NPORT-EX 2 FCTFIF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
1112-Q1PH
1
Schedule
of
Investments
(unaudited)
Franklin
California
Tax–Free
Income
Fund
2
Notes
to
Schedule
of
Investments
24
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited),
May
31,
2022
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.3%
California
96.6%
ABAG
Finance
Authority
for
Nonprofit
Corp.
,
Eskaton
Properties,
Inc.
Obligated
Group
,
Revenue
,
2013
,
Refunding
,
5
%
,
11/15/35
................................
$
10,000,000
$
10,101,556
Alameda
Corridor
Transportation
Authority
,
Revenue,
Sub.
Lien,
2004
A,
Refunding,
AMBAC
Insured,
Zero
Cpn.,
10/01/29
....
20,000,000
15,479,912
Revenue,
Sub.
Lien,
2004
A,
Refunding,
AMBAC
Insured,
Zero
Cpn.,
10/01/30
....
41,665,000
30,955,866
Alameda
Unified
School
District
,
GO
,
2015
A
,
5
%
,
8/01/39
.....................
18,000,000
19,314,671
Alhambra
City
Elementary
School
District
,
Alhambra
Unified
School
District
,
GO
,
2004
B
,
NATL
Insured
,
Zero
Cpn.,
9/01/27
...................................
3,035,000
2,613,440
Alisal
Union
School
District
,
GO,
2009
B,
AGMC
Insured,
Zero
Cpn.,
8/01/32
...........................
3,355,000
2,426,309
GO,
2009
B,
AGMC
Insured,
Zero
Cpn.,
8/01/33
...........................
3,610,000
2,508,899
GO,
2009
B,
AGMC
Insured,
Zero
Cpn.,
2/01/34
...........................
3,345,000
2,272,702
Alvord
Unified
School
District
,
GO,
2011
B,
AGMC
Insured,
Zero
Cpn.,
8/01/36
...........................
15,000,000
8,532,597
GO,
2011
B,
AGMC
Insured,
Zero
Cpn.,
8/01/46
...........................
42,500,000
47,912,294
GO,
A,
Pre-Refunded,
AGMC
Insured,
5%,
8/01/42
........................
34,690,000
36,059,145
Anaheim
Public
Financing
Authority
,
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/24
.........
26,855,000
25,466,744
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/26
.........
29,430,000
26,335,015
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/27
.........
22,860,000
19,797,117
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/28
.........
14,425,000
12,056,086
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/29
.........
24,810,000
20,008,650
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/32
.........
13,665,000
9,813,863
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/33
.........
37,070,000
25,572,602
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
Zero
Cpn.,
9/01/34
.........
24,970,000
16,530,407
City
of
Anaheim,
Revenue,
1997
C,
AGMC
Insured,
ETM,
Zero
Cpn.,
3/01/37
.....
15,080,000
9,465,574
Anaheim
Union
High
School
District
,
GO
,
2002
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/26
8,570,000
7,646,233
Antelope
Valley
Community
College
District
,
GO
,
2015
,
Pre-Refunded
,
5
%
,
8/01/39
..
11,750,000
12,697,432
Baldwin
Park
Unified
School
District
,
GO,
2013,
Pre-Refunded,
BAM
Insured,
5%,
8/01/43
.......................
5,000,000
5,194,384
GO,
2013,
Pre-Refunded,
BAM
Insured,
Zero
Cpn.,
8/01/48
..................
25,000,000
4,253,715
GO,
2013,
Pre-Refunded,
BAM
Insured,
Zero
Cpn.,
8/01/53
..................
60,000,000
6,946,362
Bay
Area
Toll
Authority
,
Revenue,
2013
S-4,
Pre-Refunded,
5%,
4/01/43
...........................
36,040,000
37,050,007
Revenue,
2013
S-4,
Pre-Refunded,
5.125%,
4/01/48
.......................
27,355,000
28,149,701
Revenue,
2013
S-4,
Pre-Refunded,
AGMC
Insured,
5.125%,
4/01/48
...........
20,000,000
20,597,888
Revenue,
2013
S-4,
Pre-Refunded,
5.25%,
4/01/53
........................
32,760,000
33,745,362
Revenue,
2017
F-1,
Pre-Refunded,
5%,
4/01/56
...........................
60,000,000
67,918,842
Revenue,
2017
S-7,
Refunding,
4%,
4/01/42
.............................
84,260,000
86,421,412
Revenue,
2017
S-7,
Refunding,
4%,
4/01/47
.............................
72,000,000
72,963,065
Revenue,
2019
S-8,
Pre-Refunded,
5%,
4/01/56
...........................
25,000,000
29,444,797
a
Revenue,
2021
A,
Refunding,
Mandatory
Put,
2%,
4/01/28
...................
12,000,000
11,364,398
Beaumont
Public
Improvement
Authority
,
City
of
Beaumont
Wastewater
,
Revenue
,
2018
A
,
AGMC
Insured
,
5
%
,
9/01/49
...................................
10,000,000
10,927,412
Beaumont
Unified
School
District
,
GO
,
2011
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/40
..
11,000,000
5,256,049
California
Affordable
Housing
Agency
,
Butte
County
Housing
Authority,
Revenue,
2020
A,
4%,
10/01/40
..............
1,580,000
1,637,693
Butte
County
Housing
Authority,
Revenue,
2020
A,
4%,
10/01/45
..............
1,930,000
1,970,442
Butte
County
Housing
Authority,
Revenue,
2020
A,
4%,
10/01/50
..............
1,855,000
1,894,331
California
Community
College
Financing
Authority
,
Revenue,
2001
A,
NATL
Insured,
5.125%,
4/01/31
.........................
880,000
890,709
NCCD-Orange
Coast
Properties
LLC,
Revenue,
2018,
5.25%,
5/01/53
..........
8,150,000
8,236,214
b
California
Community
Housing
Agency
,
Aster
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
2/01/56
..........
5,235,000
4,921,283
Brio
Apartments
&
Next
on
Lex
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
2/01/56
....................................................
26,515,000
24,926,038
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
b
California
Community
Housing
Agency,
(continued)
Exchange
at
Bayfront
Apartments,
Revenue,
Senior
Lien,
144A,
201
A-1
T,
4.25%,
2/01/38
........................................................
$
7,095,000
$
6,094,691
Exchange
at
Bayfront
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
2/01/57
........................................................
59,855,000
43,418,985
Fountains
at
Emerald
Park,
Revenue,
Junior
Lien,
144A,
2021
A-2,
4%,
8/01/46
...
20,450,000
16,935,013
Fountains
at
Emerald
Park,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
8/01/56
..
46,440,000
35,406,933
K
Street
Flats,
Revenue,
144A,
2021
A-1,
3%,
2/01/57
......................
47,500,000
34,784,763
Summit
at
Sausalito
Apartments,
Revenue,
144A,
2021
A-1,
3%,
2/01/57
........
16,260,000
12,372,408
c
Twin
Creek
Apartments,
Revenue,
144A,
2022
A-1,
4.5%,
8/01/52
.............
29,275,000
27,926,471
c
Twin
Creek
Apartments,
Revenue,
Senior
Lien,
144A,
2022
A-2,
Zero
Cpn.,
8/01/65
78,990,000
5,593,969
California
County
Tobacco
Securitization
Agency
,
Revenue,
2020
B-1,
Refunding,
5%,
6/01/49
.............................
1,000,000
1,057,346
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/49
.....................
3,525,000
3,536,982
Alameda
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2002,
5.875%,
6/01/35
........................................................
5,705,000
5,791,599
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/40
1,120,000
1,132,326
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/49
2,000,000
1,898,578
Gold
Country
Settlement
Funding
Corp.,
Revenue,
2020
B-1,
Refunding,
4%,
6/01/49
225,000
225,195
Kern
County
Tobacco
Funding
Corp.,
Revenue,
2014,
Refunding,
5%,
6/01/34
....
10,295,000
10,400,682
Kern
County
Tobacco
Funding
Corp.,
Revenue,
2014,
Refunding,
5%,
6/01/40
....
17,650,000
17,924,555
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/36
....................................................
470,000
478,796
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/38
....................................................
530,000
538,017
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/40
....................................................
625,000
631,878
Merced
County
Tobacco
Funding
Corp.,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/42
....................................................
100,000
100,749
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/35
..
350,000
357,202
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/36
..
600,000
611,256
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/37
..
530,000
539,317
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/38
..
790,000
801,950
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/39
..
620,000
628,315
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/40
..
830,000
839,134
Sonoma
County
Securitization
Corp.,
Revenue,
2020
A,
Refunding,
4%,
6/01/49
..
3,520,000
3,341,497
Sonoma
County
Securitization
Corp.,
Revenue,
2020
B-1,
Refunding,
5%,
6/01/49
.
1,200,000
1,272,412
Stanislaus
County
Tobacco
Funding
Corp.,
Revenue,
2002
A,
5.875%,
6/01/43
...
