# EDGAR Filing Document

**Accession Number:** 0000225375
**File Stem:** 0001133228-25-011525
**Filing Date:** 2025-10
**Character Count:** 274968
**Document Hash:** 09b20ef031db2f24ad763cb830f7f685
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-011525.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001133228-25-011525

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**EFFECTIVENESS DATE**: 20251030

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02790
- **FILM NUMBER:** 251433180

**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'? 2025-09-1174200012700_FranklinCaliforniaTax-FreeIncomeFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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

 **Franklin California Tax Free Income Fund**

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

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

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

Date of reporting period: **August 31, 2025**

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) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A | $38 | 0.76% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $12582665918 |
| **Total Number of Portfolio Holdings** | 1131 |
| **Portfolio Turnover Rate** | 6.99% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

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

![image](ts4903img003.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 |

---

Franklin California Tax-Free Income Fund PAGE 1 1112-STSR-1025

25.412.211.110.68.98.18.17.92.92.51.50.8 ------

---

| | |
|:---|:---|
| **Franklin California Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FKTFX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A1 | $30 | 0.61% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $12582665918 |
| **Total Number of Portfolio Holdings** | 1131 |
| **Portfolio Turnover Rate** | 6.99% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

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

![image](ts4902img003.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 |

---

Franklin California Tax-Free Income Fund PAGE 1 112-STSR-1025

25.412.211.110.68.98.18.17.92.92.51.50.8 ------

---

| | |
|:---|:---|
| **Franklin California Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRCTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class C | $58 | 1.16% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $12582665918 |
| **Total Number of Portfolio Holdings** | 1131 |
| **Portfolio Turnover Rate** | 6.99% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

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

![image](ts4904img003.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 |

---

Franklin California Tax-Free Income Fund PAGE 1 212-STSR-1025

25.412.211.110.68.98.18.17.92.92.51.50.8 ------

---

| | |
|:---|:---|
| **Franklin California Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FKTQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $23 | 0.47% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $12582665918 |
| **Total Number of Portfolio Holdings** | 1131 |
| **Portfolio Turnover Rate** | 6.99% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

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

![image](ts4905img003.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 |

---

Franklin California Tax-Free Income Fund PAGE 1 8112-STSR-1025

25.412.211.110.68.98.18.17.92.92.51.50.8 ------

---

| | |
|:---|:---|
| **Franklin California Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FCAVX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin California Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Advisor Class | $25 | 0.51% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $12582665918 |
| **Total Number of Portfolio Holdings** | 1131 |
| **Portfolio Turnover Rate** | 6.99% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

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

![image](ts4901img003.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 |

---

Franklin California Tax-Free Income Fund PAGE 1 614-STSR-1025

25.412.211.110.68.98.18.17.92.92.51.50.8 ------

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

ITEM 2. CODE OF ETHICS.

Not applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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 HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### California

#### Tax-Free

#### Income

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

August

31,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 37
Notes

to

Financial

Statements

#### 41
Changes

In

and

Disagreements

with

Accountants

#### 49
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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### March

#### 31,

#### 2025

#### 2024

#### a

#### 2023

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$6.86

$6.89

$6.73

$7.44

$7.71

$7.50

$7.44

Income

from

investment

operations

c

:

Net

investment

income

d

.

0.12 0.24 0.24 0.22 0.18 0.22 0.22 Net

realized

and

unrealized

gains

(losses)

...........

(0.30)

(0.03)

0.16 (0.71)

(0.28)

0.20 0.08 Total

from

investment

operations

...........

(0.18)

0.21 0.40 (0.49)

(0.10)

0.42 0.30 Less

distributions

from:

Net

investment

income

..

(0.12)

(0.24)

(0.24)

(0.22)

(0.17)

(0.21)

(0.24)

Net

asset

value,

end

of

period

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

$6.56

$6.86

$6.89

$6.73

$7.44

$7.71

$7.50

Total

return

e

...........

(2.59)%

3.06%

6.02%

(6.62)%

(1.30)%

5.66%

3.98%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

0.76%

0.76%

g

0.76%

g

0.77%

g

0.75%

g

0.75%

g

0.76%

g

Net

investment

income

...

3.75%

3.48%

3.57%

3.27%

2.52%

2.79%

2.97%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$2,730,950

$2,853,539

$2,554,655

$2,282,254

$2,412,285

$2,074,343

$1,395,165

Portfolio

turnover

rate

....

6.99%

7.96%

14.01%

42.30%

19.33%

14.41%

15.74%

a

For

the

year

ended

February

29. b

For

the

period

April

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### March

#### 31,

#### 2025

#### 2024

#### a

#### 2023

#### 2021

#### 2020

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$6.85

$6.88

$6.72

$7.43

$7.70

$7.49

$7.43

Income

from

investment

operations

c

:

Net

investment

income

d

.

0.13 0.25 0.25 0.23 0.19 0.23 0.24 Net

realized

and

unrealized

gains

(losses)

...........

(0.30)

(0.03)

0.16 (0.71)

(0.27)

0.20 0.07 Total

from

investment

operations

...........

(0.17)

0.22 0.41 (0.48)

(0.08)

0.43 0.31 Less

distributions

from:

Net

investment

income

..

(0.13)

(0.25)

(0.25)

(0.23)

(0.19)

(0.22)

(0.25)

Net

asset

value,

end

of

period

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

$6.55

$6.85

$6.88

$6.72

$7.43

$7.70

$7.49

Total

return

e

...........

(2.52)%

3.22%

6.18%

(6.48)%

(1.17)%

5.83%

4.14%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

0.61%

0.60%

g

0.61%

g

0.62%

g

0.59%

g

0.60%

g

0.61%

g

Net

investment

income

...

3.91%

3.64%

3.73%

3.42%

2.68%

2.97%

3.12%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$6,321,894

$6,986,725

$7,640,302

$8,130,315

$10,201,944

$11,084,478

$11,448,334

Portfolio

turnover

rate

....

6.99%

7.96%

14.01%

42.30%

19.33%

14.41%

15.74%

a

For

the

year

ended

February

29. b

For

the

period

April

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### March

#### 31,

#### 2025

#### 2024

#### a

#### 2023

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$6.84

$6.87

$6.71

$7.41

$7.69

$7.47

$7.41

Income

from

investment

operations

c

:

Net

investment

income

d

.

0.11 0.21 0.21 0.20 0.15 0.19 0.20 Net

realized

and

unrealized

gains

(losses)

...........

(0.31)

(0.03)

0.16 (0.71)

(0.28)

0.21 0.07 Total

from

investment

operations

...........

(0.20)

0.18 0.37 (0.51)

(0.13)

0.40 0.27 Less

distributions

from:

Net

investment

income

..

(0.11)

(0.21)

(0.21)

(0.19)

(0.15)

(0.18)

(0.21)

Net

asset

value,

end

of

period

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

$6.53

$6.84

$6.87

$6.71

$7.41

$7.69

$7.47

Total

return

e

...........

(2.94)%

2.65%

5.61%

(6.88)%

(1.80)%

5.40%

3.57%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

1.16%

1.16%

g

1.16%

g

1.17%

g

1.15%

g

1.16%

g

1.16%

g

Net

investment

income

...

3.36%

3.09%

3.19%

2.86%

2.13%

2.42%

2.57%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$263,321

$324,192

$395,396

$502,065

$723,593

$1,018,197

$1,118,612

Portfolio

turnover

rate

....

6.99%

7.96%

14.01%

42.30%

19.33%

14.41%

15.74%

a

For

the

year

ended

February

29. b

For

the

period

April

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### March

#### 31,

#### 2025

#### 2024

#### a

#### 2023

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$6.84

$6.87

$6.71

$7.42

$7.69

$7.48

$7.42

Income

from

investment

operations

c

:

Net

investment

income

d

.

0.13 0.26 0.26 0.24 0.20 0.24 0.25 Net

realized

and

unrealized

gains

(losses)

...........

(0.30)

(0.03)

0.15 (0.71)

(0.28)

0.20 0.07 Total

from

investment

operations

...........

(0.17)

0.23 0.41 (0.47)

(0.08)

0.44 0.32 Less

distributions

from:

Net

investment

income

..

(0.13)

(0.26)

(0.25)

(0.24)

(0.19)

(0.23)

(0.26)

Net

asset

value,

end

of

period

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

$6.54

$6.84

$6.87

$6.71

$7.42

$7.69

$7.48

Total

return

e

...........

(2.45)%

3.36%

6.33%

(6.37)%

(1.05)%

5.97%

4.28%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

...

0.47%

0.47%

0.48%

0.49%

0.47%

0.47%

0.47%

Expenses

net

of

waiver

and

payments

by

affiliates

...

0.47%

0.47%

g

0.48%

g

0.49%

g

0.47%

g,h

0.47%

g,h

0.46%

g

Net

investment

income

...

4.05%

3.78%

3.87%

3.55%

2.81%

3.08%

3.27%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$370,437

$380,103

$316,077

$271,190

$345,058

$281,038

$186,078

Portfolio

turnover

rate

....

6.99%

7.96%

14.01%

42.30%

19.33%

14.41%

15.74%

a

For

the

year

ended

February

29. b

For

the

period

April

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### March

#### 31,

#### 2025

#### 2024

#### a

#### 2023

#### 2021

#### 2020

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$6.84

$6.87

$6.71

$7.42

$7.69

$7.48

$7.42

Income

from

investment

operations

c

:

Net

investment

income

d

.

0.13 0.26 0.26 0.24 0.20 0.24 0.24 Net

realized

and

unrealized

gains

(losses)

...........

(0.31)

(0.04)

0.15 (0.72)

(0.28)

0.20 0.08 Total

from

investment

operations

...........

(0.18)

0.22 0.41 (0.48)

(0.08)

0.44 0.32 Less

distributions

from:

Net

investment

income

..

(0.13)

(0.25)

(0.25)

(0.23)

(0.19)

(0.23)

(0.26)

Net

asset

value,

end

of

period

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

$6.53

$6.84

$6.87

$6.71

$7.42

$7.69

$7.48

Total

return

e

...........

(2.62)%

3.33%

6.30%

(6.40)%

(1.08)%

5.94%

4.24%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

0.51%

0.51%

g

0.52%

g

0.52%

g

0.50%

g

0.51%

g

0.51%

g

Net

investment

income

...

4.02%

3.74%

3.84%

3.53%

2.78%

3.06%

3.22%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$2,896,064

$2,609,811

$2,425,421

$2,344,189

$2,619,688

$2,498,587

$1,888,402

Portfolio

turnover

rate

....

6.99%

7.96%

14.01%

42.30%

19.33%

14.41%

15.74%

a

For

the

year

ended

February

29. b

For

the

period

April

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited),

August

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

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

#### 98.2%

#### California

#### 95.4%
Alameda

Corridor

Transportation

Authority

,

Revenue

,

2022

C

,

Refunding

,

AG

Insured

,

%

,

10/01/52

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

$

28,000,000

28,218,221

c

Revenue,

Sub.

Lien

,

2004

A

,

Refunding

,

AMBAC

Insured

,

3.11 %,

10/01/29

......

20,000,000

17,645,962

c

Revenue,

Sub.

Lien

,

2004

A

,

Refunding

,

AMBAC

Insured

,

3.29 %,

10/01/30

......

41,665,000

35,336,690

Alameda

Unified

School

District

,

GO

,

2015

A

,

%

,

8/01/39

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

18,000,000

18,008,707

c

Alhambra

City

Elementary

School

District

,

Alhambra

Unified

School

District

,

GO

,

2004

B

,

NATL

Insured

,

2.67 %,

9/01/27

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

3,035,000

2,879,027

Align

Capital

Trust

,

Revenue

,

2023-1

,

5.5 %

,

3/01/35

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

13,000,000

12,712,570

c

Alisal

Union

School

District

,

GO

,

2009

B

,

AG

Insured

,

3.11 %,

8/01/32

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

3,355,000

2,714,832

GO

,

2009

B

,

AG

Insured

,

3.29 %,

8/01/33

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

3,610,000

2,794,248

GO

,

2009

B

,

AG

Insured

,

3.37 %,

2/01/34

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

3,345,000

2,529,867

Alta

Loma

School

District

,

GO

,

2019

B

,

%

,

8/01/44

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

7,375,000

7,486,025

c

Alvord

Unified

School

District

,

GO

,

2011

B

,

AG

Insured

,

4.41 %,

8/01/36

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

15,000,000

9,364,560

GO

,

2011

B

,

AG

Insured

,

7.121 %,

8/01/46

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

42,500,000

48,839,895

Anaheim

Housing

&

Public

Improvements

Authority

,

City

of

Anaheim

Electric

System

,

Revenue

,

2022

A

,

Refunding

,

%

,

10/01/52

.....

8,040,000

8,087,314

City

of

Anaheim

Water

System

,

Revenue

,

2022

A

,

%

,

10/01/52

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

8,345,000

8,392,466

c

Anaheim

Public

Financing

Authority

,

City

of

Anaheim

,

Revenue

,

1997

C

,

AG

Insured

,

2.53 %,

9/01/26

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

29,430,000

28,700,934

City

of

Anaheim

,

Revenue

,

1997

C

,

AG

Insured

,

2.59 %,

9/01/27

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

22,860,000

21,719,416

City

of

Anaheim

,

Revenue

,

1997

C

,

AG

Insured

,

2.65 %,

9/01/28

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

14,425,000

13,335,129

City

of

Anaheim

,

Revenue

,

1997

C

,

AG

Insured

,

2.76 %,

9/01/29

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

24,810,000

22,245,735

City

of

Anaheim

,

Revenue

,

1997

C

,

AG

Insured

,

3.32 %,

9/01/32

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

13,665,000

10,867,630

City

of

Anaheim

,

Revenue

,

1997

C

,

AG

Insured

,

3.51 %,

9/01/33

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

37,070,000

28,136,808

City

of

Anaheim

,

Revenue

,

1997

C

,

AG

Insured

,

3.68 %,

9/01/34

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

24,970,000

18,042,221

City

of

Anaheim

,

Revenue

,

1997

C

,

AG

Insured

,

ETM,

3.61 %,

3/01/37

..........

15,080,000

10,031,420

c

Anaheim

Union

High

School

District

,

GO

,

2002

A

,

AG

Insured

,

2.29 %,

8/01/26

.....

8,570,000

8,393,425

Bay

Area

Toll

Authority

,

Revenue

,

2017

,

Refunding

,

%

,

4/01/42

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

119,305,000

111,783,989

Revenue

,

2017

,

Refunding

,

%

,

4/01/47

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

23,330,000

20,615,622

Revenue

,

2017

,

Refunding

,

%

,

4/01/49

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

13,625,000

11,898,222

d

Revenue

,

2021

A

,

Refunding

,

Mandatory

Put

,

%

,

4/01/28

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

12,000,000

11,693,448

Beaumont

Public

Improvement

Authority

,

City

of

Beaumont

Wastewater

,

Revenue

,

2018

A

,

AG

Insured

,

%

,

9/01/49

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

10,000,000

10,311,421

Beaumont

Unified

School

District

,

c

GO

,

2011

C

,

AG

Insured

,

4.72 %,

8/01/40

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

11,000,000

5,525,291

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

4.125 %

,

9/01/40

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

280,000

260,858

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

4.375 %

,

9/01/45

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

435,000

395,268

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

4.5 %

,

9/01/50

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

640,000

581,632

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

4.5 %

,

9/01/55

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

910,000

813,770

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

4.125 %

,

9/01/40

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

310,000

288,807

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

,

4.375 %

,

9/01/45

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

$

875,000

$

795,080

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/50

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

1,000,000

980,006

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/55

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

1,000,000

971,270

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

,

Revenue,

Senior

Lien

,

2024

B

,

5.25 %

,

7/01/49

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

5,250,000

5,323,672

Revenue,

Senior

Lien

,

2024

B

,

5.25 %

,

7/01/54

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

10,000,000

10,098,162

Cabrillo

Unified

School

District

,

GO

,

2018

A

,

%

,

8/01/45

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

4,245,000

4,315,952

California

Affordable

Housing

Agency

,

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

%

,

10/01/40

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

1,580,000

1,491,542

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

%

,

10/01/45

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

1,930,000

1,680,292

Butte

County

Housing

Authority

,

Revenue

,

2020

A

,

%

,

10/01/50

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

1,855,000

1,586,507

d

California

Community

Choice

Financing

Authority

,

Revenue

,

2022

,

Mandatory

Put

,

%

,

8/01/28

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

100,000,000

101,264,700

Revenue

,

2023

C

,

Mandatory

Put

,

5.25 %

,

10/01/31

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

122,575,000

128,933,529

Revenue

,

2023

,

Mandatory

Put

,

%

,

3/01/31

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

38,855,000

41,331,396

Revenue

,

2023

,

Mandatory

Put

,

5.25 %

,

4/01/30

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

23,500,000

25,166,493

Revenue

,

2024

B

,

Mandatory

Put

,

%

,

12/01/32

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

69,000,000

72,063,338

Revenue

,

2024

D

,

Mandatory

Put

,

%

,

9/01/32

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

70,000,000

75,407,325

Revenue

,

2024

E

,

Mandatory

Put

,

%

,

9/01/32

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

90,000,000

96,500,844

Revenue

,

2025

A

,

Mandatory

Put

,

%

,

5/01/35

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

6,000,000

6,204,141

Revenue

,

2025

B

,

Mandatory

Put

,

%

,

11/01/35

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

15,585,000

16,678,841

California

Community

College

Financing

Authority

,

Revenue

,

2001

A

,

NATL

Insured

,

5.125 %

,

4/01/31

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

880,000

881,523

NCCD-Orange

Coast

Properties

LLC

,

Revenue

,

2018

,

5.25 %

,

5/01/53

..........

8,150,000

8,220,144

e

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

2/01/56

..........

5,235,000

4,152,621

Brio

Apartments

&

Next

on

Lex

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

2/01/56

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

35,015,000

26,958,458

Exchange

at

Bayfront

Apartments

,

Revenue,

Senior

Lien

,

144A,

T

,

4.25 %

,

2/01/38

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

7,095,000

6,267,790

Exchange

at

Bayfront

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

2/01/57

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

59,855,000

35,753,127

Fountains

at

Emerald

Park

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

8/01/46

...

14,740,000

11,978,081

Fountains

at

Emerald

Park

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

8/01/56

..

46,440,000

29,572,764

K

Street

Flats

,

Revenue

,

144A,

2021

,

%

,

2/01/57

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

47,500,000

30,089,179

Summit

at

Sausalito

Apartments

,

Revenue

,

144A,

2021

,

%

,

2/01/57

........

16,260,000

10,388,142

Twin

Creek

Apartments

,

Revenue

,

144A,

2022

,

4.5 %

,

8/01/52

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

29,275,000

21,737,091

c

Twin

Creek

Apartments

,

Revenue,

Senior

Lien

,

144A,

2022

,

6.311 %,

8/01/65

..

79,990,000

2,723,588

Verdant

at

Green

Valley

Apartments

,

Revenue

,

144A,

2019

A

,

%

,

8/01/49

.......

15,765,000

13,815,415

California

County

Tobacco

Securitization

Agency

,

Gold

Country

Settlement

Funding

Corp.

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/40

1,120,000

1,038,332

Gold

Country

Settlement

Funding

Corp.

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/49

2,000,000

1,665,871

Kern

County

Tobacco

Funding

Corp.

,

Revenue

,

2014

,

Refunding

,

%

,

6/01/34

....

7,080,000

7,025,056

Kern

County

Tobacco

Funding

Corp.

,

Revenue

,

2014

,

Refunding

,

%

,

6/01/40

....

17,650,000

16,799,076

Los

Angeles

County

Securitization

Corp.

,

Revenue

,

2020

,

Refunding

,

%

,

6/01/49

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

135,000

130,422

Los

Angeles

County

Securitization

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

%

,

6/01/49

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

3,525,000

2,901,521

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

%

,

6/01/36

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

470,000

459,129

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

%

,

6/01/38

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

530,000

503,981

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

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

$

579,427

Merced

County

Tobacco

Funding

Corp.

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

%

,

6/01/42

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

100,000

89,898

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/35

..

350,000

345,311

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/36

..

600,000

586,122

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/37

..

530,000

510,214

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/38

..

790,000

751,217

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/39

..

620,000

582,373

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/40

..

