,

AG

Insured

,

4.5 %,

8/01/50

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

20,990,000

7,160,759

Lodi

Unified

School

District

,

GO

,

2017

,

%

,

8/01/41

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

15,000,000

15,095,280

Long

Beach

Bond

Finance

Authority

,

Revenue

,

2007

A

,

5.5 %

,

11/15/28

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

8,000,000

8,617,812

Revenue

,

2007

A

,

%

,

11/15/29

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

17,465,000

18,959,396

Revenue

,

2007

A

,

5.5 %

,

11/15/30

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

5,000,000

5,637,766

Revenue

,

2007

A

,

%

,

11/15/35

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

69,855,000

81,551,745

Revenue

,

2007

A

,

5.5 %

,

11/15/37

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

35,000,000

42,709,730

Los

Angeles

County

Metropolitan

Transportation

Authority

,

Sales

Tax

,

Revenue

,

2016

A

,

Refunding

,

%

,

6/01/38

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

7,705,000

7,749,220

Sales

Tax

,

Revenue

,

2016

A

,

Refunding

,

%

,

6/01/39

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

5,000,000

5,027,000

Sales

Tax

,

Revenue

,

2017

A

,

%

,

7/01/38

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

10,455,000

10,828,362

Sales

Tax

,

Revenue

,

2017

A

,

%

,

7/01/39

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

7,860,000

8,122,206

Sales

Tax

,

Revenue

,

2017

A

,

%

,

7/01/41

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

12,350,000

12,712,185

Sales

Tax

,

Revenue

,

2017

A

,

%

,

7/01/42

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

26,910,000

27,625,276

Sales

Tax

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/36

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

5,375,000

5,978,852

Sales

Tax

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/37

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

10,330,000

11,459,009

Sales

Tax

,

Revenue,

Senior

Lien

,

2021

A

,

%

,

7/01/28

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

3,830,000

4,125,191

Sales

Tax

,

Revenue,

Senior

Lien

,

2021

A

,

%

,

7/01/38

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

3,875,000

4,384,879

Los

Angeles

County

Sanitation

Districts

Financing

Authority

,

Los

Angeles

County

Sanitation

District

No.

,

Revenue

,

2016

A

,

Refunding

,

%

,

10/01/42

..........

16,430,000

16,464,099

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2017

A

,

%

,

7/01/42

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

22,375,000

22,655,480

Power

System

,

Revenue

,

2017

A

,

%

,

7/01/47

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

81,890,000

82,463,959

Power

System

,

Revenue

,

2017

C

,

%

,

7/01/42

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

5,500,000

5,609,670

Power

System

,

Revenue

,

2018

A

,

Refunding

,

%

,

7/01/38

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

12,870,000

13,294,854

Power

System

,

Revenue

,

2018

D

,

Refunding

,

%

,

7/01/39

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

4,305,000

4,470,556

Power

System

,

Revenue

,

2018

D

,

Refunding

,

%

,

7/01/43

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

5,000,000

5,161,718

Power

System

,

Revenue

,

2019

A

,

5.25 %

,

7/01/49

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

12,555,000

12,909,763

Power

System

,

Revenue

,

2019

D

,

Refunding

,

%

,

7/01/49

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

12,960,000

13,278,851

Power

System

,

Revenue

,

2020

B

,

Refunding

,

%

,

7/01/40

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

9,020,000

9,652,804

Power

System

,

Revenue

,

2020

B

,

Refunding

,

%

,

7/01/50

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

11,650,000

11,975,072

Power

System

,

Revenue

,

2021

B

,

Refunding

,

%

,

7/01/48

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

3,245,000

3,367,849

Power

System

,

Revenue

,

2021

C

,

%

,

7/01/51

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

17,555,000

18,116,771

Power

System

,

Revenue

,

2022

A

,

%

,

7/01/51

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

8,500,000

8,772,005

Power

System

,

Revenue

,

2022

B

,

%

,

7/01/40

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

5,000,000

5,497,069

Power

System

,

Revenue

,

2022

C

,

Refunding

,

%

,

7/01/42

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

5,500,000

5,949,502

Power

System

,

Revenue

,

2022

C

,

Refunding

,

%

,

7/01/43

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

6,250,000

6,713,094

Power

System

,

Revenue

,

2024

B

,

Refunding

,

%

,

7/01/39

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

6,000,000

6,759,974

Water

System

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/41

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

34,330,000

34,793,211

Water

System

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/44

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

36,615,000

36,993,119

Water

System

,

Revenue

,

2018

B

,

Refunding

,

%

,

7/01/43

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

9,495,000

9,802,102

Water

System

,

Revenue

,

2018

B

,

Refunding

,

%

,

7/01/48

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

10,000,000

10,185,014

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Los

Angeles

Department

of

Water

&

Power,

(continued)

Water

System

,

Revenue

,

2020

C

,

Refunding

,

%

,

7/01/39

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

$

6,455,000

$

6,931,721

Water

System

,

Revenue

,

2022

C

,

Refunding

,

%

,

7/01/41

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

2,970,000

3,251,996

Los

Angeles

Unified

School

District

,

GO

,

2020

RYQ

,

%

,

7/01/44

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

10,730,000

10,836,106

GO

,

2023

QRR

,

5.25 %

,

7/01/48

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

25,000,000

27,299,095

Manteca

Unified

School

District

,

Community

Facilities

District

No.

2018-5

,

Special

Tax

,

2024

A

,

%

,

9/01/44

......

5,755,000

5,977,155

Community

Facilities

District

No.

2018-5

,

Special

Tax

,

2024

A

,

%

,

9/01/54

......

6,230,000

6,296,667

Marin

Municipal

Water

District

,

Revenue

,

2022

,

Refunding

,

%

,

6/15/52

..........

27,295,000

25,849,443

Marina

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2023

A

,

%

,

9/01/43

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

1,000,000

1,034,174

Tax

Allocation

,

2023

B

,

%

,

9/01/43

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

2,100,000

2,171,765

Menifee

Union

School

District

,

Special

Tax

,

2023

,

%

,

9/01/48

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

500,000

511,725

Special

Tax

,

2023

,

%

,

9/01/54

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

1,230,000

1,247,280

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/45

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

875,000

822,174

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

%

,

9/01/42

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

1,000,000

1,057,298

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.125 %

,

9/01/47

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

2,000,000

2,067,942

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.25 %

,

9/01/52

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

2,000,000

2,058,787

Community

Facilities

District

No.

2019-2

,

Special

Tax

,

2021

,

%

,

9/01/35

........

200,000

206,950

Community

Facilities

District

No.

2019-2

,

Special

Tax

,

2021

,

%

,

9/01/44

........

565,000

544,964

Community

Facilities

District

No.

2019-2

,

Special

Tax

,

2021

,

%

,

9/01/51

........

675,000

601,517

Metropolitan

Water

District

of

Southern

California

,

Revenue

,

2020

A

,

%

,

10/01/45

..

15,665,000

16,514,190

Middle

Fork

Project

Finance

Authority

,

Revenue

,

2020

,

Refunding

,

%

,

4/01/30

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

2,505,000

2,713,776

Revenue

,

2020

,

Refunding

,

%

,

4/01/32

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

4,095,000

4,420,343

Revenue

,

2020

,

Refunding

,

%

,

4/01/34

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

1,150,000

1,234,350

Revenue

,

2020

,

Refunding

,

%

,

4/01/35

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

1,200,000

1,283,601

Revenue

,

2020

,

Refunding

,

%

,

4/01/36

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

4,980,000

5,305,846

Midpeninsula

Regional

Open

Space

District

,

Field

Employees

Corp.

,

GO

,

2018

,

%

,

9/01/48

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

11,220,000

11,232,437

c

Modesto

High

School

District

,

GO

,

2002

A

,

NATL

Insured

,

2.29 %,

5/01/27

.........

12,770,000

12,436,107

Monterey

Peninsula

Unified

School

District

,

GO

,

2016

C

,

Refunding

,

%

,

8/01/41

...

11,190,000

11,294,734

c

Moorpark

Unified

School

District

,

GO

,

2009

A

,

AG

Insured

,

2.57 %,

8/01/32

........