6,575,000
6,578,803
California
Educational
Facilities
Authority
,
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/40
................
1,295,000
1,291,551
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/41
................
1,345,000
1,335,777
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/42
................
1,400,000
1,384,822
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/46
................
3,000,000
2,912,878
Art
Center
College
of
Design,
Revenue,
2022
A,
4%,
12/01/50
................
2,675,000
2,568,821
Art
Center
College
of
Design,
Revenue,
2022
A,
3%,
12/01/51
................
650,000
489,564
Chapman
University,
Revenue,
2015,
5%,
4/01/45
.........................
10,000,000
10,588,172
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/27
...............
475,000
527,992
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/28
...............
395,000
445,135
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/29
...............
400,000
455,369
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/30
...............
425,000
489,379
Chapman
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/31
...............
475,000
552,789
Loma
Linda
University,
Revenue,
2017
A,
Refunding,
5%,
4/01/47
.............
11,000,000
11,871,964
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/26
7,620,000
6,793,515
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/27
7,365,000
6,350,463
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/28
4,120,000
3,427,540
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/30
5,685,000
4,393,203
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/31
7,615,000
5,654,518
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Educational
Facilities
Authority,
(continued)
Loyola
Marymount
University,
Revenue,
2001
A,
NATL
Insured,
Zero
Cpn.,
10/01/32
$
7,615,000
$
5,425,074
Santa
Clara
University,
Revenue,
1999,
AMBAC
Insured,
Zero
Cpn.,
9/01/26
.....
3,655,000
3,102,083
Santa
Clara
University,
Revenue,
2015,
Refunding,
5%,
4/01/45
...............
15,495,000
16,441,117
University
of
San
Francisco,
Revenue,
2018
A,
5%,
10/01/48
.................
10,000,000
10,841,264
University
of
San
Francisco,
Revenue,
2018
A,
5%,
10/01/53
.................
10,000,000
10,752,485
California
Enterprise
Development
Authority
,
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/40
..
650,000
681,467
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/45
..
650,000
675,112
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/50
..
650,000
671,512
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/55
..
1,000,000
1,026,222
Provident
Group-SDSU
Properties
LLC,
Revenue,
First
Tier,
2020
A,
5%,
8/01/57
..
500,000
511,403
California
Health
Facilities
Financing
Authority
,
Revenue,
1992
A,
California
Mortgage
Insured,
6.5%,
12/01/22
...............
140,000
140,585
California-Nevada
Methodist
Homes,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
7/01/35
..............................................
1,000,000
1,058,014
Casa
Milagro
LLC,
Revenue,
2011
A,
California
Mortgage
Insured,
6.25%,
2/01/26
.
3,900,000
3,913,398
Children's
Hospital
Los
Angeles
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/15/42
........................................................
7,750,000
8,196,657
Children's
Hospital
Los
Angeles
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/15/47
........................................................
10,370,000
10,904,775
Children's
Hospital
of
Orange
County
Obligated
Group,
Revenue,
2021
B,
Refunding,
5%,
11/01/27
...................................................
1,000,000
1,126,411
Children's
Hospital
of
Orange
County
Obligated
Group,
Revenue,
2021
B,
Refunding,
5%,
11/01/29
...................................................
1,350,000
1,552,328
City
of
Hope
Obligated
Group,
Revenue,
2019,
5%,
11/15/49
.................
27,000,000
27,981,234
CommonSpirit
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/35
.
6,600,000
6,662,435
CommonSpirit
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/36
.
8,650,000
8,721,721
CommonSpirit
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/38
.
10,075,000
10,126,523
CommonSpirit
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
3%,
4/01/44
.
4,340,000
3,472,391
El
Camino
Hospital,
Revenue,
2017,
4.125%,
2/01/47
......................
11,000,000
11,060,190
El
Camino
Hospital,
Revenue,
2017,
5%,
2/01/47
..........................
12,500,000
13,314,112
Kaiser
Foundation
Hospitals,
Revenue,
2017
A-2,
4%,
11/01/38
...............
25,000,000
25,545,530
Kaiser
Foundation
Hospitals,
Revenue,
2017
A-2,
4%,
11/01/44
...............
385,000,000
389,158,885
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
Obligated
Group,
Revenue,
2012
A,
Refunding,
5%,
8/15/51
.....................................
39,455,000
39,762,638
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
Obligated
Group,
Revenue,
2016
B,
5%,
8/15/55
..............................................
12,960,000
13,709,473
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
Obligated
Group,
Revenue,
2017
A,
5%,
11/15/56
.............................................
22,000,000
23,370,277
Marshall
Medical
Center,
Revenue,
2020
A,
Refunding,
California
Mortgage
Insured,
4%,
11/01/40
...................................................
3,750,000
3,797,833
Marshall
Medical
Center,
Revenue,
2020
A,
Refunding,
California
Mortgage
Insured,
5%,
11/01/50
...................................................
25,065,000
27,481,336
On
Lok
Senior
Health
Services
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
8/01/40
........................................................
800,000
879,140
On
Lok
Senior
Health
Services
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
8/01/50
........................................................
1,625,000
1,761,719
On
Lok
Senior
Health
Services
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
8/01/55
........................................................
1,600,000
1,722,339
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2014
A,
5%,
10/01/38
..
5,110,000
5,286,496
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2014
A,
Pre-Refunded,
5%,
10/01/38
...................................................
3,890,000
4,161,200
Sequoia
Living,
Inc.,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
7/01/34
........................................................
1,000,000
1,075,723
Sequoia
Living,
Inc.,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
7/01/39
........................................................
1,450,000
1,559,568
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Health
Facilities
Financing
Authority,
(continued)
Sequoia
Living,
Inc.,
Revenue,
2015,
Refunding,
California
Mortgage
Insured,
5%,
7/01/44
........................................................
$
1,160,000
$
1,244,127
Sutter
Health
Obligated
Group,
Revenue,
2013
A,
Pre-Refunded,
5%,
8/15/52
....
89,990,000
93,604,178
Sutter
Health
Obligated
Group,
Revenue,
2015
A,
Pre-Refunded,
5%,
8/15/43
....
20,000,000
21,806,310
Sutter
Health
Obligated
Group,
Revenue,
2016
B,
5%,
11/15/46
...............
53,265,000
56,350,056
Sutter
Health
Obligated
Group,
Revenue,
2016
B,
Pre-Refunded,
5%,
11/15/46
...
36,705,000
41,133,682
Sutter
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
4%,
11/15/48
......
36,810,000
36,978,281
Sutter
Health
Obligated
Group,
Revenue,
2018
A,
4%,
11/15/42
...............
11,680,000
11,846,486
Sutter
Health
Obligated
Group,
Revenue,
2018
A,
5%,
11/15/48
...............
34,500,000
36,685,606
California
Housing
Finance
Agency
,
Revenue,
2019-1,
A,
4.25%,
1/15/35
...................................
48,211,304
48,822,527
Revenue,
2019-2,
A,
4%,
3/20/33
......................................
14,654,050
14,666,181
Revenue,
2021-1,
A,
3.5%,
11/20/35
...................................
4,915,763
4,714,923
a,b
Shermanair
Apartments
Owner
LP,
Revenue,
144A,
2021
Q-1,
Mandatory
Put,
3%,
9/01/36
........................................................
22,535,000
19,854,346
b
Shermanair
Apartments
Owner
LP,
Revenue,
144A,
2021
Q-2,
5%,
9/01/36
......
1,940,000
1,720,670
California
Infrastructure
&
Economic
Development
Bank
,
Revenue,
2015
A,
Pre-Refunded,
5%,
10/01/40
...........................
4,015,000
4,403,917
Revenue,
2015
A,
Pre-Refunded,
5%,
10/01/43
...........................
1,900,000
2,084,045
Revenue,
2018,
5%,
10/01/48
........................................
10,000,000
11,087,097
Academy
of
Motion
Picture
Arts
and
Sciences
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
11/01/41
...........................................
8,000,000
8,331,026
Academy
of
Motion
Picture
Arts
and
Sciences
Obligated
Group,
Revenue,
2020
B,
Refunding,
5%,
11/01/29
...........................................
5,000,000
5,779,174
Broad
(The),
Revenue,
2021
A,
Refunding,
5%,
6/01/28
.....................
5,750,000
6,578,574
a
California
Academy
of
Sciences,
Revenue,
2018
B,
Refunding,
Mandatory
Put,
1.14%,
8/01/24
..................................................
26,900,000
26,660,493
California
State
Teachers'
Retirement
System,
Revenue,
2019,
5%,
8/01/44
......
2,120,000
2,313,270
California
State
Teachers'
Retirement
System,
Revenue,
2019,
5%,
8/01/49
......
36,180,000
39,308,300
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
B,
4%,
11/01/45
.......................................................
850,000
846,802
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
B,
4%,
11/01/50
.......................................................
860,000
845,433
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
B,
4%,
11/01/55
.......................................................
915,000
895,671
Los
Angeles
County
Museum
of
Natural
History
Foundation,
Revenue,
2020,
Refunding,
3%,
7/01/50
............................................