830,000

769,479

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/49

..

3,520,000

2,931,932

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

,

Refunding

,

%

,

6/01/49

.

345,000

332,889

Stanislaus

County

Tobacco

Funding

Corp.

,

Revenue

,

2002

A

,

5.875 %

,

6/01/43

...

2,115,000

2,116,931

California

Educational

Facilities

Authority

,

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

%

,

12/01/40

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

1,295,000

1,141,651

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

%

,

12/01/41

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

1,345,000

1,167,462

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

%

,

12/01/42

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

1,400,000

1,193,002

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

%

,

12/01/46

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

3,000,000

2,474,144

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

%

,

12/01/50

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

2,675,000

2,126,666

Art

Center

College

of

Design

,

Revenue

,

2022

A

,

%

,

12/01/51

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

650,000

416,611

Chapman

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

4/01/31

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

475,000

536,324

Leland

Stanford

Junior

University

(The)

,

Revenue

,

,

%

,

3/15/39

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

2,815,000

3,178,856

Leland

Stanford

Junior

University

(The)

,

Revenue

,

,

5.25 %

,

4/01/40

.........

5,000,000

5,758,194

Leland

Stanford

Junior

University

(The)

,

Revenue

,

,

%

,

5/01/45

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

7,000,000

7,510,672

Leland

Stanford

Junior

University

(The)

,

Revenue

,

,

%

,

5/01/49

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

20,850,000

22,012,600

Loma

Linda

University

,

Revenue

,

2017

A

,

Refunding

,

%

,

4/01/47

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

11,000,000

10,719,061

c

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

2.56 %,

10/01/26

..

7,620,000

7,413,772

c

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

2.62 %,

10/01/27

..

7,365,000

6,979,029

c

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

2.68 %,

10/01/28

..

4,120,000

3,797,045

c

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

2.98 %,

10/01/30

..

5,685,000

4,896,887

c

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

3.18 %,

10/01/31

..

7,615,000

6,292,986

c

Loyola

Marymount

University

,

Revenue

,

2001

A

,

NATL

Insured

,

3.36 %,

10/01/32

..

7,615,000

6,025,017

c

Santa

Clara

University

,

Revenue

,

1999

,

AMBAC

Insured

,

3.84 %,

9/01/26

........

1,345,000

1,295,164

St.

Mary's

College

of

California

,

Revenue

,

2023

A

,

Refunding

,

5.5 %

,

10/01/53

....

10,850,000

10,187,586

University

of

Redlands

,

Revenue

,

2022

A

,

%

,

10/01/44

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

3,835,000

3,724,011

University

of

Redlands

,

Revenue

,

2022

A

,

%

,

10/01/52

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

18,790,000

17,706,261

University

of

San

Francisco

,

Revenue

,

2018

A

,

%

,

10/01/48

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

10,000,000

9,871,359

University

of

Southern

California

,

Revenue

,

2025

A

,

%

,

10/01/55

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

50,000,000

51,070,790

California

Enterprise

Development

Authority

,

Castilleja

School

Foundation

,

Revenue

,

2024

,

%

,

6/01/49

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

2,800,000

2,844,137

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

%

,

8/01/40

..

650,000

658,206

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

%

,

8/01/45

..

650,000

648,389

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

%

,

8/01/50

..

650,000

636,997

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

%

,

8/01/55

..

3,175,000

3,121,646

Provident

Group-SDSU

Properties

LLC

,

Revenue,

First

Tier

,

2020

A

,

%

,

8/01/57

..

500,000

483,732

California

Health

Facilities

Financing

Authority

,

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2024

A

,

%

,

12/01/28

..

24,200,000

25,673,238

Casa

Milagro

LLC

,

Revenue

,

2011

A

,

California

Mortgage

Insured

,

6.25 %

,

2/01/26

.

1,405,000

1,409,174

Cedars-Sinai

Medical

Center

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

8/15/41

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

5,000,000

5,227,717

Children's

Hospital

Los

Angeles

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

8/15/42

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

14,370,000

13,907,079

Children's

Hospital

Los

Angeles

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

8/15/47

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

7,750,000

7,346,368

City

of

Hope

Obligated

Group

,

Revenue

,

2019

,

%

,

11/15/49

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

27,000,000

26,614,670

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

4/01/36

.

13,220,000

13,242,293

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

,

%

,

4/01/37

.

$

5,550,000

$

5,496,408

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

4/01/38

.

7,075,000

6,903,535

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

4/01/44

.

4,340,000

3,365,282

El

Camino

Hospital

LP

,

Revenue

,

2017

,

4.125 %

,

2/01/47

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

11,000,000

9,858,571

El

Camino

Hospital

LP

,

Revenue

,

2017

,

%

,

2/01/47

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

12,500,000

12,526,862

Episcopal

Communities

&

Services

for

Seniors

Obligated

Group

,

Revenue

,

2024

B

,

5.25 %

,

11/15/48

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

1,905,000

1,890,927

Episcopal

Communities

&

Services

for

Seniors

Obligated

Group

,

Revenue

,

2024

B

,

5.25 %

,

11/15/53

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

1,945,000

1,917,073

Episcopal

Communities

&

Services

for

Seniors

Obligated

Group

,

Revenue

,

2024

B

,

5.25 %

,

11/15/58

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

3,000,000

2,908,146

Kaiser

Foundation

Hospitals

,

Revenue

,

2017

,

%

,

11/01/38

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

25,000,000

24,358,222

Kaiser

Foundation

Hospitals

,

Revenue

,

2017

,

%

,

11/01/44

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

411,225,000

366,416,156

Kaiser

Foundation

Hospitals

,

Revenue

,

2017

,

%

,

11/01/47

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

12,500,000

12,876,157

Lucile

Salter

Packard

Children's

Hospital

at

Stanford

Obligated

Group

,

Revenue

,

2016

B

,

%

,

8/15/55

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

24,000,000

24,001,682

Lucile

Salter

Packard

Children's

Hospital

at

Stanford

Obligated

Group

,

Revenue

,

2017

A

,

%

,

11/15/56

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

10,300,000

10,139,308

Marshall

Medical

Center

,

Revenue

,

2020

A

,

Refunding

,

California

Mortgage

Insured

,

%

,

11/01/40

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

3,750,000

3,658,145

Marshall

Medical

Center

,

Revenue

,

2020

A

,

Refunding

,

California

Mortgage

Insured

,

%

,

11/01/50

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

25,065,000

25,178,214

On

Lok

Senior

Health

Services

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

8/01/40

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

1,450,000

1,465,770

On

Lok

Senior

Health

Services

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

8/01/50

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

2,375,000

2,229,229

On

Lok

Senior

Health

Services

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

8/01/55

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

850,000

785,599

Providence

St.

Joseph

Health

Obligated

Group

,

Revenue

,

2014

A

,

%

,

10/01/38

..

5,110,000

5,112,520

Scripps

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

11/15/42

.....

2,500,000

2,625,248

Sutter

Health

Obligated

Group

,

Revenue

,

2016

B

,

%

,

11/15/46

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

42,105,000

42,144,381

Sutter

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

11/15/48

......

10,585,000

8,933,900

Sutter

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

11/15/48

......

21,690,000

21,493,842

Sutter

Health

Obligated

Group

,

Revenue

,

2018

A

,

%

,

11/15/42

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

11,680,000

10,626,154

Sutter

Health

Obligated

Group

,

Revenue

,

2018

A

,

%

,

11/15/48

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

24,500,000

24,344,572

California

Housing

Finance

Agency

,

Revenue

,

2019-1

,

A

,

4.25 %

,

1/15/35

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

45,435,101

46,406,930

Revenue

,

2019-2

,

A

,

%

,

3/20/33

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

13,099,352

13,285,268

Revenue

,

2021-1

,

A

,

3.5 %

,

11/20/35

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

4,657,245

4,395,063

e

Found

Middle

LP

,

Revenue

,

144A,

2024

L

,

5.2 %

,

12/01/27

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

5,000,000

5,107,941

d,e

Shermanair

Apartments

Owner

LP

,

Revenue

,

144A,

2021

,

Mandatory

Put

,

%

,

9/01/36

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

22,535,000

19,239,928

e

Shermanair

Apartments

Owner

LP

,

Revenue

,

144A,

2021

,

%

,

9/01/36

......

1,940,000

1,607,340

California

Infrastructure

&

Economic

Development

Bank

,

California

State

Teachers'

Retirement

System

,

Revenue

,

2019

,

%

,

8/01/44

......

12,750,000

12,855,340

California

State

Teachers'

Retirement

System

,

Revenue

,

2019

,

%

,

8/01/49

......

16,040,000

16,045,138

California

State

Water

Resources

Control

Board

Water

Pollution

Control

Revolving

Fund

,

Revenue

,

2018

,

%

,

10/01/43

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

10,000,000

10,255,811

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

B

,

%

,

11/01/45

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

850,000

718,799

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

B

,

%

,

11/01/50

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

860,000

700,109

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2021

B

,

%

,

11/01/56

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

1,000,000

788,699

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

B

,

%

,

11/01/47

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

2,300,000

2,252,195

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

California

Infrastructure

&

Economic

Development

Bank,

(continued)

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

B

,

4.125 %

,

11/01/52

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

$

3,100,000

$

2,548,488

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

B

,

%

,

11/01/57

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

5,500,000

5,221,838

Los

Angeles

County

Museum

of

Natural

History

Foundation

,

Revenue

,

2020

,

Refunding

,

%

,

7/01/50

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

18,995,000

12,705,666

d

Museum

Associates

,

Revenue

,

2021

A

,

Refunding

,

Mandatory

Put

,

1.2 %

,

6/01/28

.

15,000,000

13,906,998

University

of

California

,

Revenue

,

2017

,

%

,

5/15/52

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

31,305,000

31,422,093

California

Municipal

Finance

Authority

,

e

Revenue

,

144A,

2025

A

,

6.375 %

,

8/01/37

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

28,300,000

28,313,663

Revenue,

Senior

Lien

,

2017

A

,

Refunding

,

%

,

8/15/52

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

27,350,000

22,524,426

Special

Tax

,

2024

C

,

%

,

9/01/44

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

1,100,000

1,099,743

Special

Tax

,

2024

C

,

%

,

9/01/54

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

1,000,000

964,499

Special

Tax

,

2024

E

,

%

,

9/01/55

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

2,500,000

2,391,586

Special

Tax

,

2025

A

,

%

,

9/01/50

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

1,350,000

1,310,075

Special

Tax

,

2025

B

,

5.125 %

,

9/01/50

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

1,275,000

1,233,486

f

1717

University

Associates

LLC

,

Revenue

,

2020

A

,

4.5 %

,

6/01/52

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

11,413,000

8,962,082

f

1717

University

Associates

LLC

,

Revenue

,

2020

A-T

,

5.25 %

,

6/01/52

...........

3,407,000

2,589,274

e

Ascent

613

,

Revenue

,

144A,

2025

A

,

5.25 %

,

1/01/45

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

2,500,000

2,329,930

e

Ascent

613

,

Revenue

,

144A,

2025

A

,

5.375 %

,

1/01/55

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

3,500,000

3,180,282

e

Ascent

613

,

Revenue

,

144A,

2025

A

,

5.5 %

,

1/01/60

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

2,850,000

2,608,858

Bethany

Home

Society

of

San

Joaquin

County,

Inc.

,

Revenue

,

2023

,

California

Mortgage

Insured

,

%

,

11/15/52

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

26,465,000

26,637,864

California

Institute

of

the

Arts

,

Revenue

,

2021

,

%

,

10/01/51

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

2,355,000

1,850,482

Caritas

Corp.

CMFA

Mobile

Home

Park

Financing

2024

Portfolio

,

Revenue

,

2024

A

,

Refunding

,

%

,

8/15/49

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

1,235,000

1,221,362

Caritas

Corp.

CMFA

Mobile

Home

Park

Financing

2024

Portfolio

,

Revenue

,

2024

A

,

Refunding

,

%

,

8/15/54

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

1,800,000

1,757,055

Caritas

Corp.

CMFA

Mobile

Home

Park

Financing

2024

Portfolio

,

Revenue

,

2024

A

,

Refunding

,

%

,

8/15/59

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

2,600,000

2,509,423

Carmel

Valley

Manor

Obligated

Group

,

Revenue

,

2022

,

California

Mortgage

Insured

,

%

,

5/15/52

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

17,775,000

17,889,832

e

Century

CityView

LP

,

Revenue

,

144A,

2021

A

,

%

,

11/01/36

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

10,375,000

9,561,828

CHF-Davis

I

LLC

,

Revenue

,

2018

,

%

,

5/15/51

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

10,000,000

9,359,237

City

of

Elk

Grove

Community

Facilities

District

No.

2023-7

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/39

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

580,000

592,823

City

of

Elk

Grove

Community

Facilities

District

No.

2023-7

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

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

900,000

902,268

City

of

Elk

Grove

Community

Facilities

District

No.

2023-7

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

785,000

774,200

City

of

Elk

Grove

Community

Facilities

District

No.

2023-7

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

750,000

721,213

Community

Facilities

District

No.

2020-6

,

Special

Tax

,

2025

,

%

,

9/01/50

........

1,000,000

963,664

Community

Facilities

District

No.

2020-6

,

Special

Tax

,

2025

,

%

,

9/01/55

........

1,500,000

1,415,613

Community

Facilities

District

No.

2021-13

,

Special

Tax

,

2025

,

%

,

9/01/45

.......

1,085,000

1,064,898

Community

Facilities

District

No.

2021-13

,

Special

Tax

,

2025

,

%

,

9/01/50

.......

1,250,000

1,204,580

Community

Facilities

District

No.

2021-13

,

Special

Tax

,

2025

,

%

,

9/01/55

.......

1,400,000

1,323,226

Community

Facilities

District

No.

2021-9

Improvement

Area

No.

,

Special

Tax

,

2025

,

5.125 %

,

9/01/50

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

1,725,000

1,678,089

Community

Facilities

District

No.

2021-9

Improvement

Area

No.

,

Special

Tax

,

2025

,

5.25 %

,

9/01/55

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

2,425,000

2,374,804

Community

Facilities

District

No.

2022-6

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

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

1,000,000

1,000,614

Community

Facilities

District

No.

2022-6

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

1,250,000

1,227,711

Community

Facilities

District

No.

2022-6

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

4,025,000

3,779,558

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

California

Municipal

Finance

Authority,

(continued)

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

2/01/42

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

$

15,900,000

$

15,910,087

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

2/01/47

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

19,145,000

18,849,051

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2021

A

,

%

,

2/01/51

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

7,000,000

5,704,557

Concordia

University

Irvine

,

Revenue

,

2021

,

%

,

1/01/37

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

1,040,000

955,647

Concordia

University

Irvine

,

Revenue

,

2021

,

%

,

1/01/38

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

1,000,000

901,879

Concordia

University

Irvine

,

Revenue

,

2021

,

%

,

1/01/39

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

1,040,000

918,477

Concordia

University

Irvine

,

Revenue

,

2021

,

%

,

1/01/40

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

1,175,000

1,015,621

Concordia

University

Irvine

,

Revenue

,

2021

,

%

,

1/01/41

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

1,140,000

963,938

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/15/42

....

450,000

384,892

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/15/52

....

1,000,000

766,328

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/15/56

....

1,100,000

822,240

Eisenhower

Medical

Center

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/47

.........

9,100,000

8,660,603

Eskaton

Properties,

Inc.

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

%

,

11/15/44

1,500,000

1,468,384

e

IH

Citrus

Whittier

LLC

,

Revenue

,

144A,

2023

,

I-A

,

6.25 %

,

1/01/60

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

29,830,000

27,619,925

e

IH

Citrus

Whittier

LLC

,

Revenue

,

144A,

2023

,

I-B

,

%

,

7/01/42

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

1,800,000

1,815,510

e

IH

Lakes

Concord

LLC

,

Revenue

,

144A,

2022

,

4.375 %

,

12/01/32

...........

22,510,000

21,828,571

e

IH

Parkside

Fairfield

LLC

,

Revenue

,

144A,

2023

,

6.75 %

,

9/01/53

...........

51,750,000

51,810,485

e

IH

Parkside

Fairfield

LLC

,

Revenue

,

144A,

2023

,

%

,

9/01/27

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

565,000

579,122

Inland

Christian

Home,

Inc.

,

Revenue

,

2020

,

California

Mortgage

Insured

,

%

,

12/01/49

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

2,670,000

2,372,249

Inland

Counties

Regional

Center,

Inc.

,

Revenue

,

2015

,

Refunding

,

%

,

6/15/45

...

23,300,000

23,299,995

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

........

81,985,000

68,711,973

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

%

,

12/31/37

8,500,000

8,550,595

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

%

,

12/31/38

5,000,000

5,019,586

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

%

,

12/31/43

46,895,000

45,694,816

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

%

,

12/31/47

55,745,000

53,230,382

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

B

,

%

,

6/01/48

14,325,000

13,623,271

e

NCCD-Claremont

Properties

LLC

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.25 %

,

7/01/40

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

7,065,000

7,204,494

e

NCCD-Claremont

Properties

LLC

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.5 %

,

7/01/50

21,145,000

21,260,693

e

NCCD-Claremont

Properties

LLC

,

Revenue

,

144A,

2023

A

,

Refunding

,

%

,

7/01/53

12,485,000

13,103,725

e

NCCD-Claremont

Properties

LLC

,

Revenue

,

144A,

2023

B

,

Refunding

,

6.5 %

,

7/01/32

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

2,470,000

2,487,386

Northbay

Healthcare

Corp.

Obligated

Group

,

Revenue

,

2017

A

,

5.25 %

,

11/01/41

..

5,500,000

5,409,088

Northbay

Healthcare

Corp.

Obligated

Group

,

Revenue

,

2017

A

,

%

,

11/01/47

.....

8,650,000

7,695,515

Northern

California

Retired

Officers

Community

,

Revenue

,

2019

A

,

California

Mortgage

Insured

,

%

,

1/01/43

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

10,000,000

10,188,636

Northern

California

Retired

Officers

Community

,

Revenue

,

2019

A

,

California

Mortgage

Insured

,

%

,

1/01/49

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

18,990,000

19,212,973

Palomar

Health

Obligated

Group

,

COP

,

2022

A

,

Refunding

,

AG

Insured

,

5.25 %

,

11/01/52

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

43,040,000

43,144,269

Samuel

Merritt

University

,

Revenue

,

2022

,

5.25 %

,

6/01/53

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

39,750,000

40,785,440

Scripps

College

,

Revenue

,

2025

,

5.5 %

,

7/01/60

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

8,500,000

8,680,574

e

Sierra

Ridge

3600

LLC

,

Revenue

,

144A,

2024

A

,

5.75 %

,

11/01/39

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

48,675,000

46,158,955

University

of

La

Verne

,

Revenue

,

2017

A

,

Refunding

,

%

,

6/01/47

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

10,500,000

8,869,065

California

Pollution

Control

Financing

Authority

,

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2019

,

Refunding

,

%

,

7/01/39

.

7,250,000

7,330,463

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2019

,

Refunding

,

%

,

11/21/45

11,365,000

11,260,754

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

%

,

7/01/30

..........

5,200,000

5,535,836

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

%

,

7/01/31

..........

3,000,000

3,201,645

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

%

,

7/01/32

..........

5,500,000

5,890,282

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

%

,

7/01/33

..........

6,000,000

6,438,271

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

%

,

7/01/34

..........

3,250,000

3,479,092

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

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

,

%

,

7/01/35

..........

$

3,250,000

$

3,443,556

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

%

,

7/01/36

..........

2,650,000

2,778,233

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

%

,

7/01/37

..........

2,300,000

2,394,405

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

%

,

7/01/38

..........

2,000,000

2,062,931

e

Channelside

Water

Resources

LP

,

Revenue

,

144A,

2023

,

%

,

11/21/45

.........

2,200,000

2,179,820

San

Jose

Water

Co.

,

Revenue

,

2016

,

4.75 %

,

11/01/46

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

15,000,000

13,698,163

California

Public

School

District

Financing

Authority

,

Southern

Kern

Unified

School

District

,

Revenue

,

1996

B

,

AG

Insured

,

ETM,

5.9 %

,

9/01/26

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

430,000

436,779

e

California

School

Finance

Authority

,

Alliance

for

College

Ready

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

%

,

7/01/34

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

445,000

444,466

Alliance

for

College

Ready

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

%

,

7/01/49

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

1,000,000

972,780

Alliance

for

College

Ready

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

%

,

7/01/59

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

3,000,000

2,836,437

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2021

A

,

2.125 %

,

8/01/31

.