5,870,000

4,988,408

Moreno

Valley

Unified

School

District

,

c

GO

,

2004

A

,

AG

Insured

,

ETM,

2.18 %,

8/01/27

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

6,315,000

6,124,363

c

GO

,

2004

A

,

AG

Insured

,

ETM,

2.18 %,

8/01/28

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

6,625,000

6,287,837

GO

,

2018

B

,

AG

Insured

,

%

,

8/01/47

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

6,075,000

6,222,281

Community

Facilities

District

No.

2022-1

,

Special

Tax

,

2025

,

5.125 %

,

9/01/55

.....

1,500,000

1,522,172

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2025

,

%

,

9/01/50

........

1,205,000

1,224,541

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2025

,

%

,

9/01/55

........

1,650,000

1,668,417

Mount

San

Jacinto

Community

College

District

,

GO

,

2014

B

,

%

,

8/01/43

.........

7,200,000

7,231,119

M-S-R

Energy

Authority

,

Revenue

,

2009

B

,

6.5 %

,

11/01/39

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

25,000,000

31,317,390

c

Mt.

San

Antonio

Community

College

District

,

GO

,

2013

A

,

6.005 %,

8/01/43

........

55,000,000

57,584,142

Municipal

Water

District

of

Orange

County

Water

Facilities

Corp.

,

COP

,

2003

B

,

NATL

Insured

,

ETM,

%

,

8/15/34

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

3,305,000

3,745,207

COP

,

2003

B

,

Pre-Refunded

,

NATL

Insured

,

%

,

8/15/34

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

4,140,000

4,853,781

Murrieta

Valley

Unified

School

District

,

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2021

,

%

,

9/01/44

........

500,000

473,081

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2021

,

%

,

9/01/51

........

1,000,000

871,070

Newport

Mesa

Unified

School

District

,

GO

,

2011

,

6.3 %

,

8/01/42

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

20,000,000

23,112,510

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Norman

Y

Mineta

San

Jose

International

Airport

SJC

,

Revenue

,

2017

A

,

Refunding

,

%

,

3/01/36

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

$

4,590,000

$

4,673,539

Revenue

,

2017

A

,

Refunding

,

%

,

3/01/37

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

4,475,000

4,550,931

Revenue

,

2017

A

,

Refunding

,

%

,

3/01/41

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

12,685,000

12,849,504

Revenue

,

2017

B

,

Refunding

,

%

,

3/01/47

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

10,000,000

10,114,785

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/32

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

1,800,000

1,985,937

Oceanside

Unified

School

District

,

c

GO

,

2010

B

,

AG

Insured

,

3.33 %,

8/01/38

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

10,590,000

7,051,297

c

GO

,

2010

B

,

AG

Insured

,

3.44 %,

8/01/39

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

7,860,000

4,990,246

GO

,

2022

,

Refunding

,

%

,

8/01/39

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

1,005,000

1,117,026

GO

,

G

,

%

,

8/01/40

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

1,020,000

1,128,274

GO

,

G

,

%

,

8/01/43

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

1,000,000

1,082,609

Orange

County

Community

Facilities

District

,

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2023

A

,

5.5 %

,

8/15/48

.....

1,550,000

1,631,523

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2023

A

,

5.5 %

,

8/15/53

.....

1,200,000

1,253,483

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2023

A

,

5.75 %

,

8/15/53

....

1,085,000

1,150,195

Orange

County

Water

District

,

COP

,

2003

B

,

NATL

Insured

,

ETM,

%

,

8/15/28

.....

10,590,000

11,032,963

Palomar

Community

College

District

,

GO

,

2010

B

,

6.2 %

,

8/01/39

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

69,410,000

90,572,075

Palomar

Health

,

Obligated

Group

,

GO

,

2009

A

,

AG

Insured

,

%

,

8/01/38

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

36,000,000

40,110,872

Obligated

Group

,

GO

,

2010

A

,

6.75 %

,

8/01/40

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

60,000,000

64,604,514

Palomar

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

AG

Insured

,

%

,

11/01/47

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

35,000,000

35,049,714

Panoche

Financing

Authority

,

Panoche

Water

District

,

Revenue

,

2021

A

,

%

,

9/01/43

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

1,120,000

1,103,845

Panoche

Water

District

,

Revenue

,

2021

A

,

%

,

9/01/51

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

6,070,000

5,421,653

Panoche

Water

District

,

Revenue

,

2021

B

,

2.006 %

,

9/01/27

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

395,000

380,064

Panoche

Water

District

,

Revenue

,

2021

B

,

2.456 %

,

9/01/29

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

415,000

384,879

Panoche

Water

District

,

Revenue

,

2021

B

,

2.756 %

,

9/01/31

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

435,000

388,417

Panoche

Water

District

,

Revenue

,

2021

B

,

3.106 %

,

9/01/35

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

880,000

741,263

Panoche

Water

District

,

Revenue

,

2021

B

,

3.571 %

,

9/01/40

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

1,155,000

901,630

c

Patterson

Joint

Unified

School

District

,

GO

,

2001

A

,

NATL

Insured

,

2.29 %,

8/01/26

..

2,265,000

2,243,280

Perris

Community

Facilities

District

,

Community

Facilities

District

No.

2022-3

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/50

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

1,560,000

1,575,786

Community

Facilities

District

No.

2022-3

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/56

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

1,420,000

1,423,138

Perris

Joint

Powers

Authority

,

Special

Tax

,

2025

,

%

,

9/01/50

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

2,820,000

2,857,862

Special

Tax

,

2025

,

%

,

9/01/54

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

3,310,000

3,345,420

Community

Facilities

District

No.

2007-2

,

Special

Tax

,

2021

,

%

,

9/01/43

........

1,445,000

1,380,125

Community

Facilities

District

No.

2007-2

,

Special

Tax

,

2021

,

%

,

9/01/48

........

1,250,000

1,118,687

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

,

Special

Tax

,

2020

,

%

,

9/01/50

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

1,125,000

977,783

Perris

Union

High

School

District

,

GO

,

2019

A

,

AG

Insured

,

%

,

9/01/43

..........

5,540,000

5,594,100

Pittsburg

Unified

School

District

,

GO

,

2016

,

Refunding

,

%

,

8/01/44

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

11,000,000

11,009,097

c

Placentia-Yorba

Linda

Unified

School

District

,

GO

,

2008

D

,

3.96 %,

8/01/43

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

27,955,000

14,204,822

GO

,

2008

D

,

4.53 %,

8/01/46

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

89,200,000

36,089,080

GO

,

2008

D

,

4.62 %,

8/01/49

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

85,000,000

29,537,814

Port

of

Oakland

,

Revenue

,

2021

H

,

Refunding

,

%

,

11/01/29

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

2,000,000

2,165,083

Poway

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2015

A

,

Refunding

,

%

,

12/15/31

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

10,180,000

11,595,015

Tax

Allocation

,

2015

A

,

Refunding

,

%

,

12/15/32

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

11,215,000

12,964,691

Tax

Allocation

,

2015

A

,

Refunding

,

%

,

6/15/33

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

5,835,000

6,832,968

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Poway

Unified

School

District

,

Community

Facilities

District

No.

Area

A

,

Special

Tax

,

2020

,

AG

Insured

,

%

,

9/01/50

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

$

7,500,000

$

7,068,343

c

School

Facilities

Improvement

District

No.

2007-1

,

GO

,

B

,

4.4 %,

8/01/46

........

45,000,000

18,669,883

Rancho

Mirage

Community

Facilities

District

,

City

of

Rancho

Mirage

Community

Facilities

District

No.

4C

,

Special

Tax

,

2022

,

%

,

9/01/42

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

300,000

309,245

City

of

Rancho

Mirage

Community

Facilities

District

No.

4C

,

Special

Tax

,

2022

,

%

,

9/01/47

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

500,000

509,142

City

of

Rancho

Mirage

Community

Facilities

District

No.

4C

,

Special

Tax

,

2022

,

%

,

9/01/53

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

1,000,000

1,010,757

Regents

of

the

University

of

California

,

Medical

Center

,

Revenue

,

2016

L

,

Refunding

,

%

,

5/15/41

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

10,000,000

10,041,762

Medical

Center

,

Revenue

,

2022

P

,

%

,

5/15/47

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

106,410,000

113,199,596

Medical

Center

,

Revenue

,

2022

P

,

%

,

5/15/53

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

84,305,000

79,563,603

c

Rialto

Unified

School

District

,

GO

,

2011

A

,

AG

Insured

,

7.268 %,

8/01/41

..........