18,995,000
15,922,378
Los
Angeles
County
Museum
of
Natural
History
Foundation,
Revenue,
2020,
Refunding,
4%,
7/01/50
............................................
10,000,000
10,116,019
a
Museum
Associates,
Revenue,
2021
A,
Refunding,
Mandatory
Put,
1.2%,
6/01/28
.
15,000,000
13,285,749
State
of
California
Department
of
Transportation
Seismic
Surcharge,
Revenue,
First
Lien,
2003
A,
Pre-Refunded,
FGIC
Insured,
5%,
7/01/29
...................
50,985,000
57,573,939
State
of
California
Department
of
Transportation
Seismic
Surcharge,
Revenue,
First
Lien,
2003
A,
Pre-Refunded,
AMBAC
Insured,
5%,
7/01/33
.................
13,460,000
15,460,684
California
Municipal
Finance
Authority
,
Revenue,
2022
A-1,
4.25%,
12/01/37
...................................
81,985,000
73,686,019
Revenue,
Senior
Lien,
2017
A,
Refunding,
4%,
8/15/52
.....................
27,350,000
26,071,724
1717
University
Associates
LLC,
Revenue,
2020
A,
4.5%,
6/01/52
.............
11,413,000
10,819,511
1717
University
Associates
LLC,
Revenue,
2020
A-T,
5.25%,
6/01/52
...........
3,407,000
3,242,832
California
Institute
of
the
Arts,
Revenue,
2021,
4%,
10/01/51
.................
2,355,000
2,378,696
b
Century
CityView
LP,
Revenue,
144A,
2021
A,
4%,
11/01/36
..................
5,000,000
4,621,521
Channing
House,
Revenue,
2017
B,
California
Mortgage
Insured,
5%,
5/15/47
....
10,000,000
10,777,943
CHF-Davis
I
LLC,
Revenue,
2018,
5%,
5/15/51
...........................
10,000,000
10,277,103
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/24
................
500,000
524,222
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/25
................
400,000
423,650
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/26
................
400,000
429,685
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Municipal
Finance
Authority,
(continued)
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/27
................
$
500,000
$
543,080
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/28
................
400,000
437,591
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/29
................
600,000
660,934
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
5%,
5/15/30
................
700,000
775,019
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2015
A,
Pre-
Refunded,
5%,
2/01/46
............................................
15,000,000
16,172,248
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/42
............................................
5,500,000
5,823,124
Community
Hospitals
of
Central
California
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/01/47
............................................
20,750,000
21,854,626
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/37
....................
1,040,000
1,063,670
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/38
....................
1,000,000
1,022,387
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/39
....................
1,100,000
1,124,194
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/40
....................
1,175,000
1,201,506
Concordia
University
Irvine,
Revenue,
2021,
4%,
1/01/41
....................
1,280,000
1,307,866
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/42
....
450,000
416,704
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/52
....
1,000,000
890,199
Congregational
Homes,
Inc.
Obligated
Group,
Revenue,
2022
A,
4%,
11/15/56
....
1,100,000
955,738
Eisenhower
Medical
Center,
Revenue,
2017
A,
Refunding,
5%,
7/01/42
.........
5,100,000
5,268,594
Eisenhower
Medical
Center,
Revenue,
2017
A,
Refunding,
5%,
7/01/47
.........
4,000,000
4,109,126
b
IH
Lakes
Concord
LLC,
Revenue,
144A,
2022
A,
4.375%,
12/01/32
............
22,510,000
21,551,038
Inland
Christian
Home,
Inc.,
Revenue,
2020,
California
Mortgage
Insured,
4%,
12/01/49
.......................................................
2,670,000
2,714,633
Inland
Counties
Regional
Center,
Inc.,
Revenue,
2015,
Refunding,
5%,
6/15/45
...
23,300,000
24,772,758
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/37
8,500,000
8,955,350
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/38
5,000,000
5,260,952
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/43
17,400,000
18,185,803
LAX
Integrated
Express
Solutions
LLC,
Revenue,
Senior
Lien,
2018
A,
5%,
12/31/47
61,850,000
64,329,202
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5.25%,
11/01/41
..
5,500,000
5,766,115
Northbay
Healthcare
Group
Obligated
Group,
Revenue,
2017
A,
5%,
11/01/47
....
8,650,000
8,927,899
Northern
California
Retired
Officers
Community,
Revenue,
2019
A,
California
Mortgage
Insured,
5%,
1/01/43
......................................
10,000,000
10,969,519
Northern
California
Retired
Officers
Community,
Revenue,
2019
A,
California
Mortgage
Insured,
5%,
1/01/49
......................................
18,990,000
20,722,424
South
Central
Los
Angeles
Regional
Center
for
Developmentally
Disabled
Persons,
Revenue,
2013,
5.75%,
12/01/43
....................................
33,895,000
35,012,549
University
of
La
Verne,
Revenue,
2017
A,
Refunding,
4%,
6/01/47
.............
10,500,000
10,550,005
California
Pollution
Control
Financing
Authority
,
b
San
Diego
County
Water
Authority,
Revenue,
144A,
2019,
Refunding,
5%,
7/01/39
.
7,250,000
7,700,070
b
San
Diego
County
Water
Authority,
Revenue,
144A,
2019,
Refunding,
5%,
11/21/45
1,905,000
2,000,705
San
Jose
Water
Co.,
Revenue,
2016,
4.75%,
11/01/46
......................
15,000,000
15,585,483
California
Public
School
District
Financing
Authority
,
Southern
Kern
Unified
School
District
,
Revenue
,
1996
B
,
AGMC
Insured
,
ETM,
5.9
%
,
9/01/26
...............
995,000
1,076,221
b
California
School
Finance
Authority
,
c
Revenue,
144A,
2022
A,
5%,
10/01/42
..................................
1,325,000
1,377,831
c
Revenue,
144A,
2022
A,
5%,
10/01/52
..................................
2,265,000
2,329,427
c
Revenue,
144A,
2022
A,
5%,
10/01/61
..................................
3,905,000
3,965,156
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
2.125%,
8/01/31
.
500,000
426,109
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
8/01/36
....
325,000
326,285
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
8/01/41
....
525,000
522,442
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
8/01/51
....
800,000
767,364
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2022
A,
5%,
8/01/42
....
1,000,000
1,061,159
Aspire
Public
Schools
Obligated
Group,
Revenue,
144A,
2022
A,
5%,
8/01/52
....
1,875,000
1,970,324
Granada
Hills
Charter
High
School
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
7/01/29
............................................
350,000
353,324
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
b
California
School
Finance
Authority,
(continued)
Granada
Hills
Charter
High
School
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
7/01/38
............................................
$
465,000
$
443,560
Granada
Hills
Charter
High
School
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
7/01/48
............................................
675,000
612,322
Kipp
SoCal
Public
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
4%,
7/01/40
800,000
790,324
California
State
Public
Works
Board
,
Revenue,
2012
G,
Refunding,
5%,
11/01/31
..............................
16,520,000
16,775,812
Revenue,
2013
I,
5%,
11/01/38
.......................................
40,000,000
41,615,200
Revenue,
2021
A,
Refunding,
5%,
2/01/24
...............................
5,440,000
5,728,730
Revenue,
2021
B,
5%,
5/01/30
........................................
1,250,000
1,471,644
State
of
California
Department
of
Corrections
&
Rehabilitation,
Revenue,
2019
C,
5%,
11/01/38
...................................................
5,000,000
5,727,090
California
State
University
,
Revenue,
2014
A,
Pre-Refunded,
5%,
11/01/39
...........................
1,530,000
1,638,183
Revenue,
2014
A,
Pre-Refunded,
5%,
11/01/39
...........................
21,470,000
23,040,730
Revenue,
2014
A,
Pre-Refunded,
5%,
11/01/44
...........................
30,045,000
32,243,071
Revenue,
2014
A,
Pre-Refunded,
5%,
11/01/44
...........................
2,300,000
2,462,628
Revenue,
2015
A,
Refunding,
5%,
11/01/43
..............................
11,000,000
11,799,432
a
Revenue,
2016
B-2,
Refunding,
Mandatory
Put,
0.55%,
11/01/26
..............
12,000,000
10,783,972
Revenue,
2017
A,
Refunding,
5%,
11/01/42
..............................
29,105,000
31,719,659
Revenue,
2017
A,
Refunding,
5%,
11/01/47
..............................
63,000,000
68,283,275
Revenue,
2018
A,
Refunding,
5%,
11/01/39
..............................
19,920,000
22,292,199
Revenue,
2018
A,
Refunding,
5%,
11/01/43
..............................
16,870,000
18,771,794
Revenue,
2018
A,
Refunding,
5%,
11/01/48
..............................
12,395,000
13,712,612
Revenue,
2018
A,
Refunding,
5%,
11/01/50
..............................
17,385,000
19,205,903
Revenue,
2019
A,
5%,
11/01/44
.......................................