500,000

445,515

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2021

A

,

%

,

8/01/36

....

325,000

304,904

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2021

A

,

%

,

8/01/41

....

525,000

450,498

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2021

A

,

%

,

8/01/51

....

800,000

621,802

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2022

A

,

%

,

8/01/52

....

2,935,000

2,632,403

Camino

Nuevo

Charter

Academy

Obligated

Group

,

Revenue

,

144A,

2023

A

,

Refunding

,

%

,

6/01/43

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

1,000,000

950,458

Camino

Nuevo

Charter

Academy

Obligated

Group

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.25 %

,

6/01/53

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

1,550,000

1,455,553

Classical

Academy

Obligated

Group

,

Revenue

,

144A,

2022

A

,

Refunding

,

%

,

10/01/42

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

1,325,000

1,282,095

Classical

Academy

Obligated

Group

,

Revenue

,

144A,

2022

A

,

Refunding

,

%

,

10/01/52

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

2,265,000

2,080,200

Classical

Academy

Obligated

Group

,

Revenue

,

144A,

2022

A

,

Refunding

,

%

,

10/01/61

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

3,905,000

3,543,493

Granada

Hills

Charter

High

School

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

%

,

7/01/29

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

200,000

203,798

Granada

Hills

Charter

High

School

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

%

,

7/01/38

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

465,000

433,491

Granada

Hills

Charter

High

School

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

%

,

7/01/48

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

675,000

538,597

Granada

Hills

Charter

High

School

Obligated

Group

,

Revenue

,

144A,

2024

A

,

%

,

7/01/64

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

500,000

450,494

Green

Dot

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2022

A

,

Refunding

,

5.75 %

,

8/01/52

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

1,500,000

1,530,069

KIPP

SoCal

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2020

A

,

%

,

7/01/40

800,000

714,685

STEM

Preparatory

Schools

-

Obligated

Group

,

Revenue

,

144A,

2023

A

,

5.125 %

,

6/01/53

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

1,000,000

919,122

STEM

Preparatory

Schools

-

Obligated

Group

,

Revenue

,

144A,

2023

A

,

5.375 %

,

5/01/63

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

1,000,000

933,712

Value

Schools

,

Revenue

,

144A,

2023

A

,

Refunding

,

%

,

7/01/40

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

550,000

547,213

Value

Schools

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.25 %

,

7/01/48

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

725,000

708,437

California

State

Public

Works

Board

,

State

of

California

,

Revenue

,

2019

C

,

%

,

11/01/44

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

5,000,000

5,099,098

State

of

California

,

Revenue

,

2021

D

,

%

,

11/01/35

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

1,210,000

1,250,838

California

State

University

,

Revenue

,

2015

A

,

%

,

11/01/47

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

150,000

150,000

Revenue

,

2015

A

,

Refunding

,

%

,

11/01/47

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

10,850,000

10,896,533

Revenue

,

2016

A

,

Refunding

,

%

,

11/01/36

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

3,760,000

3,800,039

d

Revenue

,

2016

,

Refunding

,

Mandatory

Put

,

0.55 %

,

11/01/26

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

12,000,000

11,692,759

Revenue

,

2017

A

,

Refunding

,

%

,

11/01/42

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

12,310,000

12,412,780

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

$

26,271,099

Revenue

,

2018

A

,

Refunding

,

%

,

11/01/39

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

3,675,000

3,788,025

Revenue

,

2018

A

,

Refunding

,

%

,

11/01/43

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

3,330,000

3,382,516

Revenue

,

2018

A

,

Refunding

,

%

,

11/01/48

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

17,385,000

17,502,502

Revenue

,

2019

A

,

%

,

11/01/44

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

40,010,000

40,635,860

Revenue

,

2019

A

,

%

,

11/01/49

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

31,915,000

32,091,410

Revenue

,

2019

A

,

%

,

11/01/51

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

45,680,000

45,853,187

Revenue

,

2025

A

,

Refunding

,

4.625 %

,

11/01/56

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

32,800,000

31,772,110

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

11/01/56

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

75,000,000

78,421,883

California

Statewide

Communities

Development

Authority

,

Revenue

,

2024

,

%

,

9/02/44

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

2,500,000

2,478,388

Revenue

,

2024

,

%

,

9/02/49

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

2,000,000

1,932,212

Revenue

,

2024

,

%

,

9/02/54

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

2,500,000

2,400,455

Special

Assessment

,

2024

A

,

%

,

9/02/54

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

1,290,000

1,264,941

Special

Tax

,

2023

A

,

5.25 %

,

9/01/51

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

3,305,000

3,316,455

Special

Tax

,

2024

,

4.375 %

,

9/02/40

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

1,000,000

957,166

Special

Tax

,

2024

,

4.5 %

,

9/02/45

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

1,050,000

979,138

Special

Tax

,

2024

,

4.625 %

,

9/02/50

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

2,135,000

2,011,876

Special

Tax

,

2024

,

4.75 %

,

9/02/55

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

2,000,000

1,861,176

Special

Tax

,

2025

A

,

%

,

9/02/55

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

10,075,000

9,726,167

899

Charleston

,

Revenue

,

2024

,

Refunding

,

California

Mortgage

Insured

,

4.25 %

,

11/01/44

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

4,320,000

4,145,605

899

Charleston

,

Revenue

,

2024

,

Refunding

,

California

Mortgage

Insured

,

%

,

11/01/49

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

2,500,000

2,526,581

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

%

,

3/01/35

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

9,250,000

9,278,302

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

3/01/48

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

67,585,000

64,925,233

Cedars-Sinai

Medical

Center

Obligated

Group

,

Revenue

,

2018

,

%

,

7/01/48

.....

7,980,000

8,018,997

Community

Facilities

District

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/45

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

1,840,000

1,817,216

Community

Facilities

District

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/55

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

2,400,000

2,320,427

Community

Facilities

District

No.

2020-02

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.25 %

,

9/01/52

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

1,650,000

1,645,793

Community

Facilities

District

No.

2020-2

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/34

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

350,000

376,681

Community

Facilities

District

No.

2020-2

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/39

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

745,000

764,472

Community

Facilities

District

No.

2020-2

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

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

1,230,000

1,231,491

Community

Facilities

District

No.

2020-2

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

500,000

491,084

Community

Facilities

District

No.

2020-2

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

750,000

733,216

Community

Facilities

District

No.

2021-03

,

Special

Tax

,

2024

,

%

,

9/01/44

.......

875,000

854,921

Community

Facilities

District

No.

2021-03

,

Special

Tax

,

2024

,

%

,

9/01/49

.......

820,000

790,042

Community

Facilities

District

No.

2021-03

,

Special

Tax

,

2024

,

%

,

9/01/54

.......

850,000

814,937

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

,

%

,

9/01/43

........

1,000,000

1,006,684

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

,

%

,

9/01/53

........

1,850,000

1,798,776

Community

Facilities

District

No.

20220

,

Special

Tax

,

2023

,

%

,

9/01/43

.........

1,030,000

1,034,178

Community

Facilities

District

No.

20220

,

Special

Tax

,

2023

,

%

,

9/01/48

.........

1,120,000

1,101,197

Community

Facilities

District

No.

20220

,

Special

Tax

,

2023

,

%

,

9/01/53

.........

1,000,000

968,010

Community

Facilities

District

No.

2022-03

,

Special

Tax

,

2023

,

%

,

9/01/38

.......

1,700,000

1,749,831

Community

Facilities

District

No.

2022-03

,

Special

Tax

,

2023

,

%

,

9/01/43

.......

380,000

378,751

Community

Facilities

District

No.

2022-03

,

Special

Tax

,

2023

,

%

,

9/01/53

.......

1,250,000

1,210,013

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

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.

2022-10

,

Special

Tax

,

2023

,

5.5 %

,

9/01/53

......

$

1,770,000

$

1,803,383

Enloe

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

AG

Insured

,

%

,

8/15/42

600,000

613,059

Enloe

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

AG

Insured

,

5.125 %

,

8/15/47

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

880,000

888,535

Enloe

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

AG

Insured

,

5.25 %

,

8/15/52

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

11,215,000

11,333,184

Enloe

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

AG

Insured

,

5.375 %

,

8/15/57

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

17,930,000

18,100,253

Marin

General

Hospital

Obligated

Group

,

Revenue

,

2018

A

,

%

,

8/01/34

........

1,225,000

1,258,935

Sequoia

Living,

Inc.

,

Revenue

,

2025

A

,

Refunding

,

California

Mortgage

Insured

,

%

,

7/01/50

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

23,000,000

23,046,241

c

Carlsbad

Unified

School

District

,

GO

,

2011

C

,

6.444 %,

8/01/35

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

33,000,000

38,834,073

Centinela

Valley

Union

High

School

District

,

GO

,

2004

A

,

Refunding

,

NATL

Insured

,

5.5 %

,

8/01/33

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

14,035,000

15,205,804

d

Central

Valley

Energy

Authority

,

Revenue

,

2025

,

Mandatory

Put

,

%

,

8/01/35

......

50,000,000

53,744,915

Chaffey

Joint

Union

High

School

District

,

GO

,

B

,

%

,

8/01/44

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

10,000,000

10,000,169

Chino

Community

Facilities

District

,

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/29

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

350,000

356,679

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/34

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

650,000

696,074

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/39

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

830,000

854,509

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

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

795,000

787,171

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

675,000

653,911

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

740,000

709,474

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/41

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

1,710,000

1,547,073

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/46

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

1,000,000

857,411

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/51

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

1,250,000

1,019,594

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2022

,

%

,

9/01/37

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

2,740,000

2,861,484

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.25 %

,

9/01/42

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

2,000,000

2,047,001

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.375 %

,

9/01/47

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

2,000,000

2,036,979

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.375 %

,

9/01/52

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

2,695,000

2,725,862

City

of

Chino

Community

Facilities

District

No.

2022-1

,

Special

Tax

,

2025

,

5.25 %

,

9/01/55

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

2,000,000

1,988,049

Chino

Valley

Unified

School

District

,

GO

,

2020

B

,

3.375 %

,

8/01/50

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

20,500,000

15,458,363

GO

,

2020

B

,

%

,

8/01/55

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

10,000,000

10,094,946

City

&

County

of

San

Francisco

,

GO

,

2022

,

Refunding

,

%

,

6/15/26

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

5,000,000

5,115,396

e

District

No.

2020-1

Development

,

Special

Tax

,

144A,

2023

A

,

5.75 %

,

9/01/50

.....

850,000

872,275

e

District

No.

2020-1

Office

,

Special

Tax

,

144A,

2023

B

,

5.75 %

,

9/01/53

..........

1,835,000

1,880,019

City

of

Beaumont

,

Community

Facilities

District

No.

2016-3

,

Special

Tax

,

2023

,

%

,

9/01/38

........

500,000

522,493

Community

Facilities

District

No.

2016-3

,

Special

Tax

,

2023

,

%

,

9/01/43

........

625,000

631,650

Community

Facilities

District

No.

2016-3

,

Special

Tax

,

2023

,

%

,

9/01/48

........

745,000

735,465

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

City

of

Beaumont,

(continued)

Community

Facilities

District

No.

2016-3

,

Special

Tax

,

2023

,

%

,

9/01/53

........

$

950,000

$

914,203

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2024

,

%

,

9/01/39

........

400,000

410,455

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2024

,

%

,

9/01/44

........

650,000

652,063

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2024

,

%

,

9/01/49

........

1,000,000

983,524

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2024

,

%

,

9/01/54

........

1,500,000

1,455,448

Community

Facilities

District

No.

93-1

Improvement

Area

No.

17D

,

Special

Tax

,

2024

,

%

,

9/01/45

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

1,000,000

987,618

Community

Facilities

District

No.

93-1

Improvement

Area

No.

17D

,

Special

Tax

,

2024

,

%

,

9/01/49

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

1,000,000

979,466

Community

Facilities

District

No.

93-1

Improvement

Area

No.

17D

,

Special

Tax

,

2024

,

%

,

9/01/54

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

1,390,000

1,352,774

City

of

Corona

,

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

,

Special

Tax

,

2020

,

%

,

9/01/45

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

650,000

564,741

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

,

Special

Tax

,

2020

,

%

,

9/01/50

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

1,500,000

1,245,558

City

of

Dixon

,

Community

Facilities

District

No.

2019-1

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

1,000,000

970,299

City

of

Dublin

,

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.25 %

,

9/01/42

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

2,005,000

2,053,313

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.5 %

,

9/01/47

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

2,630,000

2,697,799

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.5 %

,

9/01/51

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

3,040,000

3,095,336

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

5.125 %

,

9/01/43

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

1,275,000

1,291,973

City

of

Fillmore

,

Community

Facilities

District

No.

Improvement

Area

B

,

Special

Tax

,

2023

,

%

,

9/01/38

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

1,000,000

1,029,988

Community

Facilities

District

No.

Improvement

Area

B

,

Special

Tax

,

2023

,

%

,

9/01/43

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

1,100,000

1,101,582

Community

Facilities

District

No.

Improvement

Area

B

,

Special

Tax

,

2023

,

%

,

9/01/48

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

2,375,000

2,341,439

Community

Facilities

District

No.

Improvement

Area

B

,

Special

Tax

,

2023

,

%

,

9/01/53

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

3,740,000

3,636,444

City

of

Fontana

,

Community

Facilities

District

No.

,

Special

Tax

,

2020

,

%

,

9/01/45

...........

850,000

719,464

Community

Facilities

District

No.

,

Special

Tax

,

2020

,

%

,

9/01/50

...........

900,000

739,707

Community

Facilities

District

No.

,

Special

Tax

,

2020

,

%

,

9/01/45

...........

1,100,000

954,463

Community

Facilities

District

No.

,

Special

Tax

,

2020

,

%

,

9/01/51

...........

1,545,000

1,275,347

Community

Facilities

District

No.

,

Special

Tax

,

2020

,

%

,

9/01/40

...........

750,000

696,375

Community

Facilities

District

No.

,

Special

Tax

,

2020

,

%

,

9/01/51

...........

1,500,000

1,251,256

Community

Facilities

District

No.

,

Special

Tax

,

2021

,

%

,

9/01/41

...........

530,000

486,704

Community

Facilities

District

No.

,

Special

Tax

,

2021

,

%

,

9/01/46

...........

475,000

415,040

Community

Facilities

District

No.

,

Special

Tax

,

2021

,

%

,

9/01/51

...........

1,825,000

1,526,944

Community

Facilities

District

No.

,

Special

Tax

,

2023

,

%

,

9/01/45

...........

600,000

601,774

Community

Facilities

District

No.

,

Special

Tax

,

2023

,

%

,

9/01/53

...........

500,000

491,228

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

..........

1,000,000

999,790

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

..........

1,100,000

1,078,897

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

..........

1,400,000

1,356,382

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/39

...........

1,000,000

1,027,302

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

...........

2,300,000

2,299,519

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

...........

2,000,000

1,943,514

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

City

of

Laguna

Beach

,

Underground

Utility

Assessment

District

No.

2014-2

,

Special

Assessment

,

4.375 %

,

9/02/39

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

$

1,685,000

$

1,658,793

Underground

Utility

Assessment

District

No.

2014-2

,

Special

Assessment

,

4.625 %

,

9/02/44

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

1,000,000

949,473

City

of

Lake

Elsinore

,

Community

Facilities

District

No.

2006-6

,

Special

Tax

,

2022

,

4.75 %

,

9/01/52

......

1,000,000

912,447

Community

Facilities

District

No.

2019-2

,

Special

Tax

,

2024

,

%

,

9/01/49

........

1,000,000

979,466

Community

Facilities

District

No.

2019-2

,

Special

Tax

,

2024

,

%

,

9/01/54

........

1,000,000

968,844

City

of

Lincoln

,

Community

Facilities

District

No.

2006-1

Area

No.

,

Special

Tax

,

2021

,

Refunding

,

%

,

9/01/39

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

290,000

270,890

Community

Facilities

District

No.

2006-1

Area

No.

,

Special

Tax

,

2021

,

Refunding

,

%

,

9/01/40

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

160,000

146,614

Community

Facilities

District

No.

2006-1

Area

No.

,

Special

Tax

,

2021

,

Refunding

,

%

,

9/01/43

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

320,000

282,037

Community

Facilities

District

No.

2019-1

,

Special

Tax

,

2022

,

%

,

9/01/42

........

2,015,000

1,999,080

Community

Facilities

District

No.

2019-1

,

Special

Tax

,

2022

,

%

,

9/01/47

........

3,430,000

3,368,082

Community

Facilities

District

No.

2019-1

,

Special

Tax

,

2022

,

%

,

9/01/52

........

2,090,000

2,021,538

City

of

Long

Beach

,

Harbor

,

Revenue

,

2017

C

,

Refunding

,

%

,

5/15/47

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

15,660,000

15,734,183

Harbor

,

Revenue

,

2019

A

,

%

,

5/15/44

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

15,045,000

15,435,623

Harbor

,

Revenue

,

2019

A

,

%

,

5/15/49

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

8,705,000

8,835,674

City

of

Los

Angeles

,

Department

of

Airports

,

Revenue

,

2016

B

,

%

,

5/15/41

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

10,000,000

10,005,828

Department

of

Airports

,

Revenue

,

2016

B

,

%

,

5/15/46

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

15,265,000

15,136,067

Department

of

Airports

,

Revenue

,

2017

A

,

%

,

5/15/42

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

3,680,000

3,680,327

Department

of

Airports

,

Revenue

,

2017

A

,

%

,

5/15/47

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

51,110,000

50,453,604

Department

of

Airports

,

Revenue

,

2017

B

,

%

,

5/15/42

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

4,000,000

4,040,015

Department

of

Airports

,

Revenue

,

2018

A

,

%

,

5/15/44

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

32,985,000

32,739,417

Department

of

Airports

,

Revenue

,

2018

C

,

%

,

5/15/37

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

9,550,000

9,680,944

Department

of

Airports

,

Revenue

,

2018

C

,

%

,

5/15/44

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

39,405,000

39,111,618

Department

of

Airports

,

Revenue

,

2018

E

,

Refunding

,

%

,

5/15/43

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

16,995,000

17,357,485

Department

of

Airports

,

Revenue

,

2018

E

,

Refunding

,

%

,

5/15/48

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

33,145,000

33,504,965

Department

of

Airports

,

Revenue

,

2019

A

,

Refunding

,

%

,

5/15/49

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

10,000,000

9,862,559

Department

of

Airports

,

Revenue

,

2019

C

,

%

,

5/15/39

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

2,305,000

2,393,818

Department

of

Airports

,

Revenue

,

2019

E

,

%

,

5/15/44

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

23,485,000

23,801,092

Department

of

Airports

,

Revenue

,

2019

E

,

%

,

5/15/49

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

10,495,000

10,552,780

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

%

,

5/15/35

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

10,005,000

10,720,697

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

%

,

5/15/36

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

6,000,000

6,382,444

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

%

,

5/15/37

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

5,000,000

5,286,998

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

%

,

5/15/38

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

15,925,000

16,725,284

Department

of

Airports

,

Revenue

,

2020

A

,

Refunding

,

%

,

5/15/40

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

22,485,000

23,329,492

Department

of

Airports

,

Revenue

,

2021

A

,

Refunding

,

%

,

5/15/36

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

3,665,000

3,829,145

Department

of

Airports

,

Revenue

,

2021

A

,

Refunding

,

%

,

5/15/38

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

4,920,000

5,060,499

Department

of

Airports

,

Revenue

,

2021

A

,

Refunding

,

%

,

5/15/41

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

7,005,000

7,058,412

Department

of

Airports

,

Revenue

,

2021

A

,

Refunding

,

%

,

5/15/46

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

25,965,000

25,745,692

Department

of

Airports

,

Revenue

,

2021

A

,

Refunding

,

%

,

5/15/51

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

26,450,000

26,047,463

Department

of

Airports

,

Revenue

,

2021

D

,

%

,

5/15/33

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

4,735,000

5,105,733

Department

of

Airports

,

Revenue

,

2021

D

,

%

,

5/15/34

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

2,500,000

2,668,714

Department

of

Airports

,

Revenue

,

2021

D

,

Pre-Refunded

,

%

,

5/15/34

..........