27,000,000

35,327,121

c

Rio

Hondo

Community

College

District

,

GO

,

2010

C

,

2.84 %,

8/01/35

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

10,000,000

7,683,360

River

Islands

Public

Financing

Authority

,

Community

Facilities

District

No

2003-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

Refunding

,

AG

Insured

,

%

,

9/01/42

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

4,000,000

4,320,639

Community

Facilities

District

No

2003-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

Refunding

,

AG

Insured

,

4.25 %

,

9/01/47

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

6,000,000

6,012,972

Community

Facilities

District

No

2003-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

Refunding

,

AG

Insured

,

5.25 %

,

9/01/52

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

11,000,000

11,673,871

Riverside

Unified

School

District

,

Special

Tax

,

2025

,

%

,

9/01/55

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

4,250,000

4,308,322

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/39

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

375,000

401,389

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

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

700,000

730,689

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

1,050,000

1,071,782

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

1,270,000

1,289,441

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

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

480,000

501,044

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

730,000

745,144

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

775,000

786,864

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/50

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

1,160,000

1,180,434

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/55

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

1,480,000

1,499,607

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/45

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

700,000

727,141

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/50

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

1,000,000

1,019,016

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/55

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

1,400,000

1,420,499

Community

Facilities

District

No.

,

Special

Tax

,

2023

A

,

%

,

9/01/47

..........

1,150,000

1,178,447

Community

Facilities

District

No.

,

Special

Tax

,

2023

A

,

%

,

9/01/52

..........

2,135,000

2,168,186

Community

Facilities

District

No.

,

Special

Tax

,

2025

,

%

,

9/01/50

...........

2,200,000

2,244,067

Community

Facilities

District

No.

,

Special

Tax

,

2025

A

,

%

,

9/01/50

..........

2,500,000

2,547,541

Community

Facilities

District

No.

,

Special

Tax

,

2025

A

,

%

,

9/01/55

..........

2,510,000

2,546,752

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/50

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

2,210,000

2,254,267

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Riverside

Unified

School

District,

(continued)

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/55

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

$

3,210,000

$

3,254,050

e

RMA

Capital

Series

Trust

,

Revenue

,

144A,

2022-1

,

A

,

5.67 %

,

8/01/58

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

15,491,000

14,663,691

c

Rocklin

Unified

School

District

,

GO

,

2003

,

NATL

Insured

,

2.27 %,

8/01/26

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

8,695,000

8,612,681

GO

,

2003

,

NATL

Insured

,

2.33 %,

8/01/27

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

9,080,000

8,786,978

GO

,

2003

,

NATL

Insured

,

2.39 %,

8/01/28

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

16,615,000

15,689,890

Rohnert

Park

Community

Development

Commission

Successor

Agency

,

Tax

Allocation

,

2007

R

,

NATL

Insured

,

ETM,

%

,

8/01/37

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

1,380,000

1,444,944

Romoland

School

District

,

Community

Facilities

District

No.

2016-1

,

Special

Tax

,

2023

,

%

,

9/01/43

........

750,000

792,708

Community

Facilities

District

No.

2016-1

,

Special

Tax

,

2023

,

%

,

9/01/48

........

1,000,000

1,029,195

Community

Facilities

District

No.

2016-1

,

Special

Tax

,

2023

,

%

,

9/01/53

........

1,500,000

1,528,004

Community

Facilities

District

No.

2016-2

,

Special

Tax

,

2022

,

4.5 %

,

9/01/42

.......

360,000

367,109

Community

Facilities

District

No.

2016-2

,

Special

Tax

,

2022

,

4.625 %

,

9/01/47

.....

750,000

749,880

Community

Facilities

District

No.

2016-2

,

Special

Tax

,

2022

,

4.75 %

,

9/01/52

......

1,000,000

989,676

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

%

,

9/01/42

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

750,000

792,095

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.125 %

,

9/01/47

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

1,200,000

1,240,765

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.25 %

,

9/01/53

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

2,500,000

2,568,949

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/46

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

370,000

382,335

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/54

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

1,600,000

1,623,485

Community

Facilities

District

No.

2020-1

,

Special

Tax

,

2024

,

%

,

9/01/54

........

1,000,000

1,014,179

Community

Facilities

District

No.

2022-2

,

Special

Tax

,

2024

,

%

,

9/01/54

........

1,500,000

1,521,269

Community

Facilities

District

No.

2023-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/55

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

1,000,000

1,016,773

Community

Facilities

District

No.

91-1

,

Special

Tax

,

2022

,

3.75 %

,

9/01/42

........

1,695,000

1,599,054

Community

Facilities

District

No.

91-1

,

Special

Tax

,

2022

,

%

,

9/01/46

..........

5,085,000

4,707,252

Sacramento

Area

Flood

Control

Agency

,

Consolidated

Capital

Assessment

District

No.

,

Special

Assessment

,

2016

A

,

Refunding

,

%

,

10/01/41

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

13,740,000

13,903,663

Consolidated

Capital

Assessment

District

No.

,

Special

Assessment

,

2016

A

,

Refunding

,

%

,

10/01/43

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

20,000,000

20,209,328

Sacramento

City

Unified

School

District

,

GO

,

2017

E

,

%

,

5/01/47

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

20,000,000

18,778,480

Sacramento

Municipal

Utility

District

,

Revenue

,

2022

J

,

Refunding

,

%

,

8/15/26

....

2,615,000

2,653,898

c

San

Bernardino

Community

College

District

,

GO

,

2009

B

,

4.42 %,

8/01/48

.........

66,390,000

25,182,564

San

Diego

Community

College

District

,

GO

,

2009

B

,

Pre-Refunded

,

%

,

8/01/33

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

26,880,000

28,448,690

GO

,

2024

,

%

,

8/01/50

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

10,000,000

9,776,639

San

Diego

County

Regional

Airport

Authority

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/44

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

4,000,000

4,208,835

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/49

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

5,000,000

5,160,678

Revenue

,

2019

B

,

Refunding

,

%

,

7/01/44

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

5,000,000

4,835,866

Revenue

,

2021

A

,

%

,

7/01/56

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

10,000,000

10,372,883

Revenue

,

2021

B

,

%

,

7/01/33

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

4,000,000

4,452,202

Revenue

,

2021

B

,

%

,

7/01/36

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

3,610,000

3,751,530

Revenue,

Sub.

Lien

,

2017

A

,

Refunding

,

%

,

7/01/47

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

5,000,000

5,073,244

Special

Facilities

,

Revenue

,

2014

A

,

%

,

7/01/44

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

5,645,000

5,662,953

San

Diego

County

Regional

Transportation

Commission

,

Revenue

,

2016

A

,

%

,

4/01/48

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

19,600,000

19,649,598

San

Diego

County

Water

Authority

,

Revenue,

Sub.