13,540,000
15,253,995
Revenue,
2019
A,
5%,
11/01/51
.......................................
40,470,000
45,260,389
California
Statewide
Communities
Development
Authority
,
Revenue,
2004
A,
AGMC
Insured,
5.25%,
10/01/24
........................
170,000
170,560
Adventist
Health
System/West
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
3/01/35
........................................................
9,250,000
9,783,973
Adventist
Health
System/West
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
3/01/48
........................................................
67,585,000
72,071,786
Collis
P
and
Howard
Huntington
Memorial
Hospital
Obligated
Group,
Revenue,
2018,
5%,
7/01/48
....................................................
7,980,000
8,532,952
Henry
Mayo
Newhall
Hospital
Obligated
Group,
Revenue,
2014,
Pre-Refunded,
AGMC
Insured,
5.25%,
10/01/43
.....................................
3,000,000
3,222,601
Marin
General
Hospital
Obligated
Group,
Revenue,
2018
A,
5%,
8/01/34
........
1,225,000
1,312,449
Methodist
Hospital
of
Southern
California
Obligated
Group,
Revenue,
2018,
Refunding,
4%,
1/01/34
............................................
3,485,000
3,519,895
Poway
RHF
Housing,
Inc.,
Revenue,
2013
A,
California
Mortgage
Insured,
5.25%,
11/15/35
.......................................................
2,000,000
2,086,160
Redwoods
(The),
A
Community
of
Seniors,
Revenue,
2013,
Pre-Refunded,
California
Mortgage
Insured,
5.125%,
11/15/35
..................................
2,000,000
2,097,999
Redwoods
(The),
A
Community
of
Seniors,
Revenue,
2013,
Pre-Refunded,
California
Mortgage
Insured,
5.375%,
11/15/44
..................................
7,250,000
7,631,146
Carlsbad
Unified
School
District
,
GO,
2009
B,
Refunding,
6%,
5/01/34
...................................
14,000,000
15,062,355
GO,
2011
C,
Zero
Cpn.,
8/01/35
.......................................
33,000,000
36,320,014
GO,
B,
2%,
8/01/23
................................................
1,000,000
1,004,667
GO,
B,
2%,
8/01/24
................................................
1,000,000
1,000,273
Centinela
Valley
Union
High
School
District
,
GO,
2004
A,
Refunding,
NATL
Insured,
5.5%,
8/01/33
......................
15,630,000
18,134,018
GO,
2012
B,
Refunding,
AGMC
Insured,
5%,
8/01/50
.......................
3,850,000
3,874,066
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Cerritos
Public
Financing
Authority
,
Tax
Allocation
,
2002
A
,
AMBAC
Insured
,
5
%
,
11/01/22
........................................................
$
1,675,000
$
1,679,076
Chabot-Las
Positas
Community
College
District
,
GO,
B,
5%,
8/01/22
................................................
14,000,000
14,088,681
GO,
B,
5%,
8/01/23
................................................
14,400,000
14,961,528
GO,
B,
5%,
8/01/24
................................................
5,500,000
5,849,199
Chaffey
Joint
Union
High
School
District
,
GO
,
B
,
5
%
,
8/01/44
..................
27,500,000
29,046,617
Charter
Oak
Unified
School
District
,
GO
,
2015
A
,
Pre-Refunded
,
AGMC
Insured
,
5
%
,
8/01/40
.........................................................
5,000,000
5,441,472
Chico
Unified
School
District
,
GO
,
2012
A
,
Pre-Refunded
,
5
%
,
8/01/43
...........
8,000,000
8,315,744
Chino
Community
Facilities
District
,
City
of
Chino
Community
Facilities
District
No.
2003-3,
Special
Tax,
2021,
4%,
9/01/41
........................................................
1,710,000
1,660,405
City
of
Chino
Community
Facilities
District
No.
2003-3,
Special
Tax,
2021,
4%,
9/01/46
........................................................
1,000,000
946,284
City
of
Chino
Community
Facilities
District
No.
2003-3,
Special
Tax,
2021,
4%,
9/01/51
........................................................
1,250,000
1,169,315
Chino
Valley
Unified
School
District
,
GO,
2020
B,
3.375%,
8/01/50
.........................................
20,500,000
19,266,872
GO,
2020
B,
5%,
8/01/55
............................................
12,500,000
14,098,301
City
of
Corona
,
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1,
Special
Tax,
2020,
4%,
9/01/45
....................................................
650,000
624,741
Community
Facilities
District
No.
2018-1
Improvement
Area
No.
1,
Special
Tax,
2020,
4%,
9/01/50
....................................................
1,500,000
1,417,043
City
of
Fontana
,
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/45
...........
850,000
810,931
Community
Facilities
District
No.
85,
Special
Tax,
2020,
4%,
9/01/50
...........
900,000
846,038
Community
Facilities
District
No.
88,
Special
Tax,
2020,
4%,
9/01/45
...........
1,100,000
1,049,440
Community
Facilities
District
No.
88,
Special
Tax,
2020,
4%,
9/01/51
...........
1,545,000
1,447,691
Community
Facilities
District
No.
89,
Special
Tax,
2020,
4%,
9/01/40
...........
750,000
732,796
Community
Facilities
District
No.
89,
Special
Tax,
2020,
4%,
9/01/51
...........
1,500,000
1,405,525
Community
Facilities
District
No.
90,
Special
Tax,
2021,
4%,
9/01/41
...........
530,000
517,361
Community
Facilities
District
No.
90,
Special
Tax,
2021,
4%,
9/01/46
...........
475,000
451,534
Community
Facilities
District
No.
90,
Special
Tax,
2021,
4%,
9/01/51
...........
1,825,000
1,710,056
City
of
Irvine
,
Assessment
District
No.
21-1,
1915
Act,
Special
Assessment,
Refunding,
4%,
9/02/23
........................................................
1,630,000
1,676,298
Assessment
District
No.
21-1,
1915
Act,
Special
Assessment,
Refunding,
4%,
9/02/26
........................................................
1,245,000
1,305,767
Assessment
District
No.
21-1,
1915
Act,
Special
Assessment,
Refunding,
4%,
9/02/27
........................................................
1,500,000
1,581,186
City
of
Lincoln
,
Community
Facilities
District
No.
2006-1,
Special
Tax,
2021,
Refunding,
4%,
9/01/39
290,000
288,620
Community
Facilities
District
No.
2006-1,
Special
Tax,
2021,
Refunding,
4%,
9/01/40
160,000
157,333
Community
Facilities
District
No.
2006-1,
Special
Tax,
2021,
Refunding,
4%,
9/01/43
320,000
310,564
City
of
Long
Beach
,
Harbor,
Revenue,
2017
C,
Refunding,
5%,
5/15/47
.........................
15,660,000
16,901,030
Harbor,
Revenue,
2019
A,
5%,
5/15/44
..................................
23,750,000
26,416,030
City
of
Los
Angeles
,
Revenue,
1993-1,
Refunding,
NATL,
FHA
Insured,
6.5%,
7/01/22
..............
45,000
45,152
Department
of
Airports,
Revenue,
2015
D,
5%,
5/15/41
.....................
14,500,000
15,233,264
Department
of
Airports,
Revenue,
2016
B,
5%,
5/15/41
......................
12,500,000
13,171,614
Department
of
Airports,
Revenue,
2016
B,
5%,
5/15/46
......................
53,000,000
55,569,239
Department
of
Airports,
Revenue,
2017
A,
5%,
5/15/47
......................
55,350,000
58,618,733
Department
of
Airports,
Revenue,
2018
A,
5%,
5/15/44
......................
60,000,000
64,374,192
Department
of
Airports,
Revenue,
2018
A,
5.25%,
5/15/48
...................
10,000,000
10,817,961
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
City
of
Los
Angeles,
(continued)
Department
of
Airports,
Revenue,
2018
C,
5%,
5/15/37
.....................
$
9,550,000
$
10,285,883
Department
of
Airports,
Revenue,
2018
E,
Refunding,
5%,
5/15/43
.............
15,005,000
16,774,633
Department
of
Airports,
Revenue,
2018
E,
Refunding,
5%,
5/15/48
.............
33,145,000
36,824,599
Department
of
Airports,
Revenue,
2019
E,
5%,
5/15/44
......................
32,670,000
36,321,055
Department
of
Airports,
Revenue,
2019
E,
5%,
5/15/49
......................
52,405,000
57,966,570
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/35
.............
10,500,000
11,997,890
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/36
.............
11,000,000
12,555,806
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/38
.............
11,925,000
13,572,876
Department
of
Airports,
Revenue,
2020
A,
Refunding,
5%,
5/15/39
.............
15,265,000
17,346,715
Department
of
Airports,
Revenue,
Senior
Lien,
2020
C,
5%,
5/15/37
............
6,595,000
7,325,844
Wastewater
System,
Revenue,
2015
A,
5%,
6/01/44
........................