140,000

151,974

Department

of

Airports

,

Revenue

,

2022

C

,

Refunding

,

%

,

5/15/45

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

8,000,000

7,950,357

Department

of

Airports

,

Revenue,

Senior

Lien

,

2020

B

,

Refunding

,

%

,

5/15/39

...

2,000,000

1,985,045

Department

of

Airports

,

Revenue,

Senior

Lien

,

2020

C

,

%

,

5/15/37

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

6,595,000

6,787,134

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

G

,

%

,

5/15/29

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

2,000,000

2,156,926

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

G

,

%

,

5/15/42

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

16,575,000

15,116,143

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

G

,

%

,

5/15/47

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

11,325,000

9,878,463

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

City

of

Los

Angeles,

(continued)

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

H

,

%

,

5/15/42

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

$

1,415,000

$

1,423,899

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

H

,

%

,

5/15/47

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

25,000,000

24,776,125

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

H

,

5.25 %

,

5/15/47

.........

24,000,000

24,228,206

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

I

,

%

,

5/15/42

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

2,360,000

2,452,880

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

I

,

%

,

5/15/48

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

2,000,000

1,791,566

Department

of

Airports

,

Revenue,

Senior

Lien

,

2022

I

,

%

,

5/15/48

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

6,265,000

6,373,072

Wastewater

System

,

Revenue

,

2018

A

,

%

,

6/01/43

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

10,000,000

10,171,653

Wastewater

System

,

Revenue

,

2025

A

,

%

,

6/01/55

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

5,000,000

5,096,284

City

of

Menifee

,

Community

Facilities

District

No.

2019-1

Meadow

Run

,

Special

Tax

,

2022

,

%

,

9/01/37

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

320,000

308,152

Community

Facilities

District

No.

2019-1

Meadow

Run

,

Special

Tax

,

2022

,

%

,

9/01/43

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

135,000

100,584

Community

Facilities

District

No.

2019-1

Meadow

Run

,

Special

Tax

,

2022

,

%

,

9/01/51

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

565,000

458,806

Community

Facilities

District

No.

2022-1

,

Special

Tax

,

2023

A

,

%

,

9/01/38

......

500,000

519,069

Community

Facilities

District

No.

2022-1

,

Special

Tax

,

2023

A

,

%

,

9/01/43

......

600,000

604,405

Community

Facilities

District

No.

2022-1

,

Special

Tax

,

2023

A

,

%

,

9/01/48

......

700,000

692,911

Community

Facilities

District

No.

2022-1

,

Special

Tax

,

2023

A

,

%

,

9/01/53

......

1,000,000

963,737

Community

Facilities

District

No.

2022-1

,

Special

Tax

,

2024

A

,

%

,

9/01/54

......

1,000,000

963,056

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2024

,

%

,

9/01/44

........

1,500,000

1,488,838

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2024

,

%

,

9/01/49

........

2,100,000

2,054,048

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2024

,

%

,

9/01/55

........

4,365,000

4,182,033

City

of

Mountain

House

,

Community

Facilities

District

No.

2024-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

5.25 %

,

9/01/55

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

1,000,000

979,301

City

of

Newport

Beach

,

Assessment

District

No.

,

1915

Act,

Special

Assessment

,

2021

A

,

2.25 %

,

9/02/41

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

1,290,000

832,328

City

of

Ontario

,

Community

Facilities

District

No.

,

Special

Tax

,

2021

,

Refunding

,

%

,

9/01/38

...

400,000

366,107

Community

Facilities

District

No.

,

Special

Tax

,

2020

,

%

,

9/01/43

...........

410,000

362,697

Community

Facilities

District

No.

,

Special

Tax

,

2020

,

%

,

9/01/51

...........

1,565,000

1,289,926

Community

Facilities

District

No.

,

Special

Tax

,

2022

,

%

,

9/01/42

...........

750,000

756,612

Community

Facilities

District

No.

,

Special

Tax

,

2022

,

%

,

9/01/47

...........

800,000

790,752

Community

Facilities

District

No.

,

Special

Tax

,

2022

,

%

,

9/01/53

...........

845,000

821,603

Community

Facilities

District

No.

,

Special

Tax

,

2022

,

4.25 %

,

9/01/37

.........

415,000

407,328

Community

Facilities

District

No.

,

Special

Tax

,

2022

,

4.625 %

,

9/01/42

........

650,000

621,598

Community

Facilities

District

No.

,

Special

Tax

,

2022

,

4.75 %

,

9/01/47

.........

840,000

788,929

Community

Facilities

District

No.

,

Special

Tax

,

2022

,

4.75 %

,

9/01/52

.........

825,000

759,377

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

...........

2,225,000

2,152,533

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/39

...........

1,410,000

1,461,100

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

...........

1,795,000

1,798,683

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

...........

1,000,000

984,882

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

...........

1,000,000

973,219

City

of

Orange

,

Community

Facilities

District

No.

06-1

,

Special

Tax

,

2015

,

Refunding

,

AG

Insured

,

%

,

10/01/40

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

7,500,000

7,506,187

City

of

Pasadena

,

Electric

,

Revenue

,

2016

A

,

Refunding

,

%

,

6/01/46

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

22,625,000

20,486,125

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

531,369

Arista

Del

Sol

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

5.375 %

,

9/01/53

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

1,100,000

1,111,259

City

Grantline

Community

Facilities

District

No.

2023-1

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

1,790,000

1,736,835

Grantline

Community

Facilities

District

No.

2023-1

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

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

885,000

877,349

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

City

of

Rancho

Cordova,

(continued)

Grantline

Community

Facilities

District

No.

2023-1

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

$

550,000

$

535,750

Grantline

Community

Facilities

District

No.

2023-1

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/53

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

525,000

506,708

City

of

Rialto

,

Community

Facilities

District

No.

2020-1

,

Special

Tax

,

2025

,

5.125 %

,

9/01/55

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

1,000,000

975,329

City

of

Riverside

,

Sewer

,

Revenue

,

2015

A

,

Refunding

,

%

,

8/01/40

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

25,000,000

25,046,757

City

of

Roseville

,

Creekview

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

2,165,000

2,063,354

Electric

System

,

COP

,

2004

,

AG

Insured

,

%

,

2/01/34

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

5,000

5,008

Ranch

at

Sierra

Vista

Community

Facilities

District

No.

,

Special

Tax

,

2023

,

%

,

9/01/38

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

1,165,000

1,192,874

Ranch

at

Sierra

Vista

Community

Facilities

District

No.

,

Special

Tax

,

2023

,

%

,

9/01/43

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

1,000,000

1,000,785

Ranch

at

Sierra

Vista

Community

Facilities

District

No.

,

Special

Tax

,

2023

,

%

,

9/01/48

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

1,000,000

988,536

Ranch

at

Sierra

Vista

Community

Facilities

District

No.

,

Special

Tax

,

2023

,

%

,

9/01/53

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

1,150,000

1,118,158

City

of

Sacramento

,

Transient

Occupancy

Tax

,

Revenue

,

2018

A

,

%

,

6/01/43

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

13,555,000

13,760,989

Transient

Occupancy

Tax

,

Revenue

,

2018

A

,

%

,

6/01/48

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

21,415,000

21,556,131

City

of

San

Francisco

,

Public

Utilities

Commission

Water

,

Revenue

,

2023

AB-A

,

5.25 %

,

11/01/48

.......

47,895,000

49,973,983

Public

Utilities

Commission

Water

,

Revenue

,

2023

AB-A

,

5.25 %

,

11/01/52

.......

40,170,000

41,629,537

Public

Utilities

Commission

Water

,

Revenue

,

2025

D

,

%

,

11/01/55

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

75,000,000

76,493,302

City

of

Santa

Paula

,

Harvest

Community

Facilities

District

No.

Improvement

Area

A

,

Special

Tax

,

2022

,

%

,

9/01/42

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

575,000

509,077

Harvest

Community

Facilities

District

No.

Improvement

Area

A

,

Special

Tax

,

2022

,

%

,

9/01/47

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

1,460,000

1,228,962

Harvest

Community

Facilities

District

No.

Improvement

Area

A

,

Special

Tax

,

2022

,

%

,

9/01/52

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

3,530,000

2,850,044

Harvest

Community

Facilities

District

No.

Improvement

Area

A

,

Special

Tax

,

2023

,

%

,

9/01/49

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

325,000

320,529

Harvest

Community

Facilities

District

No.

Improvement

Area

A

,

Special

Tax

,

2023

,

%

,

9/01/53

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

1,345,000

1,311,636

City

of

Upland

,

San

Antonio

Regional

Hospital

Obligated

Group

,

COP

,

Refunding

,

%

,

1/01/47

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

14,400,000

14,125,124

City

of

Vernon

,

Electric

System

,

Revenue

,

2022

A

,

Refunding

,

%

,

8/01/34

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

1,350,000

1,459,191

Electric

System

,

Revenue

,

2022

A

,

Refunding

,

%

,

8/01/39

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

425,000

438,380

Electric

System

,

Revenue

,

2022

A

,

Refunding

,

%

,

8/01/40

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

365,000

373,811

Electric

System

,

Revenue

,

2022

A

,

Refunding

,

%

,

8/01/41

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

420,000

426,065

City

of

Wildomar

,

Community

Facilities

District

No.

2022-3

,

Special

Tax

,

2024

,

%

,

9/01/42

........

800,000

802,305

Community

Facilities

District

No.

2022-3

,

Special

Tax

,

2024

,

%

,

9/01/47

........

1,000,000

976,797

Community

Facilities

District

No.

2022-3

,

Special

Tax

,

2024

,

%

,

9/01/54

........

1,200,000

1,159,133

e

CMFA

Special

Finance

Agency

,

Latitude33

,

Revenue

,

144A,

2021

,

%

,

12/01/56

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

9,000,000

5,574,285

Solana

at

Grand

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

8/01/56

..........

54,800,000

44,451,184

e

CMFA

Special

Finance

Agency

Enclave

,

Revenue,

Senior

Lien

,

144A,

2022

,

%

,

8/01/58

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

26,500,000

18,957,088

e

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

,

%

,

8/01/56

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

94,250,000

61,255,017

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

e

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

8/01/56

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

$

34,750,000

$

22,091,221

e

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue,

Senior

Lien

,

144A,

2022

,

3.25 %

,

2/01/57

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

27,500,000

18,665,988

Coachella

Valley

Unified

School

District

,

GO

,

2016

F

,

BAM

Insured

,

%

,

8/01/46

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

7,135,000

7,161,250

c

GO

,

C

,

AG

Insured

,

3.93 %,

8/01/36

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

8,000,000

5,254,063

c

GO

,

C

,

AG

Insured

,

4.11 %,

8/01/37

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

8,000,000

4,952,328

c

GO

,

C

,

AG

Insured

,

4.58 %,

8/01/40

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

7,500,000

3,845,272

c

GO

,

C

,

AG

Insured

,

4.95 %,

8/01/43

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

10,000,000

4,209,734

c

Colton

Joint

Unified

School

District

,

GO

,

2010

B

,

AG

Insured

,

4.95 %,

8/01/42

......

16,365,000

7,221,686

Contra

Costa

Community

College

District

,

GO

,

2020

C

,

%

,

8/01/32

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

1,200,000

1,270,012

Contra

Costa

Water

District

,

Revenue

,

V

,

Refunding

,

%

,

10/01/49

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

7,500,000

7,609,598

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

1,577,988

City

of

Corona

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

1,600,000

1,568,918

c

Corona-Norco

Unified

School

District

,

GO

,

1998

C

,

NATL

Insured

,

5.688 %,

9/01/25

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

4,655,000

4,655,000

GO

,

1998

C

,

NATL

Insured

,

2.48 %,

9/01/26

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

6,080,000

5,932,302

County

of

El

Dorado

,

Community

Facilities

District

No.

2014-1

,

Special

Tax

,

2023

,

%

,

9/01/48

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

1,000,000

981,887

County

of

Los

Angeles

,

Community

Facilities

District

No.

2021-01

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

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

1,400,000

1,400,860

Community

Facilities

District

No.

2021-01

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

1,400,000

1,365,603

Community

Facilities

District

No.

2021-01

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

1,750,000

1,687,873

County

of

Orange

,

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2022

A

,

%

,

8/15/37

......

1,300,000

1,356,213

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2022

A

,

%

,

8/15/42

......

850,000

863,449

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2022

A

,

%

,

8/15/47

......

1,250,000

1,248,657

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2022

A

,

%

,

8/15/52

......

8,200,000

8,106,674

County

of

Placer

,

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/43

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

900,000

887,609

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/48

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

1,360,000

1,306,989

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/53

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

1,000,000

945,536

County

of

Riverside

,

Community

Facilities

District

No.

07-2

,

Special

Tax

,

2020

,

AG

Insured

,

%

,

9/01/45

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

2,730,000

2,509,598

County

of

Sacramento

,

Airport

System

,

Revenue

,

2016

B

,

Refunding

,

%

,

7/01/41

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

9,000,000

9,009,974

Airport

System

,

Revenue

,

2025

D

,

AG

Insured

,

5.25 %

,

7/01/50

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

7,500,000

7,636,095

Airport

System

,

Revenue,

Senior

Lien

,

2016

A

,

Refunding

,

%

,

7/01/41

.........

10,000,000

10,011,082

Community

Facilities

District

No.

2014-2

,

Special

Tax

,

2021

,

%

,

9/01/41

........

325,000

289,369

Community

Facilities

District

No.

2014-2

,

Special

Tax

,

2021

,

%

,

9/01/46

........

325,000

274,574

e

CSCDA

Community

Improvement

Authority

,

1818

Platinum

Triangle-Anaheim

,

Revenue,

Senior

Lien

,

144A,

2021

,

3.35 %

,

4/01/47

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

9,600,000

7,652,581

777

Place-Pomona

,

Revenue,

Senior

Lien

,

144A,

2021

,

3.6 %

,

5/01/47

.......

10,000,000

7,809,424

777

Place-Pomona

,

Revenue,

Senior

Lien

,

144A,

2021

,

3.25 %

,

5/01/57

......

12,500,000

8,059,499

Acacia

on

Santa

Rosa

Creek

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

%

,

10/01/56

.

13,000,000

10,094,785

Cameo/Garrison

Apartments

,

Revenue

,

144A,

2021

B

,

%

,

3/01/57

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

7,000,000

4,835,492

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

e

CSCDA

Community

Improvement

Authority,

(continued)

Cameo/Garrison

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

2.8 %

,

3/01/47

$

20,800,000

$

15,495,665

Cameo/Garrison

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

3/01/57

.

7,430,000

4,704,027

Crescent

(The)

,

Revenue,

Senior

Lien

,

144A,

2022

,

3.25 %

,

7/01/43

.........

6,530,000

4,841,834

Crescent

(The)

,

Revenue,

Senior

Lien

,

144A,

2022

,

4.3 %

,

7/01/59

..........

18,250,000

13,970,234

Dublin

,

Revenue

,

144A,

2021

,

2.45 %

,

2/01/47

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

36,700,000

29,560,995

Dublin

,

Revenue

,

144A,

2021

B

,

%

,

2/01/57

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

16,110,000

11,560,161

Dublin

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

2/01/57

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

45,500,000

30,034,614

Escondido

Portfolio

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

6/01/48

........

10,000,000

6,798,567

Jefferson

Platinum

Triangle

Apartments

,

Revenue

,

144A,

2021

,

2.875 %

,

8/01/41

17,470,000

15,376,949

Jefferson

Platinum

Triangle

Apartments

,

Revenue

,

144A,

2021

,

3.125 %

,

8/01/56

54,465,000

38,610,473

Monterey

Station

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

7/01/43

.

8,000,000

5,914,098

Parallel-Anaheim

,

Revenue

,

144A,

2021

A

,

%

,

8/01/56

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

17,540,000

14,866,715

Park

Crossing

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

3.25 %

,

12/01/58

.

18,750,000

12,114,709

Pasadena

Portfolio

,

Revenue,

Senior

Lien

,

144A,

2021

,

2.65 %

,

12/01/46

.....

1,350,000

1,079,620

Pasadena

Portfolio

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

12/01/56

.......

39,820,000

26,542,252

Renaissance

at

City

Center

,

Revenue

,

144A,

2020

A

,

%

,

7/01/51

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

18,625,000

16,657,919

Theo

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

3.5 %

,

5/01/47

........

5,000,000

4,006,331

c

Towne

at

Glendale

Apartments

,

Revenue

,

144A,

2022

A

,

1.199 %,

9/01/62

.......

53,000,000

31,864,459

Vineyard

Garden

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

3.25 %

,

10/01/58

14,000,000

9,286,732

Waterscape

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

%

,

9/01/56

......

5,000,000

3,209,327

Westgate

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

6/01/47

......

14,500,000

9,602,570

Wood

Creek

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

12/01/49

...

30,000,000

19,176,573

Wood

Creek

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

12/01/58

...

25,000,000

16,727,412

Daly

City

Housing

Development

Finance

Agency

,

Franciscan

Park

LLC

,

Revenue

,

2007

A

,

Refunding

,

%

,

12/15/47

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

17,870,000

17,869,700

Day

Creek

Square

Public

Facilities

,

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2020

,

%

,

9/01/40

........

625,000

578,400

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2020

,

%

,

9/01/45

........

700,000

608,183

Delano

Joint

Union

High

School

District

,

GO

,

2003

A

,

Refunding

,

NATL

Insured

,

5.15 %

,

2/01/32

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

8,410,000

8,941,905

East

Bay

Municipal

Utility

District

,

Water

System

,

Revenue

,

2017

A

,

Refunding

,

%

,

6/01/45

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

4,240,000

4,281,847

Water

System

,

Revenue

,

2019

A

,

%

,

6/01/44

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

4,000,000

4,103,566

East

County

Advanced

Water

Purification

Joint

Powers

Authority

,

Revenue

,

2024

,

3.125 %

,

9/01/26

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

49,320,000

49,562,146

Eastern

Municipal

Water

District

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/28

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

2,480,000

2,617,282

Community

Facilities

District

No.

2013-63

Improvement

Area

B

,

Special

Tax

,

2024

,

%

,

9/01/43

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

1,315,000

1,146,242

Community

Facilities

District

No.

2013-63

Improvement

Area

B

,

Special

Tax

,

2024

,

4.25 %

,

9/01/49

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

1,095,000

937,232

Community

Facilities

District

No.

2017-77

Improvement

Area

A

,

Special

Tax

,

2024

,

%

,

9/01/45

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

1,175,000

1,170,662

Community

Facilities

District

No.

2017-77

Improvement

Area

A

,

Special

Tax

,

2024

,

%

,

9/01/54

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

2,485,000

2,411,193

Community

Facilities

District

No.

2017-79

,

Special

Tax

,

2021

,

%

,

9/01/46

.......

2,815,000

2,391,018

Community

Facilities

District

No.

2017-79

,

Special

Tax

,

2021

,

%

,

9/01/51

.......

3,405,000

2,756,818

Community

Facilities

District

No.

2019-83

,

Special

Tax

,

2022

,

%

,

9/01/51

.......

2,790,000

2,258,890

Community

Facilities

District

No.

2019-86

,

Special

Tax

,

2023

,

%

,

9/01/48

.......

855,000

842,918

Community

Facilities

District

No.

2019-86

,

Special

Tax

,

2023

,

%

,

9/01/54

.......

1,775,000

1,722,281

Community

Facilities

District

No.

2022-95

,

Special

Tax

,

2024

,

%

,

9/01/39

.......

1,250,000

1,154,265

Community

Facilities

District

No.

2022-95

,

Special

Tax

,

2024

,

%

,

9/01/44

.......

1,500,000

1,293,939

Community

Facilities

District

No.

2022-95

,

Special

Tax

,

2024

,

4.25 %

,

9/01/49

.....

2,030,000

1,737,518

Community

Facilities

District

No.

2022-95

,

Special

Tax

,

2024

,

4.375 %

,

9/01/54

....

1,280,000

1,088,951

Eastern

Municipal

Water

District

Financing

Authority

,

Revenue

,

2015

B

,

%

,

7/01/46

.