Lien

,

2021

,

Refunding

,

%

,

5/01/28

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

2,335,000

2,488,718

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

San

Diego

Unified

School

District

,

c

GO

,

2010

C

,

6.145 %,

7/01/48

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

$

29,840,000

$

29,482,215

c

GO

,

2012

E

,

5.195 %,

7/01/47

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

74,270,000

61,771,525

GO

,

2019

L

,

%

,

7/01/49

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

30,000

29,600

GO

,

2023

ZR-4B

,

Refunding

,

%

,

7/01/40

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

62,225,000

71,687,307

GO

,

2023

ZR-4B

,

Refunding

,

%

,

7/01/45

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

31,605,000

34,845,069

GO

,

2025

,

%

,

7/01/50

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

40,000,000

43,004,488

GO

,

2025

,

%

,

7/01/55

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

10,000,000

10,660,890

c

GO

,

,

Refunding

,

6.484 %,

7/01/40

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

79,760,000

90,192,943

San

Francisco

Bay

Area

Rapid

Transit

District

,

GO

,

2017

,

%

,

8/01/47

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

11,480,000

11,687,217

GO

,

2022

,

%

,

8/01/41

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

23,605,000

22,496,455

GO

,

2022

,

%

,

8/01/42

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

20,000,000

18,687,298

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue

,

2016

B

,

%

,

5/01/41

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

65,645,000

65,796,587

Revenue

,

2016

B

,

%

,

5/01/46

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

28,825,000

28,856,275

Revenue

,

2016

C

,

%

,

5/01/46

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

67,880,000

68,025,698

Revenue

,

2019

A

,

%

,

5/01/44

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

30,720,000

31,650,988

Revenue

,

2019

A

,

%

,

5/01/49

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

8,000,000

8,123,596

Revenue,

Second

Series

,

2017

A

,

%

,

5/01/42

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

48,155,000

48,881,279

Revenue,

Second

Series

,

2017

A

,

%

,

5/01/47

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

28,625,000

28,830,373

Revenue,

Second

Series

,

2017

B

,

%

,

5/01/47

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

200,000

202,889

Revenue,

Second

Series

,

2018

D

,

%

,

5/01/43

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

106,295,000

109,094,024

Revenue,

Second

Series

,

2018

D

,

%

,

5/01/48

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

33,675,000

34,067,519

Revenue,

Second

Series

,

2018

D

,

Pre-Refunded

,

%

,

5/01/48

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

25,000

25,993

Revenue,

Second

Series

,

2018

D

,

5.25 %

,

5/01/48

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

50,145,000

51,078,645

Revenue,

Second

Series

,

2018

E

,

%

,

5/01/48

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

46,990,000

48,161,902

Revenue,

Second

Series

,

2019

B

,

%

,

5/01/49

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

15,955,000

16,481,968

Revenue,

Second

Series

,

2019

E

,

%

,

5/01/45

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

33,570,000

34,439,037

Revenue,

Second

Series

,

2019

E

,

%

,

5/01/50

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

5,000,000

5,064,468

Revenue,

Second

Series

,

2021

A

,

Refunding

,

%

,

5/01/31

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

1,405,000

1,579,781

Revenue,

Second

Series

,

2021

A

,

Refunding

,

%

,

5/01/34

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

5,000,000

5,555,860

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation,

Third

Lien

,

2017

B

,

AG

Insured

,

%

,

8/01/46

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

10,000,000

10,168,596

San

Francisco

Unified

School

District

,

GO

,

2022

C

,

%

,

6/15/35

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

6,640,000

7,362,039

c

San

Gabriel

Unified

School

District

,

GO

,

2002

A

,

AG

Insured

,

2.26 %,

8/01/26

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

3,530,000

3,496,723

GO

,

2002

A

,

AG

Insured

,

2.28 %,

2/01/27

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

1,850,000

1,811,749

San

Jacinto

Unified

School

District

,

Community

Facilities

District

No.

2003-1

,

Special

Tax

,

2022

,

%

,

9/01/50

........

875,000

758,244

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

5.25 %

,

9/01/54

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

1,000,000

1,027,114

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue

,

1997

A

,

Refunding

,

5.9 %

,

1/15/38

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

106,465,000

139,054,863

Revenue

,

1997

A

,

Refunding

,

5.95 %

,

1/15/40

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

142,645,000

186,307,508

Revenue

,

1997

A

,

Refunding

,

%

,

1/15/43

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

161,250,000

210,584,986

Revenue

,

1997

A

,

Refunding

,

%

,

1/15/45

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

143,336,000

185,821,077

Revenue

,

1997

A

,

Refunding

,

%

,

1/15/46

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

143,336,000

185,342,994

c

Revenue,

Senior

Lien

,

1993

,

ETM,

1.98 %,

1/01/28

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

33,545,000

32,357,919

c

Revenue,

Senior

Lien

,

1993

,

ETM,

2.01 %,

1/01/29

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

37,050,000

35,016,692

Revenue,

Senior

Lien

,

2021

A

,

Refunding

,

AG

Insured

,

%

,

1/15/44

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

130,746,000

130,880,564

Revenue,

Senior

Lien

,

2021

A

,

Refunding

,

AG

Insured

,

%

,

1/15/50

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

191,775,000

183,630,335

d

San

Joaquin

Valley

Clean

Energy

Authority

,

Revenue

,

2025

A

,

Mandatory

Put

,

5.5 %

,

7/01/35

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

21,250,000

24,224,756

c

San

Jose

Unified

School

District

,

COP

,

2002

,

AG

Insured

,

ETM,

2.32 %,

1/01/27

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

7,105,000

6,969,122

COP

,

2002

,

AG

Insured

,

ETM,

2.36 %,

1/01/29

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

7,105,000

6,649,589

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

c

San

Juan

Unified

School

District

,

GO

,

2003

B

,

NATL

Insured

,

2.17 %,

8/01/26

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

$

4,945,000

$

4,900,193

GO

,

2003

B

,

NATL

Insured

,

2.33 %,

8/01/27

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

18,605,000

18,004,594

GO

,

2003

B

,

NATL

Insured

,

2.39 %,

8/01/28

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

19,470,000

18,385,926

San

Luis

Obispo

County

Financing

Authority

,

Revenue

,

2015

A

,

Refunding

,

BAM

Insured

,

%

,

9/01/37

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

10,000,000

10,008,361

San

Rafael

City

High

School

District

,

GO

,

2018

B

,

%

,

8/01/47

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

17,060,000

16,684,926

Sanger

Unified

School

District

,

GO

,

A

,

BAM

Insured

,

%

,

8/01/41

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

10,000,000

10,064,330

c

School

Facilities

Financing

Authority

,

Twin

Rivers

Unified

School

District

,

Revenue

,

A

,

AG

Insured

,

3.95 %,

8/01/42

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

49,000,000

25,955,604

Semitropic

Improvement

District

of

the

Semitropic

Water

Storage

District

,

Revenue,

Second

Lien

,

2015

A

,

Refunding

,

AG

Insured

,

%

,

12/01/45

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

10,000,000

10,010,884

Southern

California

Public

Power

Authority

,

Revenue

,

2007

A

,

5.25 %

,

11/01/27

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

9,855,000

10,279,081

Revenue

,

2007

A

,

%

,

11/01/33

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

17,500,000

19,827,428

Apex

Power

Project

,

Revenue

,

2024

A

,

Refunding

,

%

,

7/01/31

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

10,000,000

11,314,792

d

City

of

Anaheim

Electric

System

,

Revenue

,

2024

A

,

Mandatory

Put

,

%

,

9/01/30

..

47,875,000

51,533,043

Los

Angeles

Department

of

Water

&

Power

Power

System

,

Revenue

,

2023-1

A

,

5.25 %

,

7/01/53

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

28,975,000

30,610,674

c

Southern

Mono

Health

Care

District

,

GO

,

A

,

NATL

Insured

,

2.77 %,

8/01/28

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

2,340,000

2,190,311

GO

,

A

,

NATL

Insured

,

2.8 %,

8/01/29

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

2,440,000

2,220,095

GO

,

A

,

NATL

Insured

,

2.83 %,

8/01/30

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

2,550,000

2,254,427

GO

,

A

,

NATL

Insured

,

2.9 %,

8/01/31

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

2,660,000

2,278,389

State

of

California

,

GO

,

Refunding

,

%

,

8/01/28

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

12,020,000

12,534,523

GO

,

Refunding

,

%

,

11/01/30

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

5,320,000

6,037,858

GO

,

5.75 %

,

10/01/31

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

28,805,000

31,553,372

GO

,

Refunding

,

%

,

10/01/32

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

4,125,000

4,539,978

GO

,

%

,

3/01/35

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

55,020,000

60,761,502

GO

,

Pre-Refunded

,

%

,

3/01/35

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

1,165,000

1,303,581

GO

,

Refunding

,

%

,

9/01/35

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

9,000,000

9,118,401

GO

,

Refunding

,

%

,

3/01/37

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

10,000,000

10,498,446

GO

,

Refunding

,

%

,

8/01/37

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

2,900,000

3,069,259

GO

,

%

,

8/01/45

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

21,540,000

24,117,123

f

GO

,

Refunding

,

%

,

8/01/45

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

33,750,000

37,787,972

GO

,

%

,

9/01/45

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

5,000,000

5,029,187

GO

,

%

,

8/01/46

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

57,200,000

57,441,092

GO

,

%

,

9/01/46

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

8,930,000

8,975,995

GO

,

%

,

10/01/47

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

11,000,000

11,007,857

GO

,

%

,

10/01/48

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

5,000,000

5,146,474

f

GO

,

%

,

8/01/50

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

27,360,000

29,609,107

GO

,

1996

,

FGIC

Insured

,

5.375 %

,

6/01/26

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

270,000

272,273

GO

,

1997

,

NATL,

FGIC

Insured

,

5.625 %

,

10/01/26

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

1,665,000

1,669,779

GO

,

2004

,

5.2 %

,

4/01/26

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

20,000

20,079

GO

,

2017

,

%

,

11/01/47

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

23,370,000

23,784,402

GO

,

2022

,

Refunding

,

%

,

4/01/35

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

38,600,000

44,564,835

State

of

California

Department

of

Water

Resources

,

Water

Supply

,

Revenue

,

2026

A

,

%

,

12/01/56

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

10,725,000

11,519,825

Stockton

Community

Facilities

District

,

City

of

Stockton

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

525,000

526,483

City

of

Stockton

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

650,000

646,591

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/39

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

370,000

398,445

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Stockton

Community

Facilities

District,

(continued)

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

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

$

380,000

$

390,875

Sulphur

Springs

Union

School

District

,

COP

,

2010

,

AG

Insured

,

6.5 %

,

12/01/37

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

860,000

862,655

Community

Facilities

District

No.