9,000,000
9,573,285
Wastewater
System,
Revenue,
2015
C,
Refunding,
5%,
6/01/45
...............
24,690,000
26,240,754
Wastewater
System,
Revenue,
2018
A,
5%,
6/01/48
........................
11,275,000
12,474,451
City
of
Menifee
,
Community
Facilities
District
No.
2019-1
Meadow
Run,
Special
Tax,
2022,
4%,
9/01/37
........................................................
320,000
320,038
Community
Facilities
District
No.
2019-1
Meadow
Run,
Special
Tax,
2022,
3%,
9/01/43
........................................................
135,000
104,174
Community
Facilities
District
No.
2019-1
Meadow
Run,
Special
Tax,
2022,
4%,
9/01/51
........................................................
565,000
529,414
City
of
Newport
Beach
,
Assessment
District
No.
113
,
1915
Act,
Special
Assessment
,
2021
A
,
2.25
%
,
9/02/41
.............................................
1,315,000
952,421
City
of
Ontario
,
Community
Facilities
District
No.
13,
Special
Tax,
2021,
Refunding,
4%,
9/01/38
...
400,000
390,034
Community
Facilities
District
No.
45,
Special
Tax,
2020,
4%,
9/01/43
...........
410,000
398,472
Community
Facilities
District
No.
45,
Special
Tax,
2020,
4%,
9/01/51
...........
1,565,000
1,473,812
Community
Facilities
District
No.
53,
Special
Tax,
2021,
4%,
9/01/36
...........
525,000
514,725
Community
Facilities
District
No.
53,
Special
Tax,
2021,
4%,
9/01/42
...........
650,000
613,807
City
of
Orange
,
Community
Facilities
District
No.
06-1
,
Special
Tax
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/40
.........................................
7,500,000
8,065,629
City
of
Pasadena
,
Electric
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
6/01/46
............
22,625,000
22,891,188
City
of
Perris
,
Revenue
,
1988
A
,
GNMA
Insured
,
ETM,
Zero
Cpn.,
6/01/23
.........
19,095,000
18,716,491
City
of
Riverside
,
Electric,
Revenue,
2013
A,
Refunding,
5%,
10/01/43
.......................
11,535,000
11,970,099
Sewer,
Revenue,
2015
A,
Refunding,
5%,
8/01/40
.........................
25,000,000
26,802,308
City
of
Roseville
,
Electric
System
,
COP
,
2004
,
AGMC
Insured
,
5
%
,
2/01/34
........
5,000
5,015
City
of
Sacramento
,
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/43
....................
6,035,000
6,643,919
Transient
Occupancy
Tax,
Revenue,
2018
A,
5%,
6/01/48
....................
19,830,000
21,723,232
Transient
Occupancy
Tax,
Revenue,
2018
C,
5%,
6/01/48
...................
9,415,000
10,313,879
Water,
Revenue,
2013,
Pre-Refunded,
5%,
9/01/38
........................
21,630,000
22,522,934
City
of
Santa
Paula
,
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A,
Special
Tax,
2022,
4%,
9/01/42
....................................................
575,000
556,451
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A,
Special
Tax,
2022,
4%,
9/01/47
....................................................
1,460,000
1,379,051
Harvest
Community
Facilities
District
No.
1
Improvement
Area
A,
Special
Tax,
2022,
4%,
9/01/52
....................................................
3,530,000
3,296,739
City
of
Santa
Rosa
,
Wastewater,
Revenue,
2020
A,
5%,
9/01/34
..............................
6,700,000
7,823,400
Wastewater,
Revenue,
2020
A,
5%,
9/01/35
..............................
3,100,000
3,605,008
City
of
Upland
,
San
Antonio
Regional
Hospital
Obligated
Group
,
COP
,
Refunding
,
5
%
,
1/01/47
.........................................................
14,400,000
15,154,462
City
of
Vernon
,
Electric
System,
Revenue,
2021
A,
5%,
10/01/27
..........................
2,500,000
2,729,086
Electric
System,
Revenue,
2021
A,
5%,
4/01/28
...........................
2,000,000
2,192,626
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
City
of
Vernon,
(continued)
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/35
..................
$
1,420,000
$
1,574,573
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/39
..................
425,000
464,339
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/40
..................
365,000
397,749
Electric
System,
Revenue,
2022
A,
Refunding,
5%,
8/01/41
..................
420,000
456,925
b
CMFA
Special
Finance
Agency
,
Revenue,
Senior
Lien,
144A,
2022
A-1,
4%,
8/01/58
........................
26,500,000
23,121,703
Latitude33,
Revenue,
144A,
2021
A-1,
3%,
12/01/56
.......................
9,000,000
6,412,183
Solana
at
Grand,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
8/01/56
..........
54,800,000
51,494,519
b
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-1
,
3
%
,
8/01/56
..............................................
94,250,000
71,858,387
b
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
8/01/56
.........................................
34,750,000
26,494,206
b
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
2/01/57
............................................
27,500,000
21,333,337
Coachella
Valley
Unified
School
District
,
GO,
C,
AGMC
Insured,
Zero
Cpn.,
8/01/36
...............................
8,000,000
4,608,824
GO,
C,
AGMC
Insured,
Zero
Cpn.,
8/01/37
...............................
8,000,000
4,395,945
GO,
C,
AGMC
Insured,
Zero
Cpn.,
8/01/40
...............................
7,500,000
3,531,075
GO,
C,
AGMC
Insured,
Zero
Cpn.,
8/01/43
...............................
10,000,000
3,986,999
Coalinga-Huron
Joint
Unified
School
District
,
GO
,
B
,
BAM
Insured
,
5
%
,
8/01/48
.....
13,210,000
14,309,563
Colton
Joint
Unified
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/42
.
16,365,000
7,268,346
Compton
Community
Redevelopment
Agency
,
Successor
Agency,
Tax
Allocation,
Second
Lien,
2010
B,
5.7%,
8/01/30
.........
10,000,000
10,018,489
Successor
Agency,
Tax
Allocation,
Second
Lien,
2010
B,
6%,
8/01/35
...........
11,160,000
11,182,963
Successor
Agency,
Tax
Allocation,
Second
Lien,
2010
B,
6%,
8/01/42
...........
10,000,000
10,019,304
Contra
Costa
Community
College
District
,
GO
,
2020
C
,
4
%
,
8/01/34
.............
1,375,000
1,474,409
Corona-Norco
Unified
School
District
,
GO,
1998
B,
AGMC
Insured,
Zero
Cpn.,
9/01/23
...........................
2,320,000
2,262,274
GO,
1998
B,
AGMC
Insured,
Zero
Cpn.,
9/01/24
...........................
2,620,000
2,484,009
GO,
1998
B,
AGMC
Insured,
Zero
Cpn.,
3/01/25
...........................
1,400,000
1,306,834
GO,
1998
C,
NATL
Insured,
Zero
Cpn.,
9/01/25
...........................
4,655,000
4,281,173
GO,
1998
C,
NATL
Insured,
Zero
Cpn.,
9/01/26
...........................
6,080,000
5,424,662
GO,
A,
Pre-Refunded,
5%,
8/01/44
.....................................
20,000,000
21,817,248
County
of
Madera
,
Childrens
Hospital
Central
California
Obligated
Group
,
COP
,
1998
,
NATL
Insured
,
5
%
,
3/15/23
...........................................
1,870,000
1,884,118
County
of
Riverside
,
Revenue,
1988
B,
GNMA
Insured,
ETM,
Zero
Cpn.,
6/01/23
..................
26,160,000
25,679,459
Community
Facilities
District
No.
07-2,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/45
........................................................
2,730,000
2,786,701
County
of
Sacramento
,
Airport
System,
Revenue,
2016
B,
Refunding,
5%,
7/01/41
...................
9,000,000
9,582,525
Airport
System,
Revenue,
Senior
Lien,
2016
A,
Refunding,
5%,
7/01/41
.........
10,000,000
10,647,250
Community
Facilities
District
No.
2014-2,
Special
Tax,
2021,
4%,
9/01/41
........
325,000
319,784
Community
Facilities
District
No.
2014-2,
Special
Tax,
2021,
4%,
9/01/46
........
325,000
312,249
b
CSCDA
Community
Improvement
Authority
,
1818
Platinum
Triangle-Anaheim,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3.35%,
4/01/47
........................................................
10,000,000
8,572,188
777
Place-Pomona,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3.6%,
5/01/47
.......
10,000,000
8,673,226
777
Place-Pomona,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3.25%,
5/01/57
......
12,500,000
9,598,761
Acacia
on
Santa
Rosa
Creek,
Revenue,
Senior
Lien,
144A,
2021
A,
4%,
10/01/56
.
13,000,000
12,214,168
Cameo/Garrison
Apartments,
Revenue,
144A,
2021
B,
4%,
3/01/57
............
12,000,000
9,391,483
Cameo/Garrison
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
2.8%,
3/01/47
21,900,000
17,586,830
Cameo/Garrison
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
3/01/57
.