30,705,000

30,715,765

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Elk

Grove

Finance

Authority

,

Special

Tax

,

2015

,

Refunding

,

BAM

Insured

,

%

,

9/01/38

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

$

1,500,000

$

1,500,000

Community

Facilities

District

No.

2005-1

Laguna

Ridge

,

Special

Tax

,

2024

,

%

,

9/01/51

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

1,725,000

1,676,967

c

Fairfax

School

District

,

GO

,

2011

,

AG

Insured

,

5.34 %,

11/01/48

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

10,380,000

3,107,306

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

Revenue

,

2019-ML06

,

ACA

,

2.493 %

,

7/25/35

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

986,342

864,460

Folsom

Cordova

Unified

School

District

School

Facilities

Improvement

Dist

No.

,

GO

,

C

,

%

,

10/01/43

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

5,000,000

4,562,439

Folsom

Ranch

Financing

Authority

,

City

of

Folsom

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

1,000,000

991,354

City

of

Folsom

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

1,250,000

1,222,648

City

of

Folsom

Community

Facilities

District

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

5,535,000

5,346,500

City

of

Folsom

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/39

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

715,000

727,465

City

of

Folsom

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

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

775,000

770,168

City

of

Folsom

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

425,000

413,420

City

of

Folsom

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/53

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

485,000

466,038

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue

,

2013

A

,

Refunding

,

AG

Insured

,

5.5 %

,

1/15/31

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

35,000,000

40,114,974

Revenue

,

2013

A

,

Refunding

,

AG

Insured

,

5.625 %

,

1/15/32

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

37,260,000

42,602,156

Revenue

,

2013

A

,

Refunding

,

6.85 %

,

1/15/42

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

98,000,000

110,212,123

c

Revenue

,

2013

A

,

Refunding

,

AG

Insured

,

3.98 %,

1/15/37

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

41,250,000

26,469,692

c

Revenue

,

2013

A

,

Refunding

,

AG

Insured

,

4.17 %,

1/15/38

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

77,650,000

46,851,952

c

Revenue

,

2013

A

,

Refunding

,

AG

Insured

,

4.35 %,

1/15/39

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

56,100,000

31,753,531

c

Revenue

,

2013

A

,

Refunding

,

4.87 %,

1/15/42

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

130,000,000

59,710,079

c

Revenue,

Senior

Lien

,

1995

A

,

ETM,

2.31 %,

1/01/26

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

23,475,000

23,293,585

c

Revenue,

Senior

Lien

,

1995

A

,

ETM,

2.29 %,

1/01/27

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

15,000,000

14,551,828

c

Revenue,

Senior

Lien

,

1995

A

,

ETM,

2.27 %,

1/01/28

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

2,000,000

1,897,771

c

Revenue,

Senior

Lien

,

1995

A

,

ETM,

2.33 %,

1/01/29

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

35,310,000

32,697,198

Revenue,

Senior

Lien

,

2021

A

,

Refunding

,

%

,

1/15/46

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

17,500,000

15,913,695

c

Fowler

Unified

School

District

,

GO

,

2010

C

,

AG

Insured

,

4.71 %,

8/01/41

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

3,095,000

1,488,327

GO

,

2010

C

,

AG

Insured

,

4.74 %,

8/01/42

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

3,005,000

1,373,550

Fremont

Unified

School

District

,

GO

,

2024

A

,

%

,

8/01/45

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

5,000,000

4,636,308

Fresno

Unified

School

District

,

GO

,

2020

B

,

%

,

8/01/46

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

2,635,000

2,698,732

GO

,

2020

B

,

%

,

8/01/48

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

3,205,000

2,779,389

GO

,

2020

B

,

%

,

8/01/52

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

6,585,000

5,581,149

GO

,

2020

B

,

%

,

8/01/55

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

4,000,000

3,359,937

c

Glendale

Community

College

District

,

GO

,

2003

C

,

NATL

Insured

,

3.55 %,

8/01/28

...

6,570,000

5,933,584

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2022

,

Refunding

,

%

,

6/01/51

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

21,350,000

20,396,342

Golden

Valley

Unified

School

District

Financing

Authority

,

Community

Facilities

District

No.

2017-1

,

Revenue

,

2021

A

,

%

,

9/01/46

........

250,000

214,065

Community

Facilities

District

No.

2017-1

,

Revenue

,

2021

A

,

%

,

9/01/51

........

500,000

408,445

Community

Facilities

District

No.

2017-1

,

Revenue

,

2021

A

,

%

,

9/01/56

........

745,000

595,508

Grossmont-Cuyamaca

Community

College

District

,

GO

,

2018

B

,

%

,

8/01/47

......

10,000,000

9,014,092

Hacienda

La

Puente

Unified

School

District

,

GO

,

2017

A

,

%

,

8/01/47

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

655,000

590,423

Hartnell

Community

College

District

,

GO

,

2009

C

,

6.125 %

,

8/01/33

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

20,000,000

23,900,784

c

Hawthorne

School

District

,

GO

,

2008

C

,

AG

Insured

,

5.19 %,

8/01/48

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

37,665,000

11,811,646

Hemet

Unified

School

District

,

Community

Facilities

District

No.

2021-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/55

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

1,000,000

963,911

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Hemet

Unified

School

District,

(continued)

Community

Facilities

District

No.

2021-5 Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/45

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

$

1,000,000

$

1,001,472

Community

Facilities

District

No.

2021-5 Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/50

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

1,070,000

1,053,044

Community

Facilities

District

No.

2021-5 Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/54

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

1,000,000

976,151

Community

Facilities

District

No.

2021-6

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

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

1,000,000

1,001,333

Community

Facilities

District

No.

2021-6

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

1,000,000

987,606

Community

Facilities

District

No.

2021-6

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

1,700,000

1,659,456

Community

Facilities

District

No.

2021-7

,

Special

Tax

,

2023

,

%

,

9/01/48

........

1,500,000

1,472,830

Community

Facilities

District

No.

2021-7

,

Special

Tax

,

2023

,

%

,

9/01/53

........

1,000,000

968,010

Community

Facilities

District

No.

2021-7

,

Special

Tax

,

2024

,

%

,

9/01/49

........

1,000,000

987,606

Community

Facilities

District

No.

2022-2

,

Special

Tax

,

2024

,

%

,

9/01/54

........

1,000,000

976,151

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2025

,

%

,

9/01/45

........

1,000,000

983,924

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2025

,

%

,

9/01/50

........

900,000

873,383

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2025

,

%

,

9/01/55

........

1,000,000

962,449

g

Community

Facilities

District

No.

2023-3

,

Special

Tax

,

2025

,

5.125 %

,

9/01/55

.....

1,300,000

1,273,649

Hesperia

Unified

School

District

,

Community

Facilities

District

No.

2015-1

,

Special

Tax

,

2015-1

,

%

,

9/01/55

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

1,000,000

960,990

c

Huntington

Beach

City

School

District

,

GO

,

2003

A

,

NATL

Insured

,

3.41 %,

8/01/28

..

7,190,000

6,520,565

Imperial

Irrigation

District

,

Electric

System

,

Revenue

,

2016

,

Refunding

,

%

,

11/01/27

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

1,000,000

1,032,547

Independent

Cities

Finance

Authority

,

Augusta

Communities

LLC

,

Revenue

,

2022

A

,

Refunding

,

5.25 %

,

5/15/56

.......

4,000,000

4,028,884

e

City

of

Compton

Sales

Tax

,

Revenue

,

144A,

2021

,

AG

Insured

,

%

,

6/01/36

......

700,000

693,244

e

City

of

Compton

Sales

Tax

,

Revenue

,

144A,

2021

,

AG

Insured

,

%

,

6/01/41

......

900,000

867,974

e

City

of

Compton

Sales

Tax

,

Revenue

,

144A,

2021

,

AG

Insured

,

%

,

6/01/46

......

925,000

833,796

e

City

of

Compton

Sales

Tax

,

Revenue

,

144A,

2021

,

AG

Insured

,

%

,

6/01/51

......

1,250,000

1,095,190

Millennium

Housing

LLC

,

Revenue

,

2021

A

,

Refunding

,

%

,

9/15/46

...........

1,000,000

731,413

Millennium

Housing

LLC

,

Revenue

,

2021

A

,

Refunding

,

%

,

9/15/56

...........

2,000,000

1,292,131

Millennium

Housing

LLC

,

Revenue

,

2022

,

Refunding

,

%

,

9/15/42

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

2,000,000

1,768,236

Millennium

Housing

LLC

,

Revenue

,

2022

,

Refunding

,

4.25 %

,

9/15/50

...........

2,000,000

1,717,372

Millennium

Housing

LLC

,

Revenue

,

2022

,

Refunding

,

%

,

9/15/50

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

2,000,000

1,951,692

Irvine

Unified

School

District

,

Special

Tax

,

2020

A

,

%

,

9/01/40

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

2,945,000

2,725,422

Special

Tax

,

2020

A

,

%

,

9/01/44

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

6,215,000

5,443,558

Special

Tax

,

2020

A

,

BAM

Insured

,

%

,

9/01/50

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

7,960,000

6,959,481

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2017

D

,

%

,

3/01/57

........

14,155,000

13,718,749

Jefferson

Union

High

School

District

,

GO

,

2000

A

,

Refunding

,

NATL

Insured

,

6.45 %

,

8/01/29

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

3,075,000

3,265,139

Jurupa

Community

Services

District

,

Community

Facilities

District

No.

,

Special

Tax

,

2021

A

,

%

,

9/01/39

..........

135,000

125,972

Community

Facilities

District

No.

,

Special

Tax

,

2021

A

,

%

,

9/01/40

..........

140,000

128,711

Community

Facilities

District

No.

,

Special

Tax

,

2021

A

,

%

,

9/01/50

..........

1,000,000

819,498

Community

Facilities

District

No.

,

Special

Tax

,

2021

A

,

%

,

9/01/46

..........

900,000

764,446

Community

Facilities

District

No.

,

Special

Tax

,

2021

A

,

%

,

9/01/51

..........

875,000

708,433

La

Mirada

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2010

A

,

Refunding

,

AG

Insured

,

%

,

8/15/28

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

1,855,000

1,859,081

Lake

Elsinore

Unified

School

District

,

Community

Facilities

District

No.

2006-3

Area

B

,

Special

Tax

,

2022

,

%

,

9/01/47

..

350,000

345,498

Community

Facilities

District

No.

2006-3

Area

B

,

Special

Tax

,

2022

,

%

,

9/01/52

..

500,000

487,149

Community

Facilities

District

No.

2017-2

,

Special

Tax

,

2024

,

%

,

9/01/49

........

1,250,000

1,220,966

Community

Facilities

District

No.

2017-2

,

Special

Tax

,

2024

,

%

,

9/01/54

........

850,000

819,824

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

c

Lakeside

Union

School

District

,

GO

,

2010

B

,

5.01 %,

8/01/45

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

$

11,540,000

$

4,359,961

Lammersville

Joint

Unified

School

District

,

GO

,

2016

A

,

%

,

8/01/46

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

41,340,000

37,418,967

c

Lancaster

School

District

,

GO

,

2001

,

NATL

Insured

,

2.79 %,

7/01/26

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

5,965,000

5,829,724

Lassen

Municipal

Utility

District

,

COP

,

2021

,

%

,

5/01/51

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

3,000,000

2,413,513

Lawndale

Redevelopment

Agency

,

Tax

Allocation

,

2009

,

AG

Insured

,

5.5 %

,

8/01/39

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

9,875,000

9,896,297

Tax

Allocation

,

2009

,

AG

Insured

,

5.5 %

,

8/01/44

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

6,085,000

6,097,095

c

Lemon

Grove

School

District

,

GO

,

2010

B

,

AG

Insured

,

5.05 %,

8/01/50

...........

20,990,000

6,154,020

Lodi

Unified

School

District

,

GO

,

2017

,

%

,

8/01/41

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

15,000,000

14,205,164

Long

Beach

Bond

Finance

Authority

,

Revenue

,

2007

A

,

5.5 %

,

11/15/28

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

8,000,000

8,564,638

Revenue

,

2007

A

,

%

,

11/15/29

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

17,465,000

18,662,531

Revenue

,

2007

A

,

5.5 %

,

11/15/30

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

5,000,000

5,529,649

Revenue

,

2007

A

,

%

,

11/15/35

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

69,855,000

74,662,994

Revenue

,

2007

A

,

5.5 %

,

11/15/37

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

35,000,000

38,610,982

Los

Angeles

County

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A

,

%

,

6/01/26

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

4,000,000

4,090,336

Sales

Tax

,

Revenue

,

2016

A

,

Refunding

,

%

,

6/01/35

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

17,655,000

17,899,820

Sales

Tax

,

Revenue

,

2016

A

,

Refunding

,

%

,

6/01/37

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

10,970,000

11,118,691

Sales

Tax

,

Revenue

,

2016

A

,

Refunding

,

%

,

6/01/38

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

7,705,000

7,790,703

Sales

Tax

,

Revenue

,

2016

A

,

Refunding

,

%

,

6/01/39

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

5,000,000

5,050,364

Sales

Tax

,

Revenue

,

2017

A

,

%

,

7/01/38

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

10,455,000

10,685,921

Sales

Tax

,

Revenue

,

2017

A

,

%

,

7/01/39

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

7,860,000

8,013,076

Sales

Tax

,

Revenue

,

2017

A

,

%

,

7/01/41

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

12,350,000

12,529,885

Sales

Tax

,

Revenue

,

2017

A

,

%

,

7/01/42

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

26,910,000

27,236,811

Sales

Tax

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/32

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

6,700,000

7,454,969

Sales

Tax

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/35

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

18,960,000

20,621,725

Sales

Tax

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/36

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

5,375,000

5,796,168

Sales

Tax

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/37

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

10,330,000

11,051,319

Sales

Tax

,

Revenue,

Senior

Lien

,

2021

A

,

%

,

7/01/28

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

3,830,000

4,151,327

Sales

Tax

,

Revenue,

Senior

Lien

,

2021

A

,

%

,

7/01/36

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

2,500,000

2,747,661

Sales

Tax

,

Revenue,

Senior

Lien

,

2021

A

,

%

,

7/01/38

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

3,875,000

4,185,878

Los

Angeles

County

Sanitation

Districts

Financing

Authority

,

Los

Angeles

County

Sanitation

District

No.

,

Revenue

,

2016

A

,

Refunding

,

%

,

10/01/42

..........

16,430,000

14,994,202

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/46

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

15,000,000

14,683,999

Power

System

,

Revenue

,

2016

B

,

%

,

7/01/35

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

11,995,000

12,031,737

Power

System

,

Revenue

,

2016

B

,

%

,

7/01/42

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

4,495,000

4,469,406

Power

System

,

Revenue

,

2017

A

,

%

,

7/01/42

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

22,375,000

22,387,738

Power

System

,

Revenue

,

2017

A

,

%

,

7/01/47

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

81,890,000

81,368,656

Power

System

,

Revenue

,

2017

C

,

%

,

7/01/42

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

5,500,000

5,504,391

Power

System

,

Revenue

,

2018

A

,

Refunding

,

%

,

7/01/38

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

12,870,000

13,030,222

Power

System

,

Revenue

,

2018

D

,

Refunding

,

%

,

7/01/39

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

4,305,000

4,354,947

Power

System

,

Revenue

,

2018

D

,

Refunding

,

%

,

7/01/43

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

5,000,000

4,989,154

Power

System

,

Revenue

,

2019

A

,

5.25 %

,

7/01/49

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

12,555,000

12,618,713

Power

System

,

Revenue

,

2019

D

,

Refunding

,

%

,

7/01/49

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

12,960,000

12,781,454

Power

System

,

Revenue

,

2020

B

,

Refunding

,

%

,

7/01/40

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

9,020,000

9,178,706

Power

System

,

Revenue

,

2020

B

,

Refunding

,

%

,

7/01/50

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

11,650,000

11,644,251

Power

System

,

Revenue

,

2021

B

,

Refunding

,

%

,

7/01/48

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

3,245,000

3,242,537

Power

System

,

Revenue

,

2021

C

,

%

,

7/01/51

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

17,555,000

17,537,468

Power

System

,

Revenue

,

2022

A

,

%

,

7/01/51

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

8,500,000

8,491,511

Power

System

,

Revenue

,

2022

B

,

%

,

7/01/40

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

5,000,000

5,181,522

Power

System

,

Revenue

,

2022

C

,

Refunding

,

%

,

7/01/42

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

5,500,000

5,619,330

Power

System

,

Revenue

,

2022

C

,

Refunding

,

%

,

7/01/43

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

6,250,000

6,358,787

Power

System

,

Revenue

,

2024

B

,

Refunding

,

%

,

7/01/39

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

6,000,000

6,309,973

Water

System

,

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/41

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

29,820,000

29,785,609

Water

System

,

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/46

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

24,610,000

24,153,118

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

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

,

2017

A

,

Refunding

,

%

,

7/01/41

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

$

34,330,000

$

34,431,043

Water

System

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/44

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

36,615,000

36,606,183

Water

System

,

Revenue

,

2018

B

,

Refunding

,

%

,

7/01/43

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

9,495,000

9,494,850

Water

System

,

Revenue

,

2018

B

,

Refunding

,

%

,

7/01/48

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

10,000,000

9,898,445

Water

System

,

Revenue

,

2020

C

,

Refunding

,

%

,

7/01/39

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

6,455,000

6,639,595

Water

System

,

Revenue

,

2022

C

,

Refunding

,

%

,

7/01/41

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

2,970,000

3,069,739

Los

Angeles

Unified

School

District

,

GO

,

2020

C

,

%

,

7/01/33

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

7,000,000

7,306,285

GO

,

2020

C

,

%

,

7/01/36

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

8,975,000

9,128,965

GO

,

2020

RYQ

,

%

,

7/01/44

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

10,730,000

9,810,958

GO

,

2023

QRR

,

5.25 %

,

7/01/48

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

25,000,000

26,103,405

Manteca

Unified

School

District

,

Community

Facilities

District

No.

2018-5

,

Special

Tax

,

2024

A

,

%

,

9/01/44

......

5,755,000

5,636,547

Community

Facilities

District

No.

2018-5

,

Special

Tax

,

2024

A

,

%

,

9/01/54

......

6,230,000

5,955,217

Marin

Municipal

Water

District

,

Revenue

,

2022

,

Refunding

,

%

,

6/15/52

..........

27,295,000

23,512,205

Marina

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2023

A

,

%

,

9/01/43

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

1,000,000

980,472

Tax

Allocation

,

2023

B

,

%

,

9/01/43

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

2,100,000

2,058,992

Menifee

Union

School

District

,

Special

Tax

,

2023

,

%

,

9/01/48

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

500,000

494,268

Special

Tax

,

2023

,

%

,

9/01/54

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

1,230,000

1,193,468

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/45

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

875,000

756,253

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/26

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

75,000

75,747

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/27

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

140,000

142,801

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/28

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

105,000

107,987

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

%

,

9/01/42

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

1,000,000

1,008,816

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.125 %

,

9/01/47

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

2,000,000

2,007,820

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.25 %

,

9/01/52

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

2,000,000

2,007,220

Community

Facilities

District

No.

2019-2

,

Special

Tax

,

2021

,

%

,

9/01/35

........

200,000

199,628

Community

Facilities

District

No.

2019-2

,

Special

Tax

,

2021

,

%

,

9/01/44

........

565,000

497,397

Community

Facilities

District

No.

2019-2

,

Special

Tax

,

2021

,

%

,

9/01/51

........

675,000

559,697

Metropolitan

Water

District

of

Southern

California

,

Revenue

,

2020

A

,

%

,

10/01/45

..

15,665,000

16,029,948

Middle

Fork

Project

Finance

Authority

,

Revenue

,

2020

,

Refunding

,

%

,

4/01/30

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

2,505,000

2,681,151

Revenue

,

2020

,

Refunding

,

%

,

4/01/32

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

4,095,000

4,322,413

Revenue

,

2020

,

Refunding

,

%

,

4/01/34

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

1,150,000

1,199,716

Revenue

,

2020

,

Refunding

,

%

,

4/01/35

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

1,200,000

1,245,355

Revenue

,

2020

,

Refunding

,

%

,

4/01/36

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

4,980,000

5,137,393

Midpeninsula

Regional

Open

Space

District

,

Field

Employees

Corp.