2019-1

,

Special

Tax

,

2024

A

,

%

,

9/01/39

......

1,175,000

1,274,505

Community

Facilities

District

No.

2019-1

,

Special

Tax

,

2024

A

,

%

,

9/01/44

......

1,900,000

1,981,540

Community

Facilities

District

No.

2019-1

,

Special

Tax

,

2024

A

,

%

,

9/01/49

......

4,360,000

4,432,780

Community

Facilities

District

No.

2019-1

,

Special

Tax

,

2024

A

,

%

,

9/01/54

......

2,000,000

2,024,181

Sunnyvale

School

District

,

GO

,

2015

,

Refunding

,

%

,

9/01/42

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

17,500,000

17,504,445

Temecula

Public

Financing

Authority

,

Community

Facilities

District

No.

20-01

,

Special

Tax

,

2024

,

%

,

9/01/39

.........

330,000

355,649

Community

Facilities

District

No.

20-01

,

Special

Tax

,

2024

,

%

,

9/01/44

.........

925,000

963,749

Community

Facilities

District

No.

20-01

,

Special

Tax

,

2024

,

%

,

9/01/49

.........

975,000

992,757

Community

Facilities

District

No.

20-01

,

Special

Tax

,

2024

,

%

,

9/01/54

.........

900,000

909,817

Community

Facilities

District

No.

23-02

,

Special

Tax

,

2025

,

%

,

9/01/50

.........

1,700,000

1,726,251

Community

Facilities

District

No.

23-02

,

Special

Tax

,

2025

,

%

,

9/01/56

.........

3,280,000

3,311,985

Temescal

Valley

Water

District

,

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

1,415,000

1,280,824

Community

Facilities

District

No.

Terramor

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/36

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

930,000

954,268

Community

Facilities

District

No.

Terramor

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/41

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

785,000

787,552

Community

Facilities

District

No.

Terramor

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/46

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

1,040,000

970,631

Community

Facilities

District

No.

Terramor

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/51

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

930,000

828,756

Three

Rivers

Levee

Improvement

Authority

,

Special

Tax

,

2021

A

,

Refunding

,

%

,

9/01/36

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

2,025,000

2,049,493

Special

Tax

,

2021

A

,

Refunding

,

%

,

9/01/41

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

1,895,000

1,847,158

Special

Tax

,

2021

A

,

Refunding

,

%

,

9/01/46

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

2,700,000

2,449,166

Special

Tax

,

2021

A

,

Refunding

,

%

,

9/01/51

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

5,065,000

4,405,307

Tobacco

Securitization

Authority

of

Northern

California

,

Sacramento

County

Tobacco

Securitization

Corp.

,

Revenue,

Senior

Lien

,

2021

A

,

,

Refunding

,

%

,

6/01/49

....

8,000,000

6,985,618

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2019

,

,

Refunding

,

%

,

6/01/48

.......

11,340,000

11,331,582

Town

of

Tiburon

,

Assessment

District

No.

2017-1

,

1915

Act,

Special

Assessment

,

2021

A

,

2.375 %

,

9/02/41

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

495,000

367,123

Assessment

District

No.

2017-1

,

1915

Act,

Special

Assessment

,

2021

A

,

2.5 %

,

9/02/51

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

1,105,000

674,450

Tracy

Community

Facilities

District

,

City

of

Tracy

Community

Facilities

District

No.

2016-01

Improvement

Area

No.

,

Special

Tax

,

2023

,

5.75 %

,

9/01/48

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

1,750,000

1,858,744

City

of

Tracy

Community

Facilities

District

No.

2016-01

Improvement

Area

No.

,

Special

Tax

,

2023

,

5.875 %

,

9/01/53

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

2,900,000

3,078,628

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/28

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

120,000

122,909

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/30

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

110,000

114,267

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/36

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

430,000

441,438

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/41

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

665,000

660,167

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/46

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

885,000

810,416

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Tracy

Community

Facilities

District,

(continued)

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/51

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

$

2,210,000

$

1,930,898

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project

,

Tax

Allocation,

Senior

Lien

,

2020

A

,

%

,

10/01/45

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

8,830,000

8,944,294

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project

,

Tax

Allocation,

Senior

Lien

,

2020

A

,

%

,

10/01/49

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

10,990,000

11,014,112

Truckee-Donner

Public

Utility

District

,

Water

System

,

Revenue

,

2022

A

,

%

,

11/15/47

3,230,000

3,436,469

Turlock

Irrigation

District

,

Revenue

,

2019

,

Refunding

,

%

,

1/01/44

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

9,060,000

9,549,643

c

Union

Elementary

School

District

,

GO

,

2001

B

,

NATL

Insured

,

2.06 %,

9/01/26

......

5,850,000

5,789,567

University

of

California

,

Revenue

,

2016

K

,

%

,

5/15/46

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

19,850,000

19,546,708

Revenue

,

2017

AV

,

5.25 %

,

5/15/47

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

6,775,000

6,909,407

Revenue

,

2017

M

,

%

,

5/15/42

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

15,410,000

15,794,660

Revenue

,

2017

M

,

%

,

5/15/47

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

54,015,000

54,916,311

Revenue

,

2018

AZ

,

Refunding

,

%

,

5/15/43

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

28,000,000

29,184,022

Revenue

,

2018

AZ

,

Refunding

,

%

,

5/15/48

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

47,230,000

48,589,251

Revenue

,

2018

AZ

,

Refunding

,

5.25 %

,

5/15/58

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

9,110,000

9,349,107

Revenue

,

2018

O

,

Refunding

,

%

,

5/15/39

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

14,400,000

15,093,865

Revenue

,

2018

O

,

Refunding

,

%

,

5/15/48

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

11,445,000

11,769,486

Revenue

,

2018

O

,

Refunding

,

%

,

5/15/58

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

5,805,000

5,920,921

Revenue

,

2021

Q

,

Refunding

,

%

,

5/15/37

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

1,500,000

1,587,314

Revenue

,

2022

BK

,

%

,

5/15/52

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

48,195,000

50,521,276

Revenue

,

2023

BN

,

Refunding

,

%

,

5/15/43

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

9,000,000

9,949,171

Revenue

,

2023

BQ

,

%

,

5/15/35

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

30,000,000

35,153,205

Revenue

,

2024

BV

,

Refunding

,

%

,

5/15/36

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

17,300,000

20,506,237

Revenue

,

2025

BZ

,

Refunding

,

5.25 %

,

5/15/38

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

5,750,000

6,908,339

Revenue

,

2025

CB

,

%

,

5/15/36

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

10,000,000

12,054,658

Revenue

,

2025

CB

,

%

,

5/15/39

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

13,460,000

15,705,322

Revenue

,

2025

CC

,

%

,

5/15/37

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

5,250,000

6,256,423

Revenue

,

2025

CC

,

%

,

5/15/38

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

8,975,000

10,585,763

Revenue

,

2025

CC

,

%

,

5/15/53

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

10,000,000

10,666,482

Upland

Community

Facilities

District

,

City

of

Upland

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

,

Special

Tax

,

2021

A

,

%

,

9/01/40

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

260,000

260,020

City

of

Upland

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

,

Special

Tax

,

2021

A

,

%

,

9/01/45

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

165,000

151,435

City

of

Upland

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

,

Special

Tax

,

2021

A

,

%

,

9/01/51

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

260,000

222,665

c

Upland

Unified

School

District

,

GO

,

2011

C

,

4.37 %,

8/01/45

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

62,900,000

27,407,002

Val

Verde

Unified

School

District

,

GO

,

2010

B

,

AG

Insured

,

6.125 %

,

8/01/34

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

1,000,000

1,224,708

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2022

,

%

,

9/01/52

........