7,430,000
5,651,682
Crescent
(The),
Revenue,
Senior
Lien,
144A,
2022
A-1,
3.25%,
7/01/43
.........
6,530,000
5,433,697
Crescent
(The),
Revenue,
Senior
Lien,
144A,
2022
A-2,
4.3%,
7/01/59
..........
18,250,000
16,705,190
Dublin,
Revenue,
144A,
2021
B,
4%,
2/01/57
.............................
16,110,000
12,508,137
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
b
CSCDA
Community
Improvement
Authority,
(continued)
Dublin,
Revenue,
Senior
Lien,
144A,
2021
A-1,
2.45%,
2/01/47
...............
$
41,700,000
$
33,489,929
Dublin,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
2/01/57
..................
45,500,000
34,621,437
Escondido
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
6/01/48
........
10,000,000
7,727,683
Jefferson
Platinum
Triangle
Apartments,
Revenue,
144A,
2021
A-1,
2.875%,
8/01/41
20,520,000
18,054,939
Jefferson
Platinum
Triangle
Apartments,
Revenue,
144A,
2021
A-2,
3.125%,
8/01/56
44,465,000
33,726,880
Monterey
Station
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
7/01/43
.
8,000,000
6,480,882
Park
Crossing
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A,
3.25%,
12/01/58
.
18,750,000
14,053,239
Pasadena
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-1,
2.65%,
12/01/46
.....
1,430,000
1,147,648
Pasadena
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
12/01/56
.......
39,820,000
30,320,776
Theo
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3.5%,
5/01/47
........
5,000,000
4,434,035
Towne
at
Glendale
Apartments,
Revenue,
144A,
2022
A,
Zero
Cpn.,
9/01/62
.....
53,000,000
31,129,767
Vineyard
Garden
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A,
3.25%,
10/01/58
14,000,000
10,342,951
Waterscape
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A,
3%,
9/01/56
......
5,000,000
3,810,821
Westgate
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
6/01/47
......
14,500,000
11,459,430
Wood
Creek
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
12/01/49
...
30,000,000
21,693,264
Wood
Creek
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-2,
4%,
12/01/58
...
25,000,000
21,380,670
Daly
City
Housing
Development
Finance
Agency
,
Franciscan
Park
LLC
,
Revenue
,
2007
A
,
Refunding
,
5
%
,
12/15/47
..........................................
17,870,000
17,881,471
Day
Creek
Square
Public
Facilities
,
Community
Facilities
District
No.
2018-1,
Special
Tax,
2020,
4%,
9/01/40
........
625,000
589,687
Community
Facilities
District
No.
2018-1,
Special
Tax,
2020,
4%,
9/01/45
........
700,000
642,186
Delano
Joint
Union
High
School
District
,
GO
,
2003
A
,
Refunding
,
NATL
Insured
,
5.15
%
,
2/01/32
.........................................................
8,520,000
9,664,681
East
Bay
Municipal
Utility
District
,
Water
System,
Revenue,
2014
A,
Refunding,
5%,
6/01/35
...................
10,000,000
10,566,791
Water
System,
Revenue,
2014
C,
5%,
6/01/44
............................
14,000,000
14,720,360
Water
System,
Revenue,
2015
A,
Refunding,
5%,
6/01/36
...................
7,355,000
7,922,415
Water
System,
Revenue,
2015
C,
4%,
6/01/45
............................
9,070,000
9,196,738
Water
System,
Revenue,
2019
A,
5%,
6/01/44
............................
4,000,000
4,534,758
Water
System,
Revenue,
2019
A,
5%,
6/01/49
............................
11,700,000
13,192,019
Eastern
Municipal
Water
District
,
Revenue,
2021
A,
Refunding,
4%,
7/01/26
...............................
2,250,000
2,404,243
Revenue,
2021
A,
Refunding,
4%,
7/01/27
...............................
1,750,000
1,891,727
a
Revenue,
2021
B,
Refunding,
Mandatory
Put,
0.89%,
7/01/24
................
7,500,000
7,427,621
Community
Facilities
District
No.
2017-79,
Special
Tax,
2021,
4%,
9/01/46
.......
2,815,000
2,667,827
Community
Facilities
District
No.
2017-79,
Special
Tax,
2021,
4%,
9/01/51
.......
3,405,000
3,195,882
Community
Facilities
District
No.
2019-83,
Special
Tax,
2022,
4%,
9/01/51
.......
2,790,000
2,614,277
Eastern
Municipal
Water
District
Financing
Authority
,
Revenue
,
2015
B
,
5
%
,
7/01/46
.
30,705,000
32,707,866
Elk
Grove
Finance
Authority
,
Special
Tax
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/38
1,500,000
1,612,574
Fairfax
School
District
,
GO
,
2010
,
AGMC
Insured
,
Zero
Cpn.,
11/01/48
...........
10,380,000
3,141,585
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
Revenue
,
2019-ML06
,
ACA
,
2.493
%
,
7/25/35
...................................................
1,044,410
936,935
Folsom
Cordova
Unified
School
District
School
Facilities
Improvement
Dist
No.
5
,
GO
,
C
,
4
%
,
10/01/43
...................................................
17,500,000
18,041,515
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue,
2013
A,
Refunding,
AGMC
Insured,
5%,
1/15/42
...................
10,000,000
10,413,779
Revenue,
2013
A,
Pre-Refunded,
6%,
1/15/49
............................
305,000,000
325,446,254
Revenue,
2013
A,
Pre-Refunded,
6%,
1/15/53
............................
190,000,000
202,737,011
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/31
..............
35,000,000
38,053,071
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/32
..............
37,260,000
40,689,314
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/37
..............
41,250,000
23,970,189
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/38
..............
77,650,000
43,178,152
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/39
..............
56,100,000
29,823,484
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/42
..........................
130,000,000
55,475,225
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/42
..........................
98,000,000
109,998,297
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/23
....................
5,765,000
5,717,511
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Foothill-Eastern
Transportation
Corridor
Agency,
(continued)
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/24
....................
$
72,045,000
$
70,010,507
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/25
....................
20,660,000
19,593,913
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/26
....................
23,475,000
21,726,418
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/27
....................
15,000,000
13,523,568
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/28
....................
2,000,000
1,733,581
Revenue,
Senior
Lien,
1995
A,
ETM,
Zero
Cpn.,
1/01/29
....................
35,310,000
29,664,814
Revenue,
Senior
Lien,
2021
A,
Refunding,
4%,
1/15/46
.....................
7,500,000
7,510,172
Fowler
Unified
School
District
,
GO,
2010
C,
AGMC
Insured,
Zero
Cpn.,
8/01/41
..........................
3,095,000
1,498,411
GO,
2010
C,
AGMC
Insured,
Zero
Cpn.,
8/01/42
..........................
3,005,000
1,390,488
Franklin-Mckinley
School
District
,
GO
,
C
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
8/01/44
.
5,000,000
5,197,340
Fremont
Union
High
School
District
,
GO
,
2021
A
,
2
%
,
8/01/23
..................
3,000,000
3,014,347
Fresno
Unified
School
District
,
GO
,
1999
C
,
Refunding
,
NATL
Insured
,
5.9
%
,
8/01/22
405,000
408,010
Fullerton
School
District
,
GO
,
2002
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/23
..........
3,030,000
2,960,526
Fullerton
School
District
Financing
Authority
,
Special
Tax,
Senior
Lien
,
2013
A
,
Pre-
Refunded
,
AGMC
Insured
,
5
%
,
9/01/31
.................................
2,500,000
2,601,623
Glendale
Community
College
District
,
GO
,
2003
C
,
NATL
Insured
,
Zero
Cpn.,
8/01/28
15,000,000
11,674,823
Glendora
Public
Finance
Authority
,
Glendora
Community
Redevelopment
Agency
,
Tax
Allocation
,
2003
A
,
NATL
Insured
,
5
%
,
9/01/24
............................
2,850,000
2,856,415
Golden
State
Tobacco
Securitization
Corp.
,
Revenue,
2015
A,
Pre-Refunded,
5%,
6/01/35
............................
25,000,000
27,201,355
Revenue,
2015
A,
Pre-Refunded,
5%,
6/01/40
............................
212,525,000
231,238,719
Revenue,
2015
A,
Pre-Refunded,
5%,
6/01/45
............................
308,395,000
335,550,475
Revenue,
2018
A-1,
Pre-Refunded,
5%,
6/01/35
...........................
28,340,000
32,904,514
Golden
Valley
Unified
School
District
Financing
Authority
,
Community
Facilities
District
No.
2017-1,
Revenue,
2021
A,
4%,
9/01/46
........
250,000
238,734
Community
Facilities
District
No.
2017-1,
Revenue,
2021
A,
4%,
9/01/51
........
500,000
470,079
Community
Facilities
District
No.
2017-1,
Revenue,
2021
A,
4%,
9/01/56
........