,

GO

,

2018

,

%

,

9/01/48

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

11,220,000

10,212,646

c

Modesto

High

School

District

,

GO

,

2002

A

,

NATL

Insured

,

2.49 %,

5/01/27

.........

12,770,000

12,258,261

Monterey

Peninsula

Unified

School

District

,

GO

,

2016

C

,

Refunding

,

%

,

8/01/41

...

11,190,000

11,400,401

c

Moorpark

Unified

School

District

,

GO

,

2009

A

,

AG

Insured

,

3.25 %,

8/01/32

........

5,870,000

4,704,897

Moreno

Valley

Unified

School

District

,

c

GO

,

2004

A

,

AG

Insured

,

ETM,

2.4 %,

8/01/27

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

6,315,000

6,033,754

c

GO

,

2004

A

,

AG

Insured

,

ETM,

2.41 %,

8/01/28

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

6,625,000

6,180,201

GO

,

2018

B

,

AG

Insured

,

%

,

8/01/47

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

6,075,000

6,119,251

Community

Facilities

District

No.

2022-1

,

Special

Tax

,

2025

,

5.125 %

,

9/01/55

.....

1,500,000

1,441,219

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2025

,

%

,

9/01/50

........

1,205,000

1,166,095

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Moreno

Valley

Unified

School

District,

(continued)

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2025

,

%

,

9/01/55

........

$

1,650,000

$

1,578,447

c

Mount

San

Antonio

Community

College

District

,

GO

,

2013

A

,

5.904 %,

8/01/43

......

55,000,000

52,849,033

Mount

San

Jacinto

Community

College

District

,

GO

,

2014

B

,

%

,

8/01/43

.........

7,200,000

6,621,162

M-S-R

Energy

Authority

,

Revenue

,

2009

B

,

6.5 %

,

11/01/39

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

25,000,000

29,715,813

Murrieta

Valley

Unified

School

District

,

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2021

,

%

,

9/01/44

........

500,000

431,313

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2021

,

%

,

9/01/51

........

1,000,000

809,638

Newport

Mesa

Unified

School

District

,

GO

,

2011

,

6.3 %

,

8/01/42

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

20,000,000

22,333,680

Norman

Y

Mineta

San

Jose

International

Airport

SJC

,

Revenue

,

2017

A

,

Refunding

,

%

,

3/01/36

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

4,590,000

4,643,510

Revenue

,

2017

A

,

Refunding

,

%

,

3/01/37

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

4,475,000

4,517,544

Revenue

,

2017

A

,

Refunding

,

%

,

3/01/41

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

12,685,000

12,695,125

Revenue

,

2017

B

,

Refunding

,

%

,

3/01/47

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

10,000,000

10,013,120

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/32

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

1,800,000

1,929,014

Northern

California

Sanitation

Agencies

Financing

Authority

,

Sacramento

Area

Sewer

District

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/27

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

2,960,000

3,155,901

Oceanside

Unified

School

District

,

c

GO

,

2010

B

,

AG

Insured

,

4.36 %,

8/01/38

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

10,590,000

6,101,198

c

GO

,

2010

B

,

AG

Insured

,

4.5 %,

8/01/39

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

7,860,000

4,257,349

GO

,

2022

,

Refunding

,

%

,

8/01/39

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

1,005,000

1,069,083

GO

,

G

,

%

,

8/01/40

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

1,020,000

1,076,054

GO

,

G

,

%

,

8/01/43

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

1,000,000

1,033,117

Orange

County

Community

Facilities

District

,

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2023

A

,

5.5 %

,

8/15/48

.....

1,550,000

1,584,474

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2023

A

,

5.5 %

,

8/15/53

.....

1,200,000

1,219,373

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2023

A

,

5.75 %

,

8/15/53

....

1,085,000

1,120,679

Orange

County

Water

District

,

COP

,

2003

B

,

NATL

Insured

,

ETM,

%

,

8/15/28

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

10,590,000

11,116,305

COP

,

2003

B

,

NATL

Insured

,

ETM,

%

,

8/15/34

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

3,305,000

3,662,471

COP

,

2003

B

,

Pre-Refunded

,

NATL

Insured

,

%

,

8/15/34

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

4,140,000

4,750,338

Palomar

Community

College

District

,

GO

,

2010

B

,

6.2 %

,

8/01/39

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

69,410,000

82,204,609

Palomar

Health

,

Obligated

Group

,

GO

,

2009

A

,

AG

Insured

,

%

,

8/01/38

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

36,000,000

39,257,032

Obligated

Group

,

GO

,

2010

A

,

6.75 %

,

8/01/40

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

60,000,000

62,798,244

Palomar

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

AG

Insured

,

%

,

11/01/47

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

35,000,000

34,092,159

Panoche

Financing

Authority

,

Panoche

Water

District

,

Revenue

,

2021

A

,

%

,

9/01/43

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

1,120,000

985,857

Panoche

Water

District

,

Revenue

,

2021

A

,

%

,

9/01/51

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

6,070,000

4,973,274

Panoche

Water

District

,

Revenue

,

2021

B

,

1.553 %

,

9/01/25

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

130,000

130,000

Panoche

Water

District

,

Revenue

,

2021

B

,

2.006 %

,

9/01/27

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

395,000

379,115

Panoche

Water

District

,

Revenue

,

2021

B

,

2.456 %

,

9/01/29

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

415,000

387,622

Panoche

Water

District

,

Revenue

,

2021

B

,

2.756 %

,

9/01/31

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

435,000

392,834

Panoche

Water

District

,

Revenue

,

2021

B

,

3.106 %

,

9/01/35

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

880,000

751,541

Panoche

Water

District

,

Revenue

,

2021

B

,

3.571 %

,

9/01/40

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

1,155,000

922,032

c

Patterson

Joint

Unified

School

District

,

GO

,

2001

A

,

NATL

Insured

,

2.53 %,

8/01/26

..

2,265,000

2,213,530

Perris

Joint

Powers

Authority

,

Special

Tax

,

2025

,

%

,

9/01/50

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

2,820,000

2,713,742

Special

Tax

,

2025

,

%

,

9/01/54

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

3,310,000

3,164,008

Community

Facilities

District

No.

2007-2

,

Special

Tax

,

2021

,

%

,

9/01/43

........

1,445,000

1,253,394

Community

Facilities

District

No.

2007-2

,

Special

Tax

,

2021

,

%

,

9/01/48

........

1,250,000

1,039,090

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

,

Special

Tax

,

2020

,

%

,

9/01/50

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

1,125,000

905,084

Perris

Union

High

School

District

,

COP

,

2019

,

Refunding

,

BAM

Insured

,

%

,

10/01/48

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

10,000,000

10,103,426

GO

,

2019

A

,

AG

Insured

,

%

,

9/01/43

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

5,540,000

5,086,291

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Pittsburg

Unified

School

District

,

GO

,

2016

,

Refunding

,

%

,

8/01/44

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

$

11,000,000

$

10,122,119

c

Placentia-Yorba

Linda

Unified

School

District

,

GO

,

2008

D

,

4.78 %,

8/01/43

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

27,955,000

12,113,668

GO

,

2008

D

,

5.08 %,

8/01/46

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

89,200,000

31,666,419

GO

,

2008

D

,

5.1 %,

8/01/49

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

85,000,000

25,839,660

Port

of

Oakland

,

Revenue

,

2021

H

,

Refunding

,

%

,

11/01/29

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

2,000,000

2,150,103

Poway

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2015

A

,

Refunding

,

%

,

12/15/31

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

10,180,000

11,414,430

Tax

Allocation

,

2015

A

,

Refunding

,

%

,

12/15/32

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

11,215,000

12,652,736

Tax

Allocation

,

2015

A

,

Refunding

,

%

,

6/15/33

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

5,835,000

6,629,818

Poway

Unified

School

District

,

Community

Facilities

District

No.

Area

A

,

Special

Tax

,

2020

,

AG

Insured

,

%

,

9/01/50

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

7,500,000

6,549,817

c

Facilities

Improvement

District

No.

2007-1

,

GO

,

B

,

5.16 %,

8/01/46

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

45,000,000

15,701,152

Rancho

Mirage

Community

Facilities

District

,

City

of

Rancho

Mirage

Community

Facilities

District

No.

4C

,

Special

Tax

,

2022

,

%

,

9/01/42

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

300,000

297,630

City

of

Rancho

Mirage

Community

Facilities

District

No.

4C

,

Special

Tax

,

2022

,

%

,

9/01/47

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

500,000

494,220

City

of

Rancho

Mirage

Community

Facilities

District

No.

4C

,

Special

Tax

,

2022

,

%

,

9/01/53

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

1,000,000

972,311

Regents

of

the

University

of

California

,

Medical

Center

,

Revenue

,

2016

L

,

Refunding

,

%

,

5/15/47

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

39,575,000

39,592,916

Medical

Center

,

Revenue

,

2022

P

,

%

,

5/15/47

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

106,410,000

107,167,639

Medical

Center

,

Revenue

,

2022

P

,

%

,

5/15/53

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

84,305,000

71,558,084

Regents

of

the

University

of

California

Medical

Center

,

Medical

Center

,

Revenue

,

2016

L

,

Refunding

,

%

,

5/15/41

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

10,000,000

10,046,481

c

Rialto

Unified

School

District

,

GO

,

2011

A

,

AG

Insured

,

7.146 %,

8/01/41

..........

27,000,000

32,208,999

c

Rio

Hondo

Community

College

District

,

GO

,

2010

C

,

3.79 %,

8/01/35

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

10,000,000

6,911,663

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

4,143,104

Community

Facilities

District

No

2003-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

Refunding

,

AG

Insured

,

4.25 %

,

9/01/47

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

6,000,000

5,496,516

Community

Facilities

District

No

2003-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

Refunding

,

AG

Insured

,

5.25 %

,

9/01/52

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

11,000,000

11,279,520

Riverside

County

Transportation

Commission

,

Sales

Tax

,

Revenue

,

2017

B

,

Refunding

,

%

,

6/01/31

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

3,685,000

3,900,207

Riverside

Unified

School

District

,

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/39

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

375,000

382,789

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

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

700,000

697,328

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

1,050,000

1,027,024

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

1,270,000

1,245,329

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

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

480,000

478,168

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

730,000

714,026

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

775,000

759,945

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/50

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

1,160,000

1,128,854

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/55

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

1,480,000

1,422,266

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

,

%

,

9/01/45

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

$

700,000

$

687,888

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/50

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

1,000,000

973,150

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/55

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

1,400,000

1,345,387

Community

Facilities

District

No.

,

Special

Tax

,

2023

A

,

%

,

9/01/47

..........

1,150,000

1,144,238

Community

Facilities

District

No.

,

Special

Tax

,

2023

A

,

%

,

9/01/52

..........

2,135,000

2,086,198

Community

Facilities

District

No.

,

Special

Tax

,

2025

A

,

%

,

9/01/50

..........

2,500,000

2,432,874

Community

Facilities

District

No.

,

Special

Tax

,

2025

A

,

%

,

9/01/55

..........

2,510,000

2,412,086

e

RMA

Capital

Series

Trust

,

Revenue

,

144A,

2022-1

,

A

,

5.67 %

,

8/01/58

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

15,491,000

14,582,083

RNR

School

Financing

Authority

,

Community

Facilities

District

No.

92-1

,

Special

Tax

,

2015

A

,

Refunding

,

BAM

Insured

,

%

,

9/01/36

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

11,145,000

11,145,000

c

Rocklin

Unified

School

District

,

GO

,

2003

,

NATL

Insured

,

2.45 %,

8/01/26

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

8,695,000

8,503,552

GO

,

2003

,

NATL

Insured

,

2.51 %,

8/01/27

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

9,080,000

8,659,146

GO

,

2003

,

NATL

Insured

,

2.57 %,

8/01/28

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

16,615,000

15,431,020

Rohnert

Park

Community

Development

Commission

Successor

Agency

,

Tax

Allocation

,

2007

R

,

NATL

Insured

,

ETM,

%

,

8/01/37

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

1,380,000

1,442,041

Romoland

School

District

,

Community

Facilities

District

No.

2016-1

,

Special

Tax

,

2023

,

%

,

9/01/43

........

750,000

756,494

Community

Facilities

District

No.

2016-1

,

Special

Tax

,

2023

,

%

,

9/01/48

........

1,000,000

993,901

Community

Facilities

District

No.

2016-1

,

Special

Tax

,

2023

,

%

,

9/01/53

........

1,500,000

1,464,960

Community

Facilities

District

No.

2016-2

,

Special

Tax

,

2022

,

4.5 %

,

9/01/42

.......

360,000

340,739

Community

Facilities

District

No.

2016-2

,

Special

Tax

,

2022

,

4.625 %

,

9/01/47

.....

750,000

698,719

Community

Facilities

District

No.

2016-2

,

Special

Tax

,

2022

,

4.75 %

,

9/01/52

......

1,000,000

924,499

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

%

,

9/01/42

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

750,000

757,942

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.125 %

,

9/01/47

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

1,200,000

1,206,798

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.25 %

,

9/01/53

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

2,500,000

2,511,817

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/46

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

370,000

370,102

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/54

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

1,600,000

1,559,493

Community

Facilities

District

No.

2020-1

,

Special

Tax

,

2024

,

%

,

9/01/54

........

1,000,000

970,299

Community

Facilities

District

No.

2022-2

,

Special

Tax

,

2024

,

%

,

9/01/54

........

1,500,000

1,435,980

Community

Facilities

District

No.

91-1

,

Special

Tax

,

2022

,

3.75 %

,

9/01/42

........

1,695,000

1,409,863

Community

Facilities

District

No.

91-1

,

Special

Tax

,

2022

,

%

,

9/01/46

..........

5,085,000

4,365,809

Roseville

Natural

Gas

Financing

Authority

,

Revenue

,

2007

,

%

,

2/15/26

..........

5,000,000

5,039,183

Sacramento

Area

Flood

Control

Agency

,

Consolidated

Capital

Assessment

District

No.

,

Special

Assessment

,

2016

A

,

Refunding

,

%

,

10/01/41

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

13,740,000

13,852,307

Consolidated

Capital

Assessment

District

No.

,

Special

Assessment

,

2016

A

,

Refunding

,

%

,

10/01/43

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

20,000,000

20,115,134

Sacramento

City

Unified

School

District

,

GO

,

2017

E

,

%

,

5/01/47

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

20,000,000

17,232,078

Sacramento

County

Water

Financing

Authority

,

Sacramento

County

Water

Agency

,

Revenue

,

2019

,

Refunding

,

%

,

6/01/27

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

2,000,000

2,107,318

Sacramento

Municipal

Utility

District

,

Revenue

,

2022

J

,

Refunding

,

%

,

8/15/26

....

2,615,000

2,688,813

Sacramento

Transportation

Authority

,

Sales

Tax

,

Revenue

,

2023

,

Refunding

,

%

,

10/01/37

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

2,500,000

2,798,218

c

San

Bernardino

Community

College

District

,

GO

,

2009

B

,

4.98 %,

8/01/48

.........

66,390,000

21,796,229

San

Diego

Community

College

District

,

GO

,

2009

B

,

Pre-Refunded

,

%

,

8/01/33

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

26,880,000

28,844,009

GO

,

2024

,

%

,

8/01/50

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

10,000,000

8,893,951

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

San

Diego

County

Regional

Airport

Authority

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/47

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

$

5,000,000

$

5,025,875

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/44

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

4,000,000

4,063,580

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/49

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

5,000,000

4,999,636

Revenue

,

2019

B

,

Refunding

,

%

,

7/01/44

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

5,000,000

4,343,768

Revenue

,

2021

A

,

%

,

7/01/56

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

10,000,000

10,069,703

Revenue

,

2021

B

,

%

,

7/01/33

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

4,000,000

4,253,233

Revenue

,

2021

B

,

%

,

7/01/36

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

3,610,000

3,508,026

Special

Facilities

,

Revenue

,

2014

A

,

%

,

7/01/44

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

5,645,000

5,644,761

San

Diego

County

Regional

Transportation

Commission

,

Revenue

,

2016

A

,

%

,

4/01/48

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

25,000,000

25,108,397

San

Diego

County

Water

Authority

,

Revenue,

Sub.

Lien

,

2021

,

Refunding

,

%

,

5/01/28

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

2,335,000

2,500,947

San

Diego

Unified

School

District

,

c

GO

,

2010

C

,

6.03 %,

7/01/48

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

29,840,000

27,054,305

c

GO

,

2012

E

,

5.105 %,

7/01/47

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

74,270,000

55,680,145

GO

,

2019

L

,

%

,

7/01/49

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

30,000

26,267

GO

,

2023

ZR-4B

,

Refunding

,

%

,

7/01/40

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

62,225,000

67,377,317

GO

,

2023

ZR-4B

,

Refunding

,

%

,

7/01/45

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

31,605,000

32,955,229

c

GO

,

,

Refunding

,

6.372 %,

7/01/40

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

79,760,000

79,828,474

San

Francisco

Bay

Area

Rapid

Transit

District

,

GO

,

2017

,

%

,

8/01/47

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

11,480,000

11,567,370

GO

,

2020

,

%

,

8/01/33

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

1,560,000

1,606,033

GO

,

2022

,

%

,

8/01/39

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

1,500,000

1,607,216

GO

,

2022

,

%

,

8/01/41

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

23,605,000

19,580,860

GO

,

2022

,

%

,

8/01/42

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

20,000,000

16,228,448

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue

,

2016

B

,

%

,

5/01/41

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

65,645,000

65,660,092

Revenue

,

2016

B

,

%

,

5/01/46

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

28,825,000

28,328,296

Revenue

,

2016

C

,

%

,

5/01/46

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

67,880,000

67,907,973

Revenue

,

2019

A

,

Refunding

,

%

,

5/01/44

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

30,720,000

30,726,642

Revenue

,

2019

A

,

Refunding

,

%

,

5/01/49

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

8,000,000

7,847,081

Revenue,

Second

Series

,

2017

A

,

%

,

5/01/42

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

48,155,000

48,159,411

Revenue,

Second

Series

,

2017

A

,

%

,

5/01/47

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

28,625,000

28,110,609

Revenue,

Second

Series

,

2017

B

,

%

,

5/01/47

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

200,000

199,993

Revenue,

Second

Series

,

2018

D

,

%

,

5/01/43

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

106,295,000

106,189,332

Revenue,

Second

Series

,

2018

D

,

%

,

5/01/48

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

33,675,000

33,111,728

Revenue,

Second

Series

,

2018

D

,

Pre-Refunded

,

%

,

5/01/48

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

25,000

26,102

Revenue,

Second

Series

,

2018

D

,

5.25 %

,

5/01/48

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

50,145,000

50,233,636

Revenue,

Second

Series

,

2018

E

,

%

,

5/01/48

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

46,990,000

47,073,713

Revenue,

Second

Series

,

2019

B

,

%

,

5/01/49

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

15,955,000

16,033,392

Revenue,

Second

Series

,

2019

E

,

%

,

5/01/45

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

33,570,000

33,486,589

Revenue,

Second

Series

,

2019

E

,

%

,

5/01/50

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

5,000,000

4,886,691

Revenue,

Second

Series

,

2021

A

,

Refunding

,

%

,

5/01/31

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

1,405,000

1,534,908

Revenue,

Second

Series

,

2021

A

,

Refunding

,

%

,

5/01/34

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

5,000,000

5,304,676

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation,

Third

Lien

,

2017

B

,

AG

Insured

,

%

,

8/01/46

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

10,000,000

10,024,620

San

Francisco

Unified

School

District

,

GO

,

2022

C

,

%

,

6/15/35

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

6,640,000

7,141,565

c

San

Gabriel

Unified

School

District

,

GO

,

2002

A

,

AG

Insured

,

2.42 %,

8/01/26

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

3,530,000

3,453,211

GO

,

2002

A

,

AG

Insured

,

2.44 %,

2/01/27

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

1,850,000

1,787,608

San

Jacinto

Unified

School

District

,

Community

Facilities

District

No.

2003-1

,

Special

Tax

,

2022

,

%

,

9/01/50

........