7,000,000

6,090,095

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/43

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

1,230,000

1,289,028

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/48

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

1,755,000

1,797,382

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/53

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

2,445,000

2,484,068

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/50

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

1,230,000

1,255,980

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/55

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

1,785,000

1,813,628

Vallejo

Public

Financing

Authority

,

City

of

Vallejo

Hiddenbrooke

Improvement

District

No.

,

Revenue

,

2004

A

,

5.8 %

,

9/01/31

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

2,150,000

2,180,579

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Valley

Center

Municipal

Water

District

,

Community

Facility

District

No.

2020-1

,

Special

Tax

,

2024

,

%

,

9/01/43

.........

$

1,265,000

$

1,227,803

Community

Facility

District

No.

2020-1

,

Special

Tax

,

2024

,

4.375 %

,

9/01/54

......

2,210,000

2,034,448

c

Vista

Unified

School

District

,

GO

,

2002

A

,

AG

Insured

,

2.26 %,

8/01/26

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

7,150,000

7,082,598

GO

,

2002

A

,

AG

Insured

,

2.28 %,

2/01/27

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

4,795,000

4,695,857

Washington

Township

Health

Care

District

,

GO

,

2015

B

,

%

,

8/01/45

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

15,000,000

15,010,185

Revenue

,

2023

A

,

5.75 %

,

7/01/48

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

1,300,000

1,386,528

Revenue

,

2023

A

,

5.75 %

,

7/01/53

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

1,000,000

1,047,879

West

Patterson

Financing

Authority

,

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2024

,

%

,

9/01/39

........

300,000

323,317

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2024

,

4.375 %

,

9/01/44

.....

830,000

824,335

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2024

,

4.625 %

,

9/01/49

.....

780,000

758,872

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2024

,

%

,

9/01/54

........

2,430,000

2,468,730

West

Sacramento

Area

Flood

Control

Agency

,

Special

Assessment

,

2015

,

AG

Insured

,

%

,

9/01/40

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

3,000,000

3,005,382

Special

Assessment

,

2015

,

AG

Insured

,

%

,

9/01/45

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

7,500,000

7,508,705

West

Sacramento

Financing

Authority

,

Special

Tax

,

A

,

AG

Insured

,

%

,

9/01/34

.....

4,940,000

5,664,357

Westside

Union

School

District

,

Community

Facilities

District

No.

2016-1

Improvement

Area

B

,

Special

Tax

,

2023

,

%

,

9/01/43

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

1,175,000

1,193,243

Community

Facilities

District

No.

2016-1

Improvement

Area

B

,

Special

Tax

,

2023

,

5.25 %

,

9/01/52

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

1,890,000

1,887,474

William

S

Hart

Union

High

School

District

,

Community

Facilities

District

No.

2021-1

Improvement

Area

A

,

Special

Tax

,

2024

,

%

,

9/01/44

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

385,000

402,356

Community

Facilities

District

No.

2021-1

Improvement

Area

A

,

Special

Tax

,

2024

,

%

,

9/01/49

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

750,000

765,673

Community

Facilities

District

No.

2021-1

Improvement

Area

A

,

Special

Tax

,

2024

,

%

,

9/01/54

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

885,000

895,700

12,638,919,766

#### Florida

#### 0.7%
c

,e

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.29 %,

3/01/29

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

107,700,000

92,256,639

#### Wisconsin

#### 0.2%
e

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

,

%

,

12/28/44

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

30,400,000

25,533,528

#### U.S.

#### Territories

#### 2.0%

#### Guam

#### 0.2%
Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2021

A

,

Refunding

,

2.899 %

,

10/01/27

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

470,000

462,139

Revenue

,

2024

A

,

%

,

10/01/27

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

160,000

164,428

Revenue

,

2024

A

,

%

,

10/01/28

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

750,000

783,075

Revenue

,

2024

A

,

%

,

10/01/29

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

1,330,000

1,409,139

Revenue

,

2024

A

,

%

,

10/01/30

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

1,110,000

1,191,449

Revenue

,

2024

A

,

%

,

10/01/31

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

935,000

1,015,697

Revenue

,

2024

A

,

%

,

10/01/33

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

660,000

730,448

Revenue

,

2024

A

,

5.25 %

,

10/01/37

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

1,375,000

1,536,108

Revenue

,

2024

A

,

5.25 %

,

10/01/38

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

1,325,000

1,469,894

Revenue

,

2024

B

,

%

,

10/01/27

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

410,000

422,243

Revenue

,

2024

B

,

%

,

10/01/28

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

380,000

398,489

Revenue

,

2024

B

,

%

,

10/01/29

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

1,010,000

1,077,144

Revenue

,

2024

B

,

%

,

10/01/30

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

560,000

607,044

Revenue

,

2024

B

,

%

,

10/01/31

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

510,000

560,014

Revenue

,

2024

B

,

%

,

10/01/32

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

1,455,000

1,610,547

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories
(continued)

#### Guam
(continued)

Antonio

B

Won

Pat

International

Airport

Authority,

(continued)

Revenue

,

2024

B

,

%

,

10/01/33

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

$

305,000

$

341,449

Revenue

,

2024

B

,

%

,

10/01/34

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

435,000

490,093

Revenue

,

2024

B

,

%

,

10/01/35

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

520,000

586,855

Revenue

,

2024

B

,

%

,

10/01/36

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

250,000

279,531

Revenue

,

2024

B

,

%

,

10/01/37

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

1,095,000

1,216,067

Revenue

,

2024

B

,

%

,

10/01/38

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

1,125,000

1,240,569

Revenue

,

2024

B

,

%

,

10/01/39

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

1,125,000

1,232,581

Revenue

,

2024

B

,

%

,

10/01/40

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

420,000

456,806

Revenue

,

2024

B

,

%

,

10/01/41

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

1,150,000

1,234,810

Revenue

,

2024

B

,

%

,

10/01/42

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

495,000

527,490

Revenue

,

2024

B

,

%

,

10/01/43

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

500,000

527,424

Antonio

B. Won

Pat

International

Airport

Authority

,

Revenue

,

2024

A

,

%

,

10/01/32

..

1,600,000

1,755,118

23,326,651

#### Puerto

#### Rico

#### 1.8%
Children's

Trust

Fund

,

Revenue

,

2002

,

5.5 %

,

5/15/39

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

3,775,000

3,836,949

Revenue

,

2002

,

5.625 %

,

5/15/43

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

16,000,000

16,245,387

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Revenue

,

2000

A

,

6.625 %

,

1/01/27

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

471,227

471,120

Revenue

,

2000

A

,

6.625 %

,

1/01/28

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

3,593,968

3,600,558

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

4.75 %

,

7/01/53

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

29,500,000

28,766,123

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

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

184,264,000

180,860,367

233,780,504

#### Total

#### U.S.

#### Territories

#### ....................................................................
257,107,155

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 12,350,092,593

####)
..................................

#### 13,013,817,088

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 12,350,092,593

####)
............................

#### 13,013,817,088

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 1.2%

#### Municipal

#### Bonds

#### 1.2%

#### California

#### 1.2%
h

California

Municipal

Finance

Authority

,

Boone

534

LLC

,

Revenue

,

2026

A

,

Daily

VRDN

and

Put

,

%

,

2/01/38

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

33,820,000

34,114,285

h

Eastern

Municipal

Water

District

,

Revenue

,

2018

A

,

Refunding

,

SPA

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

1.1 %

,

7/01/46

.................................

34,535,000

34,535,000

h

University

of

California

,

Revenue

,

2013

,

Daily

VRDN

and

Put

,

1.2 %

,

5/15/48

...

88,645,000

88,645,000

157,294,285

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 157,000,000

####)
.....................................

#### 157,294,285

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 157,000,000

####)
...............................