745,000
695,386
Grossmont
Union
High
School
District
,
GO
,
2004
,
AGMC
Insured
,
Zero
Cpn.,
8/01/24
5,110,000
4,841,854
Grossmont-Cuyamaca
Community
College
District
,
GO
,
2018
B
,
4
%
,
8/01/47
......
10,000,000
10,166,808
Hacienda
La
Puente
Unified
School
District
,
GO
,
2017
A
,
4
%
,
8/01/47
............
655,000
664,313
Hartnell
Community
College
District
,
GO
,
2009
C
,
Zero
Cpn.,
8/01/33
............
20,000,000
24,923,022
Hawthorne
School
District
,
GO
,
2008
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/48
.......
37,665,000
11,779,872
Huntington
Beach
City
School
District
,
GO
,
2003
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/28
10,005,000
8,059,872
Independent
Cities
Finance
Authority
,
Augusta
Communities
LLC,
Revenue,
2022
A,
Refunding,
5.25%,
5/15/56
.......
4,000,000
4,209,989
b
City
of
Compton
Sales
Tax,
Revenue,
144A,
2021,
AGMC
Insured,
4%,
6/01/36
...
700,000
722,532
b
City
of
Compton
Sales
Tax,
Revenue,
144A,
2021,
AGMC
Insured,
4%,
6/01/41
...
900,000
919,727
b
City
of
Compton
Sales
Tax,
Revenue,
144A,
2021,
AGMC
Insured,
4%,
6/01/46
...
925,000
946,018
b
City
of
Compton
Sales
Tax,
Revenue,
144A,
2021,
AGMC
Insured,
4%,
6/01/51
...
1,250,000
1,278,105
Millennium
Housing
LLC,
Revenue,
2021
A,
Refunding,
3%,
9/15/46
...........
1,000,000
805,121
Millennium
Housing
LLC,
Revenue,
2021
A,
Refunding,
3%,
9/15/56
...........
2,000,000
1,484,758
Irvine
Unified
School
District
,
Special
Tax,
2020
A,
4%,
9/01/40
......................................
2,960,000
2,952,044
Special
Tax,
2020
A,
4%,
9/01/44
......................................
6,250,000
6,134,900
Special
Tax,
2020
A,
BAM
Insured,
4%,
9/01/50
...........................
8,000,000
8,168,130
Special
Tax,
2020
A,
BAM
Insured,
4%,
9/01/54
...........................
12,285,000
12,529,645
Community
Facilities
District
No.
01-1,
Special
Tax,
2015,
Refunding,
BAM
Insured,
5%,
9/01/38
....................................................
7,000,000
7,451,494
Community
Facilities
District
No.
09-1,
Special
Tax,
2017
D,
5%,
3/01/57
........
10,000,000
10,489,359
Jefferson
Union
High
School
District
,
GO,
2000
A,
Refunding,
NATL
Insured,
6.45%,
8/01/25
.....................
2,045,000
2,189,926
GO,
2000
A,
Refunding,
NATL
Insured,
6.45%,
8/01/29
.....................
3,075,000
3,621,432
Jurupa
Community
Services
District
,
Community
Facilities
District
No.
52,
Special
Tax,
2021
A,
4%,
9/01/39
..........
135,000
134,357
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Jurupa
Community
Services
District,
(continued)
Community
Facilities
District
No.
52,
Special
Tax,
2021
A,
4%,
9/01/40
..........
$
140,000
$
136,614
Community
Facilities
District
No.
52,
Special
Tax,
2021
A,
4%,
9/01/50
..........
1,000,000
943,141
Community
Facilities
District
No.
54,
Special
Tax,
2021
A,
4%,
9/01/46
..........
900,000
852,946
Community
Facilities
District
No.
54,
Special
Tax,
2021
A,
4%,
9/01/51
..........
875,000
819,890
Jurupa
Public
Financing
Authority
,
Special
Tax,
2013
A,
AGMC
Insured,
5.125%,
9/01/37
......................
4,000,000
4,160,135
Special
Tax,
2013
A,
AGMC
Insured,
5.25%,
9/01/42
.......................
3,250,000
3,386,738
Jurupa
Unified
School
District
,
GO
,
2015
A
,
Pre-Refunded
,
5
%
,
8/01/39
..........
10,165,000
11,088,616
La
Mirada
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2010
A
,
Refunding
,
AGMC
Insured
,
5
%
,
8/15/28
.................................
1,855,000
1,859,536
La
Palma
Community
Development
Commission
Successor
Agency
,
Tax
Allocation
,
1993
,
Refunding
,
6.1
%
,
6/01/22
.......................................
145,000
145,000
Lakeside
Union
School
District
,
GO
,
2010
B
,
Zero
Cpn.,
8/01/45
................
11,540,000
4,424,056
Lammersville
Joint
Unified
School
District
,
GO
,
2016
A
,
4
%
,
8/01/46
.............
41,340,000
41,843,534
Lancaster
School
District
,
GO,
1999,
NATL
Insured,
Zero
Cpn.,
8/01/25
.............................
5,495,000
5,040,090
GO,
1999,
NATL
Insured,
Zero
Cpn.,
7/01/26
.............................
5,965,000
5,313,919
Lassen
Municipal
Utility
District
,
COP
,
2021
,
4
%
,
5/01/51
......................
3,000,000
3,007,993
Lawndale
Redevelopment
Agency
,
Tax
Allocation,
2009,
AGMC
Insured,
5.5%,
8/01/39
........................
10,280,000
10,315,901
Tax
Allocation,
2009,
AGMC
Insured,
5.5%,
8/01/44
........................
6,085,000
6,106,250
Lemon
Grove
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/50
.....
20,990,000
6,472,010
Lodi
Unified
School
District
,
GO
,
2017
,
4
%
,
8/01/41
..........................
15,000,000
15,428,708
Long
Beach
Bond
Finance
Authority
,
Revenue,
2007
A,
5.5%,
11/15/28
.....................................
8,000,000
9,031,925
Revenue,
2007
A,
5%,
11/15/29
.......................................
17,465,000
19,322,340
Revenue,
2007
A,
5.5%,
11/15/30
.....................................
5,000,000
5,739,916
Revenue,
2007
A,
5%,
11/15/35
.......................................
69,855,000
79,335,455
Revenue,
2007
A,
5.5%,
11/15/37
.....................................
35,000,000
41,960,649
Los
Angeles
Community
College
District
,
GO
,
2016
,
Refunding
,
5
%
,
8/01/38
.......
10,000,000
10,948,094
Los
Angeles
County
Metropolitan
Transportation
Authority
,
Revenue,
2020
A,
Refunding,
5%,
6/01/35
...............................
18,960,000
22,090,232
Revenue,
2021
A,
5%,
6/01/25
........................................
10,000,000
10,865,313
Sales
Tax,
Revenue,
2016
A,
Refunding,
5%,
6/01/35
.......................
17,655,000
19,372,307
Sales
Tax,
Revenue,
2016
A,
Refunding,
5%,
6/01/37
.......................
10,970,000
11,994,918
Sales
Tax,
Revenue,
2016
A,
Refunding,
5%,
6/01/38
.......................
28,160,000
30,729,293
Sales
Tax,
Revenue,
2016
A,
Refunding,
5%,
6/01/39
.......................
10,000,000
10,894,401
Sales
Tax,
Revenue,
2019
A,
5%,
7/01/44
...............................
32,030,000
35,797,859
Sales
Tax,
Revenue,
2020
A,
Refunding,
5%,
6/01/36
.......................
11,990,000
13,916,384
Sales
Tax,
Revenue,
2020
A,
Refunding,
5%,
6/01/37
.......................
6,500,000
7,524,399
Sales
Tax,
Revenue,
2021
A,
5%,
6/01/22
...............................
7,000,000
7,000,000
Sales
Tax,
Revenue,
2021
A,
5%,
6/01/23
...............................
7,000,000
7,232,554
Sales
Tax,
Revenue,
2021
A,
5%,
6/01/24
...............................
5,500,000
5,833,965
Sales
Tax,
Revenue,
2021
A,
5%,
6/01/32
...............................
4,000,000
4,783,903
Los
Angeles
County
Sanitation
Districts
Financing
Authority
,
Revenue,
2016
A,
Refunding,
4%,
10/01/42
..............................
16,430,000
16,619,283
Revenue,
2022
A,
5%,
10/01/25
.......................................
6,830,000
7,480,025
Los
Angeles
Department
of
Water
&
Power
,
Revenue,
2020
B,
Refunding,
5%,
7/01/39
...............................
16,420,000
18,979,614
Revenue,
2020
B,
Refunding,
5%,
7/01/40
...............................
14,950,000
17,266,021
Revenue,
2020
B,
Refunding,
5%,
7/01/45
...............................
8,500,000
9,747,911
Revenue,
2020
B,
Refunding,
5%,
7/01/50
...............................
62,155,000
70,674,176
Revenue,
2021
C,
5%,
7/01/40
........................................
8,020,000
9,397,449
Power
System,
Revenue,
2014
B,
5%,
7/01/43
............................