875,000

703,620

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

5.25 %

,

9/01/54

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

1,000,000

997,126

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue

,

1997

A

,

Refunding

,

5.9 %

,

1/15/38

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

106,465,000

130,167,388

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

San

Joaquin

Hills

Transportation

Corridor

Agency,

(continued)

Revenue

,

1997

A

,

Refunding

,

5.95 %

,

1/15/40

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

$

142,645,000

$

172,147,452

Revenue

,

1997

A

,

Refunding

,

%

,

1/15/43

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

161,250,000

193,703,965

Revenue

,

1997

A

,

Refunding

,

%

,

1/15/45

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

143,336,000

172,605,871

Revenue

,

1997

A

,

Refunding

,

%

,

1/15/46

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

143,336,000

173,409,756

c

Revenue

,

1997

A

,

Refunding

,

NATL

Insured

,

2.97 %,

1/15/26

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

13,155,000

13,009,857

c

Revenue,

Senior

Lien

,

1993

,

ETM,

2.15 %,

1/01/28

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

33,545,000

31,918,527

c

Revenue,

Senior

Lien

,

1993

,

ETM,

2.21 %,

1/01/29

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

37,050,000

34,444,300

Revenue,

Senior

Lien

,

2021

A

,

Refunding

,

AG

Insured

,

%

,

1/15/44

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

130,746,000

119,089,680

Revenue,

Senior

Lien

,

2021

A

,

Refunding

,

AG

Insured

,

%

,

1/15/50

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

191,775,000

167,789,432

d

San

Joaquin

Valley

Clean

Energy

Authority

,

Revenue

,

2025

A

,

Mandatory

Put

,

5.5 %

,

7/01/35

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

21,250,000

23,579,835

c

San

Jose

Unified

School

District

,

COP

,

2002

,

AG

Insured

,

ETM,

2.53 %,

1/01/27

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

7,105,000

6,871,905

COP

,

2002

,

AG

Insured

,

ETM,

2.61 %,

1/01/29

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

7,105,000

6,518,927

c

San

Juan

Unified

School

District

,

GO

,

2003

B

,

NATL

Insured

,

2.34 %,

8/01/26

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

4,945,000

4,841,052

GO

,

2003

B

,

NATL

Insured

,

2.38 %,

8/01/27

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

18,605,000

17,782,970

GO

,

2003

B

,

NATL

Insured

,

2.44 %,

8/01/28

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

19,470,000

18,145,133

San

Luis

Obispo

County

Financing

Authority

,

Revenue

,

2015

A

,

Refunding

,

BAM

Insured

,

%

,

9/01/37

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

10,000,000

10,002,886

San

Rafael

City

High

School

District

,

GO

,

2018

B

,

%

,

8/01/47

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

17,060,000

15,378,041

Sanger

Unified

School

District

,

GO

,

A

,

BAM

Insured

,

%

,

8/01/41

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

10,000,000

9,469,806

Santa

Cruz

County

Redevelopment

Successor

Agency

,

Tax

Allocation

,

2015

A

,

Refunding

,

AG

Insured

,

%

,

9/01/35

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

20,000,000

20,000,000

c

School

Facilities

Financing

Authority

,

Twin

Rivers

Unified

School

District

,

Revenue

,

A

,

AG

Insured

,

4.76 %,

8/01/42

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

49,000,000

22,312,557

Semitropic

Improvement

District

of

the

Semitropic

Water

Storage

District

,

Revenue,

Second

Lien

,

2015

A

,

Refunding

,

AG

Insured

,

%

,

12/01/45

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

10,000,000

10,013,835

Southern

California

Public

Power

Authority

,

Revenue

,

2007

A

,

5.25 %

,

11/01/27

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

9,855,000

10,266,875

Revenue

,

2007

A

,

%

,

11/01/33

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

17,500,000

18,612,293

Revenue

,

2024

A

,

Refunding

,

%

,

7/01/31

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

10,000,000

11,134,906

d

City

of

Anaheim

Electric

System

,

Revenue

,

2024

A

,

Mandatory

Put

,

%

,

9/01/30

..

47,875,000

50,743,163

Los

Angeles

Department

of

Water

&

Power

Power

System

,

Revenue

,

2023-1

A

,

5.25 %

,

7/01/53

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

28,975,000

29,440,153

c

Southern

Mono

Health

Care

District

,

GO

,

A

,

NATL

Insured

,

2.92 %,

8/01/28

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

2,340,000

2,151,496

GO

,

A

,

NATL

Insured

,

3.03 %,

8/01/29

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

2,440,000

2,170,860

GO

,

A

,

NATL

Insured

,

3.2 %,

8/01/30

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

2,550,000

2,184,074

GO

,

A

,

NATL

Insured

,

3.46 %,

8/01/31

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

2,660,000

2,175,460

State

of

California

,

GO

,

Refunding

,

%

,

8/01/27

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

4,000,000

4,221,477

GO

,

Refunding

,

%

,

4/01/28

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

2,930,000

3,141,817

GO

,

Refunding

,

%

,

8/01/28

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

12,020,000

12,658,889

GO

,

Refunding

,

%

,

9/01/30

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

5,000,000

5,631,198

GO

,

Refunding

,

%

,

11/01/30

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

5,320,000

6,009,718

GO

,

5.75 %

,

10/01/31

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

28,805,000

31,605,448

GO

,

Refunding

,

%

,

10/01/32

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

4,125,000

4,484,603

GO

,

%

,

4/01/33

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

5,000,000

5,370,089

GO

,

%

,

3/01/35

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

55,020,000

59,220,051

GO

,

Pre-Refunded

,

%

,

3/01/35

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

1,165,000

1,294,067

GO

,

Refunding

,

%

,

9/01/35

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

9,000,000

9,155,183

GO

,

Refunding

,

%

,

3/01/37

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

10,000,000

10,103,714

GO

,

Refunding

,

%

,

8/01/37

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

2,900,000

3,015,495

GO

,

%

,

10/01/39

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

15,000,000

15,096,859

GO

,

%

,

8/01/45

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

10,085,000

10,090,369

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

State

of

California,

(continued)

GO

,

%

,

9/01/45

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

$

5,000,000

$

5,044,067

GO

,

%

,

8/01/46

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

57,200,000

57,498,132

GO

,

%

,

9/01/46

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

8,930,000

8,980,937

GO

,

%

,

10/01/47

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

11,000,000

11,028,327

GO

,

%

,

10/01/48

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

5,000,000

5,060,211

GO

,

1996

,

FGIC

Insured

,

5.375 %

,

6/01/26

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

270,000

271,968

GO

,

1997

,

NATL,

FGIC

Insured

,

5.625 %

,

10/01/26

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

3,335,000

3,343,647

GO

,

2004

,

5.2 %

,

4/01/26

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

20,000

20,041

GO

,

2017

,

%

,

11/01/27

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

2,380,000

2,526,630

GO

,

2017

,

%

,

11/01/47

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

23,370,000

23,627,166

GO

,

2022

,

Refunding

,

%

,

4/01/35

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

12,985,000

13,681,397

GO

,

2022

,

Refunding

,

%

,

4/01/35

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

38,600,000

42,817,236

Stockton

Community

Facilities

District

,

City

of

Stockton

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/39

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

370,000

377,916

City

of

Stockton

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/44

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

380,000

377,172

City

of

Stockton

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

525,000

519,210

City

of

Stockton

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

650,000

637,373

Sulphur

Springs

Union

School

District

,

COP

,

2010

,

AG

Insured

,

6.5 %

,

12/01/37

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

1,430,000

1,443,118

COP

,

2010

,

Pre-Refunded

,

AG

Insured

,

6.5 %

,

12/01/37

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

9,695,000

9,793,960

Community

Facilities

District

No.

2019-1

,

Special

Tax

,

2024

A

,

%

,

9/01/39

......

1,175,000

1,207,951

Community

Facilities

District

No.

2019-1

,

Special

Tax

,

2024

A

,

%

,

9/01/44

......

1,900,000

1,883,573

Community

Facilities

District

No.

2019-1

,

Special

Tax

,

2024

A

,

%

,

9/01/49

......

4,360,000

4,194,968

Community

Facilities

District

No.

2019-1

,

Special

Tax

,

2024

A

,

%

,

9/01/54

......

2,000,000

1,906,101

Sunnyvale

School

District

,

GO

,

2015

,

Refunding

,

%

,

9/01/42

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

17,500,000

16,500,624

Temecula

Public

Financing

Authority

,

Community

Facilities

District

No.

20-01

,

Special

Tax

,

2024

,

%

,

9/01/39

.........

330,000

343,102

Community

Facilities

District

No.

20-01

,

Special

Tax

,

2024

,

%

,

9/01/44

.........

925,000

929,149

Community

Facilities

District

No.

20-01

,

Special

Tax

,

2024

,

%

,

9/01/49

.........

975,000

973,642

Community

Facilities

District

No.

20-01

,

Special

Tax

,

2024

,

%

,

9/01/54

.........

900,000

891,908

Temescal

Valley

Water

District

,

Community

Facilities

District

No.

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/49

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

1,415,000

1,183,718

Community

Facilities

District

No.

Terramor

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/36

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

930,000

906,222

Community

Facilities

District

No.

Terramor

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/41

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

785,000

711,834

Community

Facilities

District

No.

Terramor

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/46

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

1,040,000

889,312

Community

Facilities

District

No.

Terramor

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/51

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

930,000

759,708

Three

Rivers

Levee

Improvement

Authority

,

Special

Tax

,

2021

A

,

Refunding

,

%

,

9/01/25

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

280,000

280,000

Special

Tax

,

2021

A

,

Refunding

,

%

,

9/01/36

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

2,025,000

1,954,269

Special

Tax

,

2021

A

,

Refunding

,

%

,

9/01/41

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

1,895,000

1,681,489

Special

Tax

,

2021

A

,

Refunding

,

%

,

9/01/46

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

2,700,000

2,262,846

Special

Tax

,

2021

A

,

Refunding

,

%

,

9/01/51

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

5,065,000

4,082,624

Tobacco

Securitization

Authority

of

Northern

California

,

Sacramento

County

Tobacco

Securitization

Corp.

,

Revenue,

Senior

Lien

,

2021

A

,

,

Refunding

,

%

,

6/01/49

....

8,000,000

6,663,578

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2019

,

,

Refunding

,

%

,

6/01/48

.......

11,340,000

10,469,926

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Town

of

Tiburon

,

Assessment

District

No.

2017-1

,

1915

Act,

Special

Assessment

,

2021

A

,

2.375 %

,

9/02/41

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

$

495,000

$

322,512

Assessment

District

No.

2017-1

,

1915

Act,

Special

Assessment

,

2021

A

,

2.5 %

,

9/02/51

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

1,105,000

618,051

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

1,814,664

City

of

Tracy

Community

Facilities

District

No.

2016-01

Improvement

Area

No.

,

Special

Tax

,

2023

,

5.875 %

,

9/01/53

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

2,900,000

3,013,833

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/25

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

115,000

115,000

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/28

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

120,000

122,653

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/30

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

110,000

112,752

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/36

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

430,000

419,374

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/41

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

665,000

596,843

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/46

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

885,000

751,706

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

,

Special

Tax

,

2021

,

%

,

9/01/51

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

2,210,000

1,789,300

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project

,

Tax

Allocation,

Senior

Lien

,

2020

A

,

%

,

10/01/45

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

8,830,000

8,505,181

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project

,

Tax

Allocation,

Senior

Lien

,

2020

A

,

%

,

10/01/49

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

10,990,000

10,330,618

Truckee-Donner

Public

Utility

District

,

Water

System

,

Revenue

,

2022

A

,

%

,

11/15/47

3,230,000

3,334,639

Turlock

Irrigation

District

,

Revenue

,

2019

,

Refunding

,

%

,

1/01/44

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

9,060,000

9,289,124

c

Union

Elementary

School

District

,

GO

,

2001

B

,

NATL

Insured

,

5.76 %,

9/01/25

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

5,500,000

5,500,000

GO

,

2001

B

,

NATL

Insured

,

2.22 %,

9/01/26

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

5,850,000

5,722,535

University

of

California

,

Revenue

,

2016

K

,

%

,

5/15/46

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

19,850,000

17,752,016

Revenue

,

2017

AV

,

5.25 %

,

5/15/47

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

6,775,000

6,838,343

Revenue

,

2017

M

,

%

,

5/15/42

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

15,410,000

15,561,637

Revenue

,

2017

M

,

%

,

5/15/47

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

54,015,000

54,266,488

Revenue

,

2018

AZ

,

Refunding

,

%

,

5/15/43

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

28,000,000

28,409,091

Revenue

,

2018

AZ

,

Refunding

,

%

,

5/15/48

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

47,230,000

47,303,202

Revenue

,

2018

AZ

,

Refunding

,

5.25 %

,

5/15/58

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

9,110,000

9,177,660

Revenue

,

2018

O

,

Refunding

,

%

,

5/15/39

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

14,400,000

14,786,417

Revenue

,

2018

O

,

Refunding

,

%

,

5/15/48

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

11,445,000

11,457,006

Revenue

,

2018

O

,

Refunding

,

%

,

5/15/58

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

5,805,000

5,806,028

Revenue

,

2021

Q

,

Refunding

,

%

,

5/15/37

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

1,500,000

1,521,530

Revenue

,

2022

BK

,

%

,

5/15/52

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

48,195,000

48,744,543

Revenue

,

2023

BN

,

Refunding

,

%

,

5/15/43

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

9,000,000

9,398,038

Revenue

,

2023

BQ

,

%

,

5/15/35

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

30,000,000

33,817,548

Revenue

,

2024

BV

,

Refunding

,

%

,

5/15/36

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

17,300,000

19,411,114

Revenue

,

2025

BZ

,

Refunding

,

5.25 %

,

5/15/38

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

5,750,000

6,452,464

Revenue

,

2025

CB

,

%

,

5/15/36

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

10,000,000

11,339,167

Revenue

,

2025

CB

,

%

,

5/15/39

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

13,460,000

14,712,608

Revenue

,

2025

CC

,

%

,

5/15/37

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

5,250,000

5,875,688

Revenue

,

2025

CC

,

%

,

5/15/38

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

8,975,000

9,890,271

Revenue

,

2025

CC

,

%

,

5/15/53

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

10,000,000

10,232,001

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

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

$

236,169

City

of

Upland

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

,

Special

Tax

,

2021

A

,

%

,

9/01/45

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

165,000

137,474

City

of

Upland

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

,

Special

Tax

,

2021

A

,

%

,

9/01/51

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

260,000

205,710

c

Upland

Unified

School

District

,

GO

,

2011

C

,

5.04 %,

8/01/45

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

62,900,000

23,635,405

Val

Verde

Unified

School

District

,

GO

,

2010

B

,

AG

Insured

,

6.125 %

,

8/01/34

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

1,000,000

1,162,136

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2022

,

%

,

9/01/52

........

7,000,000

5,668,749

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/43

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

1,230,000

1,236,635

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/48

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

1,755,000

1,737,228

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/53

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

2,445,000

2,384,350

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/50

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

1,230,000

1,202,024

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

,

Special

Tax

,

2025

,

%

,

9/01/55

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

1,785,000

1,725,817

Vallejo

Public

Financing

Authority

,

City

of

Vallejo

Hiddenbrooke

Improvement

District

No.

,

Revenue

,

2004

A

,

5.8 %

,

9/01/31

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

2,615,000

2,646,180

Valley

Center

Municipal

Water

District

,

Community

Facility

District

No.

2020-1

,

Special

Tax

,

2024

,

%

,

9/01/43

.........

1,265,000

1,116,300

Community

Facility

District

No.

2020-1

,

Special

Tax

,

2024

,

4.375 %

,

9/01/54

......

2,210,000

1,894,529

Vista

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2015

,

Refunding

,

AG

Insured

,

%

,

9/01/37

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

3,020,000

3,022,850

c

Vista

Unified

School

District

,

GO

,

2002

A

,

AG

Insured

,

2.47 %,

8/01/26

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

7,150,000

6,991,308

GO

,

2002

A

,

AG

Insured

,

2.49 %,

2/01/27

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

4,795,000

4,630,050

Washington

Township

Health

Care

District

,

GO

,

2015

B

,

%

,

8/01/45

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

15,000,000

14,999,087

Revenue

,

2023

A

,

5.75 %

,

7/01/48

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

1,300,000

1,347,512

Revenue

,

2023

A

,

5.75 %

,

7/01/53

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

1,000,000

1,020,835

West

Patterson

Financing

Authority

,

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2024

,

%

,

9/01/39

........

300,000

307,841

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2024

,

4.375 %

,

9/01/44

.....

830,000

753,439

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2024

,

4.625 %

,

9/01/49

.....

780,000

707,003

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2024

,

%

,

9/01/54

........

2,430,000

2,357,827

West

Sacramento

Area

Flood

Control

Agency

,

Special

Assessment

,

2015

,

AG

Insured

,

%

,

9/01/40

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

3,000,000

3,002,582

Special

Assessment

,

2015

,

AG

Insured

,

%

,

9/01/45

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

7,500,000

7,503,413

West

Sacramento

Financing

Authority

,

Special

Tax

,

A

,

AG

Insured

,

%

,

9/01/34

.....

4,940,000

5,428,394

Westside

Union

School

District

,

Community

Facilities

District

No.

2016-1

Improvement

Area

B

,

Special

Tax

,

2023

,

%

,

9/01/43

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

1,175,000

1,108,672

Community

Facilities

District

No.

2016-1

Improvement

Area

B

,

Special

Tax

,

2023

,

5.25 %

,

9/01/52

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

1,890,000

1,756,878

William

S

Hart

Union

High

School

District

,

Community

Facilities

District

No.

2021-1

Improvement

Area

A

,

Special

Tax

,

2024

,

%

,

9/01/44

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

385,000

381,672

Community

Facilities

District

No.

2021-1

Improvement

Area

A

,

Special

Tax

,

2024

,

%

,

9/01/49

....................................................

750,000

728,564

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

William

S

Hart

Union

High

School

District,

(continued)

Community

Facilities

District

No.

2021-1

Improvement

Area

A

,

Special

Tax

,

2024

,

%

,

9/01/54

....................................................

$

885,000

$

848,493

12,001,153,376

#### Florida

#### 0.7%
c

,e

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

...........................................

108,100,000

90,208,153

#### Wisconsin

#### 0.2%
e

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

,

%

,

12/28/44

..............

30,400,000

23,306,996

#### U.S.

#### Territories

#### 1.9%

#### Guam

#### 0.2%
Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2021

A

,

Refunding

,

2.899 %

,

10/01/27

...........................

470,000

455,867

Revenue

,

2024

A

,

%

,

10/01/27

.......................................

160,000

164,524

Revenue

,

2024

A

,

%

,

10/01/28

.......................................

750,000

780,979

Revenue

,

2024

A

,

%

,

10/01/29

.......................................

1,330,000

1,398,064

Revenue

,

2024

A

,

%

,

10/01/30

.......................................

1,110,000

1,174,750

Revenue

,

2024

A

,

%

,

10/01/31

.......................................

935,000

988,915

Revenue

,

2024

A

,

%

,

10/01/33

.......................................

660,000

696,036

Revenue

,

2024

A

,

5.25 %

,

10/01/37

....................................

1,375,000

1,437,949

Revenue

,

2024

A

,

5.25 %

,

10/01/38

....................................

1,325,000

1,376,411

Revenue

,

2024

B

,

%

,

10/01/27

.......................................

410,000

424,930

Revenue

,

2024

B

,

%

,

10/01/28

.......................................

380,000

400,235

Revenue

,

2024

B

,

%

,

10/01/29

.......................................

1,010,000

1,077,476

Revenue

,

2024

B

,

%

,

10/01/30

.......................................

560,000

603,410

Revenue

,

2024

B

,

%

,

10/01/31

.......................................

510,000

551,148

Revenue

,

2024

B

,

%

,

10/01/32

.......................................

1,455,000

1,571,994

Revenue

,

2024

B

,

%

,

10/01/33

.......................................

305,000

330,344

Revenue

,

2024

B

,

%

,

10/01/34

.......................................

435,000

470,116

Revenue

,

2024

B

,

%

,

10/01/35

.......................................

520,000

557,321

Revenue

,

2024

B

,

%

,

10/01/36

.......................................

250,000

266,572

Revenue

,

2024

B

,

%

,

10/01/37

.......................................

1,095,000

1,158,306

Revenue

,

2024

B

,

%

,

10/01/38

.......................................

1,125,000

1,181,133

Revenue

,

2024

B

,

%

,

10/01/39

.......................................