#### 157,294,285

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 12,507,092,593

####)
99.2 #### %
................................

#### $13,171,111,373

#### Other

#### Assets,

#### less

#### Liabilities
0.8 #### %
.............................................

#### 112,980,629

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $13,284,092,002
Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

See

Abbreviations

on

.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

b

Non-income

producing.

c

The

rate

shown

represents

the

yield

at

period

end.

d

The

maturity

date

shown

represents

the

mandatory

put

date.

e

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

February

28,

2026,

the

aggregate

value

of

these

securities

was

$1,315,856,916,

representing

9.9%

of

net

assets.

f

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

g

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

6. h

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

California

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

February

28,

2026

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### California

#### Tax-

#### Free

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$12,507,092,593

Value

-

Unaffiliated

issuers

..................................................................

$13,171,111,373

Cash

....................................................................................

490,009

Receivables:

Capital

shares

sold

........................................................................

6,865,862

Interest

.................................................................................

136,249,093

Total

assets

..........................................................................

13,314,716,337

Liabilities:

Payables:

Capital

shares

redeemed

...................................................................

19,281,733

Management

fees

.........................................................................

4,867,880

Distribution

fees

..........................................................................

1,159,498

Transfer

agent

fees

........................................................................

1,756,784

Trustees'

fees

and

expenses

.................................................................

2,244

Distributions

to

shareholders

.................................................................

2,988,855

Accrued

expenses

and

other

liabilities

...........................................................

567,341

Total

liabilities

.........................................................................

30,624,335

Net

assets,

at

value

.................................................................

$13,284,092,002

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$13,696,686,318

Total

distributable

earnings

(losses)

.............................................................

(412,594,316)

Net

assets,

at

value

.................................................................

$13,284,092,002

Franklin

California

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

February

28,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### California

#### Tax-

#### Free

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

.......................................................................

$2,990,950,158

Shares

outstanding

........................................................................

434,324,897

Net

asset

value

per

share

a

,b

..................................................................

$6.89

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

................................

$7.16

#### Class

#### A1:
Net

assets,

at

value

.......................................................................

$6,303,626,766

Shares

outstanding

........................................................................

916,665,036

Net

asset

value

per

share

a

,b

..................................................................

$6.88

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

................................

$7.15

#### Class

#### C:
Net

assets,

at

value

.......................................................................

$246,505,532

Shares

outstanding

........................................................................

35,917,358

Net

asset

value

and

maximum

offering

price

per

share

a

,b

............................................

$6.86

#### Class

#### R6:
Net

assets,

at

value

.......................................................................

$404,786,931

Shares

outstanding

........................................................................

58,941,627

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$6.87

#### Advisor

#### Class:
Net

assets,

at

value

.......................................................................

$3,338,222,615

Shares

outstanding

........................................................................

486,280,243

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$6.87

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

California

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Operations

for

the

year

ended

February

28,

2026

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### California

#### Tax-

#### Free

#### Income

#### Fund
Investment

income:

Interest:

Unaffiliated

issuers

........................................................................

$574,194,412

Expenses:

Management

fees

(Note

a)

...................................................................

56,929,729

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

7,013,242

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

...............................................................................

6,327,180

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

1,776,959

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

1,609,758

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

...............................................................................

3,700,485

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

156,422

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

...............................................................................

65,843

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

............................................................................

1,645,790

Custodian

fees

.............................................................................

69,772

Reports

to

shareholders

fees

..................................................................

165,550

Registration

and

filing

fees

....................................................................

63,973

Professional

fees

...........................................................................

491,788

Trustees'

fees

and

expenses

..................................................................

131,807

Other

....................................................................................

803,109

Total

expenses

.........................................................................

80,951,407

Net

investment

income

................................................................

493,243,005

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

(29,442,730)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

77,006,016

Unfunded

commitments

....................................................................

(2,211,045)

Net

change

in

unrealized

appreciation

(depreciation)

............................................

74,794,971

Net

realized

and

unrealized

gain

(loss)

............................................................

45,352,241

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$538,595,246

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.

Annual

Report

#### Franklin

#### California

#### Tax-Free

#### Income

#### Fund

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$493,243,005

$478,165,560

Net

realized

gain

(loss)

.................................................

(29,442,730)

(52,075,399)

Net

change

in

unrealized

appreciation

(depreciation)

...........................

74,794,971

(23,108,760)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

538,595,246

402,981,401

Distributions

to

shareholders:

Class

A

.............................................................

(102,453,190)

(93,221,630)

Class

A1

............................................................

(245,864,429)

(262,375,944)

Class

C

.............................................................

(8,918,698)

(10,818,814)

Class

R6

............................................................

(14,952,300)

(12,919,299)

Advisor

Class

........................................................

(112,091,178)

(91,934,360)

Total

distributions

to

shareholders

..........................................

(484,279,795)

(471,270,047)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

124,815,899

314,261,887

Class

A1

............................................................

(688,880,691)

(617,006,575)

Class

C

.............................................................

(76,341,954)

(69,301,820)

Class

R6

............................................................

22,337,504

65,742,344

Advisor

Class

........................................................

693,475,307

197,113,306

Total

capital

share

transactions

............................................

75,406,065

(109,190,858)

Net

increase

(decrease)

in

net

assets

...................................

129,721,516

(177,479,504)

Net

assets:

Beginning

of

year

.......................................................

13,154,370,486

13,331,849,990

End

of

year

...........................................................

$13,284,092,002

$13,154,370,486

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

California

Tax-Free

Income

Fund (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company.

The Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

Fund

offers

five classes

of

shares:

Class

A,

Class

A1,

Class

C,

Class

R6

and

Advisor

Class.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward

#### Commitment or

#### Delayed

#### Delivery

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

c. #### Income

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

February

28,

2026, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

d. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

e. #### Insurance
The

scheduled

payments

of

interest

and

principal

for

each

insured

municipal

security

in

the

Fund are

insured

by

either

a

new

issue

insurance

policy

or

a

secondary

insurance

policy.

Some

municipal

securities

in

the

Fund

are

secured

by

collateral

guaranteed

by

an

agency

of

the

U.S.

government.

Depending

on

the

type

of

coverage,

premiums

for

insurance

are

either

added

to

the

cost

basis

of

the

security

or

paid

by

a

third

party.

Insurance

companies

typically

insure

municipal

bonds

that

tend

to

be

of

very

high

quality,

with

the

majority

of

underlying

municipal

bonds

rated

A

or

better.

However,

an

event

involving

an

insurer

could

have

an

adverse

effect

on

the

value

of

the

securities

insured

by

that

insurance

company.

There

can

be

no

assurance

the

insurer

will

be

able

to

fulfill

its

obligations

under

the

terms

of

the

policy.

f. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g. #### Guarantees

#### and

#### Indemnifications
Under

the Fund's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

2. #### Shares

#### of

#### Beneficial

#### Interest
At

February

28,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

3. #### Transactions

#### with

#### Affiliates
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,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

102,499,364

$686,305,638

108,497,677

$747,163,818

Shares

issued

in

reinvestment

of

distributions

..........

14,002,897

93,779,071

12,449,826

85,467,488

Shares

redeemed

...............................

(98,174,205)

(655,268,810)

(75,533,750)

(518,369,419)

Net

increase

(decrease)

..........................

18,328,056

$124,815,899

45,413,753

$314,261,887

#### Class

#### A1

#### Shares:
Shares

sold

...................................

17,526,265

$117,198,285

23,074,570

$158,482,920

Shares

issued

in

reinvestment

of

distributions

..........

30,882,774

206,392,844

32,250,476

221,048,096

Shares

redeemed

...............................

(151,738,959)

(1,012,471,820)

(145,228,231)

(996,537,591)

Net

increase

(decrease)

..........................

(103,329,920)

$(688,880,691)

(89,903,185)

$(617,006,575)

#### Class

#### C

#### Shares:
Shares

sold

...................................

5,423,776

$36,228,200

7,085,082

$48,630,066

Shares

issued

in

reinvestment

of

distributions

..........

1,288,616

8,585,736

1,532,350

10,484,905

Shares

redeemed

a

..............................

(18,216,426)

(121,155,890)

(18,747,924)

(128,416,791)

Net

increase

(decrease)

..........................

(11,504,034)

$(76,341,954)

(10,130,492)

$(69,301,820)

#### Class

#### R6

#### Shares:
Shares

sold

...................................

22,614,798

$149,932,912

20,259,202

$138,862,484

Shares

issued

in

reinvestment

of

distributions

..........

2,019,641

13,485,652

1,839,250

12,591,170

Shares

redeemed

...............................

(21,257,168)

(141,081,060)

(12,510,954)

(85,711,310)

Net

increase

(decrease)

..........................

3,377,271

$22,337,504

9,587,498

$65,742,344

#### Advisor

#### Class

#### Shares:
Shares

sold

...................................

243,614,894

$1,615,655,178

107,532,859

$736,503,112

Shares

issued

in

reinvestment

of

distributions

..........

15,298,763

102,198,925

12,190,275

83,435,995

Shares

redeemed

...............................

(154,297,741)

(1,024,378,796)

(91,001,550)

(622,825,801)

Net

increase

(decrease)

..........................

104,615,916

$693,475,307

28,721,584

$197,113,306

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

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

year

ended

February

28,

2026,

the

gross

effective

investment

management

fee

rate

was 0.446%

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

through

January

31. The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

year:

#### 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

franklintempleton.com

Annual

Report

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Fund

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

year

ended

February

28,

2026,

the Fund

paid

transfer

agent

fees

as

noted

in

the

Statement of

Operations,

of

which

$2,182,688

was

retained

by

Investor

Services.

f. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers

has contractually

agreed

in

advance

to

waive

or

limit

its fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Fund

so

that

the

operating expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed 0.65%

based

on

the

average

net

assets

of

each

class

until

June

30,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Transfer

agent

fees

on

Class

R6

shares

of

the

Fund have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

June

30,

2026. g. #### Interfund

#### Transactions
The

Fund

engaged

in

purchases

and

sales

of

investments

with

funds

or

other

accounts

that

have

common

investment

managers

(or

affiliated

investment

managers),

directors,

trustees

or

officers.

During

the

year

ended

February

28,

2026,

these

purchase

and

sale

transactions

aggregated

$337,365,000

and

$240,370,000,

respectively.

4. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

February

28,

2026,

the

capital

loss

carryforwards

were

as

follows:

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..............................

$42,036

CDSC

retained

..............................................................................

$397,731

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$

615,283,448

Long

term

................................................................................

498,642,615

Total

capital

loss

carryforwards

...............................................................

$1,113,926,063

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
(continued)

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

The

tax

character

of

distributions

paid

during

the

years

ended

February

28,

2026

and

2025,

was

as

follows:

At

February

28,

2026,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

tax

exempt

income for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales

and

bond

discounts

and

premiums.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

February

28,

2026,

aggregated

$1,508,717,762 and

$1,530,688,025,

respectively.

6. #### Defaulted

#### Securities
The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

February

28,

2026,

the

aggregate

value

of

these

securities was

$11,995,598, representing 0.1%

of

the

Fund's

net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying Schedule

of

Investments.

7. #### Concentration

#### of

#### Risk
The

Fund

invests

a

large

percentage

of

its total

assets

in

obligations

of

issuers

within California

and

U.S.

territories.

Such

concentration

may

subject

the

Fund

to

risks

associated

with

industrial

or

regional

matters,

and

economic,

political

or

legal

developments

occurring

within California

and

U.S.

territories. Investments

in

these

securities

are

sensitive

to

interest

rate

changes

and

credit

risk

of

the

issuer

and

may

subject

the

Fund

to

increased

market

volatility.

The

market

for

these

investments

may

be

limited,

which

may

make

them

difficult

to

buy

or

sell.

#### 2026

#### 2025
Distributions

paid

from:

Ordinary

income

..........................................................

$2,803,455

$3,343,875

Tax

exempt

income

........................................................

481,476,340

467,926,172

$484,279,795

$471,270,047

Cost

of

investments

..........................................................................

$12,493,636,770

Unrealized

appreciation

........................................................................

$980,446,248

Unrealized

depreciation

........................................................................

(302,971,645)

Net

unrealized

appreciation

(depreciation)

..........................................................

$677,474,603

Distributable

earnings:

Undistributed

tax

exempt

income

.................................................................

$26,846,004

4. #### Income

#### Taxes
(continued)

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

8. #### Credit

#### Facility
The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

29,

2027. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

year

ended

February

28,

2026,

the Fund

did

not

use

the

Global

Credit

Facility.

9. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of February

28,

2026,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the year.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### California

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

.........................

$

—

$

—

$

—

b

$

—

Municipal

Bonds

.........................

—

13,013,817,088

—

13,013,817,088

Short

Term

Investments

...................

—

157,294,285

—

157,294,285

Total

Investments

in

Securities

...........

$—

$13,171,111,373

$—

$13,171,111,373

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

financial

instruments

determined

to

have

no

value.

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

10. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

11. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Selected

#### Portfolio

#### 1915

#### Act
Improvement

Bond

Act

of

1915

#### AG
Assured

Guaranty,

Inc.

#### AMBAC
American

Municipal

Bond

Assurance

Corp.

#### BAM
Build

America

Mutual

Assurance

Co.

#### COP
Certificate

of

Participation

#### ETM
Escrowed

to

Maturity

#### FGIC
Financial

Guaranty

Insurance

Co.

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### GO
General

Obligation

#### NATL
National

Reinsurance

Corp.

#### SPA
Standby

Purchase

Agreement

Franklin

California

Tax-Free

Income

Fund

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

and

Shareholders

of

Franklin

California

Tax-Free

Income

Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Franklin

California

Tax-Free

Income

Fund

(the

"Fund")

as

of

February

28,

2026,

the

related

statement

of

operations

for

the

year

ended

February

28,

2026,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

February

28,

2026,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

four

years

in

the

period

ended

February

28,

2026,

the

period

April

1,

2021

to

February

28,

2022

and

the

year

ended

March

31,

2021

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

February

28,

2026,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

February

28,

2026

and

the

financial

highlights

for

each

of

the

four

years

in

the

period

ended

February

28,

2026,

the

period

April

1,

2021

to

February

28,

2022

and

the

year

ended

March

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

February

28,

2026

by

correspondence

with

the

custodian

and

private

placement

agent;

when

replies

were

not

received

from

a

private

placement

agent,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

San

Francisco,

California

April

17,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948. Franklin

California

Tax-Free

Income

Fund

franklintempleton.com

Annual

Report

Tax

Information

(unaudited)

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

February

28,

2026:

#### Pursuant

#### to:

#### Amount

#### Reported
Exempt-Interest

Dividends

Distributed

§852(b)(5)(A)

$481,476,340

Section

163(j)

Interest

Earned

§163(j)

$2,803,455

Franklin

California

Tax-Free

Income

Fund

franklintempleton.com

Annual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

4312-AFSOI

04/26©

2026

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have
 concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act
 of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes
 the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b)
 under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected
 or are likely to materially affect the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](fctfif-efp23699_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fctfif-efp23699_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fctfif-efp23699_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

**Franklin California Tax-Free Income Fund**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer - Finance and Administration |

---

Date: April 30, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer - Finance and Administration |

---

---

| | |
|:---|:---|
| Date: | April 30, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

Date: April 30, 2026

## Ex-99.Codeeth

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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") 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 <u>Code of Ethics and Business Conduct</u> ("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 <u>FTI Personal Investments and Insider Trading Policy</u> 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 superseded 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 a position 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 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> 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.

<sup>2</sup> 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 Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 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.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> 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.

<sup>4</sup> 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.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;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 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> 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

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin California Tax-Free Income Fund;** 

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

---

| |
|:---|
| Date: April 30, 2026 |
| /s/ Christopher Kings |
| Christopher Kings |
| Chief Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin California Tax-Free Income Fund**;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, 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;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

---

| |
|:---|
| Date: April 30, 2026 |
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

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## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer - Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin California Tax-Free Income Fund (the "Registrant"),** each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **February 28, 2026** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;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.

---

| | |
|:---|:---|
| **Chief Executive Officer –**<br> **Finance and Administration**  | **Chief Financial Officer, Chief**<br> **Accounting Officer and Treasurer** |
| Franklin California Tax-Free Income Fund | Franklin California Tax-Free Income Fund |

---

---

| | |
|:---|:---|
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: April 30, 2026 | Date: April 30, 2026 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.