1,125,000

1,172,824

Revenue

,

2024

B

,

%

,

10/01/40

.......................................

420,000

434,797

Revenue

,

2024

B

,

%

,

10/01/41

.......................................

1,150,000

1,176,413

Revenue

,

2024

B

,

%

,

10/01/42

.......................................

495,000

501,885

Revenue

,

2024

B

,

%

,

10/01/43

.......................................

500,000

504,142

Antonio

B. Won

Pat

International

Airport

Authority

,

Revenue

,

2024

A

,

%

,

10/01/32

..

1,600,000

1,688,845

22,545,386

#### Puerto

#### Rico

#### 1.7%
Children's

Trust

Fund

,

Revenue

,

2002

,

5.5 %

,

5/15/39

........................................

3,775,000

3,824,185

Revenue

,

2002

,

5.625 %

,

5/15/43

......................................

16,000,000

16,250,940

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Revenue

,

2000

B

,

6.625 %

,

1/01/27

....................................

471,227

469,607

Revenue

,

2000

B

,

6.625 %

,

1/01/28

....................................

3,593,968

3,584,677

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

4.75 %

,

7/01/53

................................

29,500,000

26,491,832

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

See

Abbreviations

on

.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories
(continued)

#### Puerto

#### Rico
(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.,

(continued)

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

..................................

$

184,264,000

$

169,017,665

219,638,906

#### Total

#### U.S.

#### Territories

#### ....................................................................
242,184,292

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 12,330,001,163

####)
..................................

#### 12,356,852,817

#### Shares

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
a

,b

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

4,167,132

1,041,783

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

####)
...................................

#### 1,041,783

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 12,330,001,163

####)
............................

#### 12,357,894,600

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 0.9%

#### Principal

#### Amount

#### Municipal

#### Bonds

#### 0.9%

#### California

#### 0.9%
h

Irvine

Ranch

Water

District

,

Special

Assessment

,

2009

B

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

3.58 %

,

10/01/41

..................................

300,000

300,000

h

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2023

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.75 %

,

7/01/48

.................................

55,260,000

55,260,000

Power

System

,

Revenue

,

2023

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

%

,

7/01/47

....................................

57,100,000

57,100,000

h

University

of

California

,

Revenue

,

2013

,

Daily

VRDN

and

Put

,

3.55 %

,

5/15/48

..

1,200,000

1,200,000

113,860,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 113,860,000

####)
.....................................

#### 113,860,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 113,860,000

####)
...............................

#### 113,860,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 12,443,861,163

####)
99.1 #### %
................................

#### $12,471,754,600

#### Other

#### Assets,

#### less

#### Liabilities
0.9 #### %
.............................................

#### 110,911,318

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $12,582,665,918
†

Rounds

to

less

than

0.1%

of

net

assets.

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

August

31,

2025,

the

aggregate

value

of

these

securities

was

$1,226,038,932,

representing

9.7%

of

net

assets.

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

f

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

7. g

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

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

August

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### California

#### Tax-

#### Free

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$12,443,861,163

Value

-

Unaffiliated

issuers

..................................................................

$12,471,754,600

Cash

....................................................................................

172,464

Receivables:

Capital

shares

sold

........................................................................

9,735,431

Interest

.................................................................................

136,350,288

Unrealized

appreciation

on

unfunded

commitments

(Note

b)

..........................................

2,211,045

Total

assets

..........................................................................

12,620,223,828

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

1,269,801

Capital

shares

redeemed

...................................................................

24,553,846

Management

fees

.........................................................................

4,658,816

Distribution

fees

..........................................................................

1,252,608

Transfer

agent

fees

........................................................................

1,754,103

Trustees'

fees

and

expenses

.................................................................

19,858

Distributions

to

shareholders

.................................................................

3,828,653

Accrued

expenses

and

other

liabilities

...........................................................

220,225

Total

liabilities

.........................................................................

37,557,910

Net

assets,

at

value

.................................................................

$12,582,665,918

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$13,630,661,188

Total

distributable

earnings

(losses)

.............................................................

(1,047,995,270)

Net

assets,

at

value

.................................................................

$12,582,665,918

Franklin

California

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

August

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### California

#### Tax-

#### Free

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

.......................................................................

$2,730,950,074

Shares

outstanding

........................................................................

416,613,311

Net

asset

value

per

share

a

,b

..................................................................

$6.56

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

................................

$6.82

#### Class

#### A1:
Net

assets,

at

value

.......................................................................

$6,321,893,800

Shares

outstanding

........................................................................

965,793,941

Net

asset

value

per

share

a

,b

..................................................................

$6.55

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

................................

$6.81

#### Class

#### C:
Net

assets,

at

value

.......................................................................

$263,321,287

Shares

outstanding

........................................................................

40,306,316

Net

asset

value

and

maximum

offering

price

per

share

a

,b

............................................

$6.53

#### Class

#### R6:
Net

assets,

at

value

.......................................................................

$370,437,137

Shares

outstanding

........................................................................

56,666,017

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$6.54

#### Advisor

#### Class:
Net

assets,

at

value

.......................................................................

$2,896,063,620

Shares

outstanding

........................................................................

443,195,121

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$6.53

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

six

months

ended

August

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### California

#### Tax-

#### Free

#### Income

#### Fund
Investment

income:

Interest:

Unaffiliated

issuers

........................................................................

$286,457,043

Expenses:

Management

fees

(Note

a)

...................................................................

28,015,079

Distribution

fees:

(Note

3c)

Class

A

................................................................................

3,461,544

Class

A1

...............................................................................

3,238,603

Class

C

................................................................................

954,730

Transfer

agent

fees:

(Note

3e)

Class

A

................................................................................

747,336

Class

A1

...............................................................................

1,783,717

Class

C

................................................................................

79,283

Class

R6

...............................................................................

26,407

Advisor

Class

............................................................................

714,251

Custodian

fees

(Note

4)

......................................................................

37,973

Reports

to

shareholders

fees

..................................................................

83,009

Registration

and

filing

fees

....................................................................

23,071

Professional

fees

...........................................................................

152,417

Trustees'

fees

and

expenses

..................................................................

78,784

Other

....................................................................................

414,343

Total

expenses

.........................................................................

39,810,547

Net

investment

income

................................................................

246,646,496

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

(26,050,386)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

(559,119,327)

Net

realized

and

unrealized

gain

(loss)

............................................................

(585,169,713)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$(338,523,217)

Franklin

California

Tax-Free

Income

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### California

#### Tax-Free

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$246,646,496

$478,165,560

Net

realized

gain

(loss)

.................................................

(26,050,386)

(52,075,399)

Net

change

in

unrealized

appreciation

(depreciation)

...........................

(559,119,327)

(23,108,760)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(338,523,217)

402,981,401

Distributions

to

shareholders:

Class

A

.............................................................

(51,052,902)

(93,221,630)

Class

A1

............................................................

(126,966,067)

(262,375,944)

Class

C

.............................................................

(4,836,800)

(10,818,814)

Class

R6

............................................................

(7,345,178)

(12,919,299)

Advisor

Class

........................................................

(52,361,339)

(91,934,360)

Total

distributions

to

shareholders

..........................................

(242,562,286)

(471,270,047)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

4,293,554

314,261,887

Class

A1

............................................................

(357,049,671)

(617,006,575)

Class

C

.............................................................

(46,729,039)

(69,301,820)

Class

R6

............................................................

6,970,492

65,742,344

Advisor

Class

........................................................

401,895,599

197,113,306

Total

capital

share

transactions

............................................

9,380,935

(109,190,858)

Net

increase

(decrease)

in

net

assets

...................................

(571,704,568)

(177,479,504)

Net

assets:

Beginning

of

period

.....................................................

13,154,370,486

13,331,849,990

End

of

period

..........................................................

$12,582,665,918

$13,154,370,486

Franklin

California

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

California

Tax-Free

Income

Fund (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company.

The Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

Fund

offers

five classes

of

shares:

Class

A,

Class

A1,

Class

C,

Class

R6

and

Advisor

Class.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

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.

These

types

of

securities

may

be

considered

unfunded

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

and

the

Fund

may

be

obligated

to

perform

on

such

agreements

at

a

future

date.

Unfunded

commitments

are

marked

to

market

daily

and

any

unrealized

appreciation

or

depreciation

is

included

in

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations.

At

August

31,

2025,

unfunded

commitments

were

as

follows:

c. #### Income

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

August

31,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

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.

#### Borrower

#### Unfunded

#### Commitment

#### Franklin

#### California

#### Tax-Free

#### Income

#### Fund
Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

$9,260,673

B-2,

7.125%,

7/01/59

44,974,968

$54,235,641

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

b. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward

#### Commitment or

#### Delayed

#### Delivery

#### Basis
(continued)

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

August

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

47,168,744

$311,314,701

108,497,677

$747,163,818

Shares

issued

in

reinvestment

of

distributions

..........

7,040,676

46,451,195

12,449,826

85,467,488

Shares

redeemed

...............................

(53,592,950)

(353,472,342)

(75,533,750)

(518,369,419)

Net

increase

(decrease)

..........................

616,470

$4,293,554

45,413,753

$314,261,887

#### Class

#### A1

#### Shares:
Shares

sold

...................................

8,332,590

$54,978,223

23,074,570

$158,482,920

Shares

issued

in

reinvestment

of

distributions

..........

16,130,474

106,273,645

32,250,476

221,048,096

Shares

redeemed

...............................

(78,664,079)

(518,301,539)

(145,228,231)

(996,537,591)

Net

increase

(decrease)

..........................

(54,201,015)

$(357,049,671)

(89,903,185)

$(617,006,575)

#### Class

#### C

#### Shares:
Shares

sold

...................................

2,154,180

$14,168,648

7,085,082

$48,630,066

Shares

issued

in

reinvestment

of

distributions

..........

706,622

4,646,002

1,532,350

10,484,905

Shares

redeemed

a

..............................

(9,975,878)

(65,543,689)

(18,747,924)

(128,416,791)

Net

increase

(decrease)

..........................

(7,115,076)

$(46,729,039)

(10,130,492)

$(69,301,820)

#### Class

#### R6

#### Shares:
Shares

sold

...................................

13,630,212

$89,287,864

20,259,202

$138,862,484

Shares

issued

in

reinvestment

of

distributions

..........

1,019,487

6,706,661

1,839,250

12,591,170

Shares

redeemed

...............................

(13,548,038)

(89,024,033)

(12,510,954)

(85,711,310)

Net

increase

(decrease)

..........................

1,101,661

$6,970,492

9,587,498

$65,742,344

#### Advisor

#### Class

#### Shares:
Shares

sold

...................................

149,491,809

$979,909,005

107,532,859

$736,503,112

Shares

issued

in

reinvestment

of

distributions

..........

7,187,775

47,246,017

12,190,275

83,435,995

Shares

redeemed

...............................

(95,148,790)

(625,259,423)

(91,001,550)

(622,825,801)

Net

increase

(decrease)

..........................

61,530,794

$401,895,599

28,721,584

$197,113,306

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. 1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

based

on

the

month-end

net

assets

of

the

Fund

as

follows:

For

the

period

ended

August

31,

2025,

the

annualized

gross

effective

investment

management

fee

rate

was 0.442%

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:

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

Over

$15

billion,

up

to

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

up

to

and

including

$20

billion

0.360%

In

excess

of

$20

billion

Class

A

....................................................................................

0.25%

Class

A1

...................................................................................

0.10%

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

Fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

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

period

ended

August

31,

2025,

the Fund

paid

transfer

agent

fees

as

noted

in

the

Statement of

Operations,

of

which

$1,125,476

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

period

ended

August

31,

2025,

these

purchase

and

sale

transactions

aggregated

$222,960,000

and

$142,475,000,

respectively.

4. #### Expense

#### Offset

#### Arrangement
The Fund has

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

custodian

expenses.

During

the

period

ended

August

31,

2025,

there

were

no

credits

earned.

Class

C

....................................................................................

0.65%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..............................

$20,900

CDSC

retained

..............................................................................

$266,827

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

February

28,

2025,

the

capital

loss

carryforwards

were

as

follows:

At

August

31,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales

and

bond

discounts

and

premiums.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

August

31,

2025,

aggregated

$873,554,086 and

$879,863,106,

respectively.

7. #### Defaulted

#### Securities
The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

August

31,

2025,

the

aggregate

value

of

these

securities was

$11,551,356, 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.

8. #### Concentration

#### of

#### Risk
The

Fund

invests

a

large

percentage

of

its total

assets

in

obligations

of

issuers

within California

and

U.S.

territories.

Such

concentration

may

subject

the

Fund

to

risks

associated

with

industrial

or

regional

matters,

and

economic,

political

or

legal

developments

occurring

within California

and

U.S.

territories. Investments

in

these

securities

are

sensitive

to

interest

rate

changes

and

credit

risk

of

the

issuer

and

may

subject

the

Fund

to

increased

market

volatility.

The

market

for

these

investments

may

be

limited,

which

may

make

them

difficult

to

buy

or

sell.

9. #### 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

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$

610,562,240

Long

term

................................................................................

473,101,953

Total

capital

loss

carryforwards

...............................................................

$1,083,664,193

Cost

of

investments

..........................................................................

$12,435,187,249

Unrealized

appreciation

........................................................................

$638,118,572

Unrealized

depreciation

........................................................................

(601,551,221)

Net

unrealized

appreciation

(depreciation)

..........................................................

$36,567,351

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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

period

ended

August

31,

2025,

the Fund

did

not

use

the

Global

Credit

Facility.

10. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

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 August

31,

2025,

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 period.

11. #### Operating

#### Segments
The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

or

results

of

operations.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### California

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

.........................

$

—

$

—

$

—

b

$

—

Municipal

Bonds

.........................

—

12,356,852,817

—

12,356,852,817

Escrows

and

Litigation

Trusts

...............

—

—

1,041,783

1,041,783

Short

Term

Investments

...................

—

113,860,000

—

113,860,000

Total

Investments

in

Securities

...........

$—

$12,470,712,817

$1,041,783

$12,471,754,600

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$2,211,045

$2,211,045

Total

Other

Financial

Instruments

.........

$—

$—

$2,211,045

$2,211,045

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

financial

instruments

determined

to

have

no

value.

9. #### Credit

#### Facility
(continued)

Franklin

California

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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.

12. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Selected

#### Portfolio

#### 1915

#### Act
Improvement

Bond

Act

of

1915

#### 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

#### LOC
Letter

of

Credit

#### NATL
National

Reinsurance

Corp.

#### SPA
Standby

Purchase

Agreement

11. #### Operating

#### Segments
(continued)

Franklin

California

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

#### BOARD

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENTS
(unaudited)

#### FRANKLIN

#### CALIFORNIA

#### TAX-FREE

#### INCOME

#### FUND
(Fund)

At

an

in-person

meeting

held

on

April

15,

2025

(Meeting),

the

Board

of

Trustees

(Board)

of

the

Fund,

including

a

majority

of

the

trustees

who

are

not

"interested

persons"

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Fund

(Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

to

consider

the

renewal

of

the

Management

Agreement.

In

considering

the

continuance

of

the

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

Meeting.

On

several

occasions,

both

prior

to,

and

at

the

Meeting,

the

Independent

Trustees

met

with

senior

executives

of

Franklin

Resources,

Inc.

(FRI),

the

Manager's

parent,

to

discuss

management's

perspectives

on

and

ask

questions

regarding

the

performance

of

and

long-term

business

strategies

for

the

Municipal

and

Tax-Free

Funds,

including

on

topics

such

as

the

positioning

of

the

Municipal

and

Tax-Free

Funds

within

the

broader

Franklin

Templeton

product

offering

line

up,

management's

assessment

of

the

overall

performance

of

the

Municipal

and

Tax-Free

Funds

compared

to

other

similar

suites

of

funds

in

the

marketplace,

and

the

appropriateness

of

the

Broadridge

Performance

Universe

selected

for

each

Municipal

and

Tax-Free

Fund.

The

Board

further

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

the

Management

#### 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

Franklin

California

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

Agreement,

including,

but

not

limited

to:

(i) the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii) the

investment

performance

of

the

Fund;

(iii) the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Fund;

(iv) the

extent

to

which

economies

of

scale

are

realized

as

the

Fund

grows;

and

(v) whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

the

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

business

judgment,

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent

#### and

#### Quality

#### of

#### Services
The

Board

reviewed

the

information

it

received

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-

party

service

providers;

investment

performance

reports

and

related

financial

information

for

the

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management's

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Fund

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-party

servicing

arrangements.

The

Board

acknowledged

the

ongoing

integration

of

acquired

third-party

fund

families

into

the

FT

family

of

funds

and

management's

continued

development

of

strategies

to

address

evolving

changes

in

domestic

policy

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager's

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

continued

reassessment

of

the

fund

offerings

in

response

to

FT

acquisitions

and

the

market

environment,

as

well

as

its

evaluation

of

ways

to

incorporate

private

assets

into

more

traditional

investment

vehicles.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

its

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-day

tasks.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

#### Fund

#### Performance
The

Board

reviewed

and

considered

the

performance

results

of

the

Fund

over

various

time

periods

ended

December

31,

2024. The

Board

considered

the

performance

returns

for

the

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

the

Fund's

performance

results

is

below.

The

class

Broadridge

used

to

calculate

the

performance

(and

expense)

data

for

the

Fund

was

changed

from

Class

A1

to

Class

A

this

year.

Class

A1

was

historically

used

to

calculate

the

performance

data

as

the

class

has

a

longer

track

record

than

Class

A;

however,

Class

A

has

a

Rule

12b-1

fee

that

is

more

aligned

with

the

fee

charged

by

a

majority

of

the

Fund's

Performance

Universe

peers

and

is

available

for

new

investor

purchases,

unlike

Class

A1

which

is

only

available

to

existing

Class

A1

shareholders.

Franklin

California

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

California

municipal

debt

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

one-,

three-

and

five-year

periods

was

above

the

median

and

in

the

second

quintile

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-

and

three-year

periods

was

below

the

median

of

its

Performance

Universe,

but

for

the

five-year

period

was

above

the

median

of

its

Performance

Universe.

The

Board

further

noted

that

the

Fund's

annualized

total

return

for

the

three-year

period

was

in

the

third

quintile

and

only

one

basis

point

below

the

median

of

its

Performance

Universe.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

#### Comparative

#### Fees

#### and

#### Expenses
The

Board

reviewed

and

considered

information

regarding

the

Fund's

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

the

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund's

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A

shares

for

the

Fund

and

each

other

fund

in

its

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

The

Expense

Group

for

the

Fund

included

the

Fund

and

other

California

municipal

debt

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

above

the

medians

of

its

Expense

Group.

The

Board

further

noted

that

the

Management

Rate

was

2.1 basis

points

above

the

median

of

its

Expense

Group

and

the

actual

total

expense

ratio

was

within

one

basis

point

of

the

median

of

its

Expense

Group.

The

Board

also

noted

that

the

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

#### Profitability
The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

the

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT's

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2024,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Fund's

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

an

independent

registered

public

accounting

firm

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Fund's

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management's

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

the

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management's

outsourcing

of

certain

Franklin

California

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager,

but

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management's

expenditures

in

improving

shareholder

services

provided

to

the

Fund,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

the

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

#### Economies

#### of

#### Scale
The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

the

Fund

grows

larger

and

whether

the

Fund's

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

the

Fund's

shareholders

by

reducing

the

Fund's

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

the

Manager's

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

noted

that

the

Fund

had

experienced

a

significant

decrease

in

assets

and

would

not

be

expected

to

demonstrate

additional

economies

of

scale

in

the

near

term,

but

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

the

Manager

and

its

affiliates,

the

Fund's

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

#### Conclusion
Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuance

of

the

Management

Agreement

for

an

additional

one-year

period.

4312-SFSOI

10/25©

2025

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) Not applicable

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-efp18072_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-efp18072_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, there unto duly authorized.

---

| | |
|:---|:---|
| **Franklin California Tax-Free Income Fund** | **Franklin California Tax-Free Income Fund** |
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | October 29, 2025 |

---

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: | October 29, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | October 29, 2025 |

---

## 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: October 29, 2025 |
| /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: October 29, 2025 |
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## 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 **August 31, 2025** (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 –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **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: October 29, 2025 | Date: October 29, 2025 |

---

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.