62,000,000
64,513,145
Power
System,
Revenue,
2014
D,
5%,
7/01/44
............................
51,940,000
54,677,654
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Los
Angeles
Department
of
Water
&
Power,
(continued)
Power
System,
Revenue,
2014
E,
5%,
7/01/44
............................
$
34,000,000
$
35,792,072
Power
System,
Revenue,
2015
A,
Refunding,
5%,
7/01/35
...................
15,105,000
16,072,507
Power
System,
Revenue,
2015
A,
Refunding,
5%,
7/01/36
...................
17,795,000
18,916,423
Power
System,
Revenue,
2016
A,
Refunding,
5%,
7/01/46
...................
15,000,000
16,063,224
Power
System,
Revenue,
2016
B,
5%,
7/01/35
............................
11,995,000
13,040,195
Power
System,
Revenue,
2017
A,
5%,
7/01/42
............................
7,710,000
8,413,974
Power
System,
Revenue,
2017
A,
5%,
7/01/47
............................
16,000,000
17,363,784
Power
System,
Revenue,
2019
A,
5%,
7/01/45
............................
27,090,000
30,397,976
Power
System,
Revenue,
2019
A,
5%,
7/01/49
............................
9,185,000
10,263,786
Water
System,
Revenue,
2012
A,
5%,
7/01/43
............................
40,545,000
40,631,296
Water
System,
Revenue,
2012
A,
Refunding,
5%,
7/01/43
...................
40,550,000
40,677,380
Water
System,
Revenue,
2014
A,
5%,
7/01/44
............................
50,000,000
52,677,135
Water
System,
Revenue,
2016
A,
Refunding,
5%,
7/01/46
...................
62,660,000
67,189,710
Water
System,
Revenue,
2017
A,
Refunding,
5%,
7/01/44
...................
72,060,000
78,580,010
Water
System,
Revenue,
2018
A,
5%,
7/01/43
............................
13,805,000
15,325,288
Water
System,
Revenue,
2018
A,
5%,
7/01/48
............................
22,375,000
24,699,613
Water
System,
Revenue,
2018
B,
Refunding,
5%,
7/01/48
...................
10,000,000
11,123,974
Water
System,
Revenue,
2020
C,
Refunding,
5%,
7/01/37
...................
6,035,000
7,009,036
Water
System,
Revenue,
2020
C,
Refunding,
5%,
7/01/38
...................
20,350,000
23,594,433
Water
System,
Revenue,
2020
C,
Refunding,
5%,
7/01/39
...................
8,100,000
9,388,023
Los
Angeles
Unified
School
District
,
GO,
2017
A,
Refunding,
5%,
7/01/25
...................................
18,750,000
20,366,254
GO,
2020
A,
Refunding,
5%,
7/01/32
...................................
18,480,000
21,442,893
GO,
2020
A,
Refunding,
5%,
7/01/33
...................................
16,520,000
19,127,145
GO,
2020
C,
4%,
7/01/33
............................................
10,820,000
11,660,808
GO,
2020
C,
4%,
7/01/36
............................................
7,865,000
8,321,223
Los
Gatos-Saratoga
Joint
High
School
District
,
GO,
A,
4%,
8/01/39
................................................
10,635,000
10,800,403
GO,
A,
4%,
8/01/44
................................................
16,090,000
16,263,362
Los
Rios
Community
College
District
,
GO,
E,
3%,
8/01/23
................................................
10,560,000
10,731,764
GO,
E,
3%,
8/01/24
................................................
8,250,000
8,427,862
McFarland
Public
Financing
Authority
,
Revenue
,
2010
A
,
AGMC
Insured
,
5
%
,
10/01/40
5,115,000
5,130,562
Menifee
Union
School
District
,
Community
Facilities
District
No.
2011-1,
Special
Tax,
2021,
4%,
9/01/26
........
75,000
77,262
Community
Facilities
District
No.
2011-1,
Special
Tax,
2021,
4%,
9/01/27
........
140,000
144,065
Community
Facilities
District
No.
2011-1,
Special
Tax,
2021,
4%,
9/01/28
........
105,000
107,668
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5,
Special
Tax,
2021,
4%,
9/01/45
....................................................
875,000
833,546
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5,
Special
Tax,
2021,
4%,
9/01/51
....................................................
1,825,000
1,701,510
Community
Facilities
District
No.
2019-2,
Special
Tax,
2021,
4%,
9/01/35
........
200,000
200,669
Community
Facilities
District
No.
2019-2,
Special
Tax,
2021,
4%,
9/01/44
........
565,000
542,654
Community
Facilities
District
No.
2019-2,
Special
Tax,
2021,
4%,
9/01/51
........
675,000
632,486
Metropolitan
Water
District
of
Southern
California
,
Revenue,
2015
A,
5%,
7/01/40
........................................
10,000,000
10,701,193
a
Revenue,
2017
C,
Mandatory
Put,
0.93%,
5/21/24
.........................
13,000,000
12,968,983
a
Revenue,
2017
D,
Refunding,
Mandatory
Put,
0.93%,
5/21/24
................
10,000,000
9,976,166
a
Revenue,
2017
E,
Refunding,
Mandatory
Put,
0.93%,
5/21/24
................
13,000,000
12,969,016
Revenue,
2020
A,
5%,
10/01/45
.......................................
16,665,000
18,954,884
Revenue,
2021
B,
Refunding,
4%,
10/01/24
..............................
4,070,000
4,254,802
Revenue,
2021
B,
Refunding,
4%,
10/01/25
..............................
2,000,000
2,122,274
Middle
Fork
Project
Finance
Authority
,
Revenue,
2020,
Refunding,
5%,
4/01/27
.................................
3,000,000
3,297,415
Revenue,
2020,
Refunding,
5%,
4/01/31
.................................
3,895,000
4,381,260
Revenue,
2020,
Refunding,
5%,
4/01/36
.................................
7,330,000
8,137,686
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Midpeninsula
Regional
Open
Space
District
,
GO
,
2018
,
4
%
,
9/01/48
.............
$
11,220,000
$
11,433,475
Milpitas
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
1997
,
NATL
Insured
,
ETM,
5.5
%
,
1/15/24
.........................................
3,830,000
3,981,875
Modesto
High
School
District
,
GO,
2002
A,
NATL
Insured,
Zero
Cpn.,
8/01/23
...........................
10,815,000
10,570,678
GO,
2002
A,
NATL
Insured,
Zero
Cpn.,
5/01/27
...........................
12,770,000
11,173,476
Monterey
Peninsula
Unified
School
District
,
GO
,
2016
C
,
Refunding
,
5
%
,
8/01/41
...
11,190,000
12,177,822
Moorpark
Unified
School
District
,
GO
,
2009
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/32
...
5,870,000
4,152,784
Moreno
Valley
Unified
School
District
,
GO,
2004
A,
AGMC
Insured,
ETM,
Zero
Cpn.,
8/01/27
......................
6,315,000
5,577,077
GO,
2004
A,
AGMC
Insured,
ETM,
Zero
Cpn.,
8/01/28
......................
6,625,000
5,671,638
GO,
A,
Pre-Refunded,
AGMC
Insured,
5%,
8/01/44
........................
29,220,000
31,922,008
Mount
Diablo
Unified
School
District
,
GO,
2022
B,
Refunding,
4%,
8/01/25
...................................
3,100,000
3,282,247
GO,
B,
4%,
8/01/24
................................................
1,425,000
1,486,680
Mount
San
Antonio
Community
College
District
,
GO
,
2013
A
,
Zero
Cpn.,
8/01/43
....
55,000,000
55,628,326
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.5
%
,
11/01/39
....................
25,000,000
32,021,228
M-S-R
Public
Power
Agency
,
Revenue
,
E
,
NATL
Insured
,
ETM,
6
%
,
7/01/22
.......
1,925,000
1,932,615
Murrieta
Valley
Unified
School
District
,
Community
Facilities
District
No.
2018-1,
Special
Tax,
2021,
4%,
9/01/24
........
60,000
61,363
Community
Facilities
District
No.
2018-1,
Special
Tax,
2021,
4%,
9/01/29
........
75,000
76,703
Community
Facilities
District
No.
2018-1,
Special
Tax,
2021,
4%,
9/01/35
........
120,000
120,402
Community
Facilities
District
No.
2018-1,
Special
Tax,
2021,
4%,
9/01/44
........
500,000
479,531
Community
Facilities
District
No.
2018-1,
Special
Tax,
2021,
4%,
9/01/51
........
1,000,000
940,157
Needles
Public
Financing
Authority
,
Revenue
,
1992
A
,
7.5
%
,
8/15/22
.............
150,000
150,441
Newport
Mesa
Unified
School
District
,
GO
,
2011
,
6.3
%
,
8/01/42
................
20,000,000
25,532,122
Norman
Y
Mineta
San
Jose
International
Airport
SJC
,
Revenue,
2017
A,
Refunding,
5%,
3/01/41
...............................
10,000,000
10,586,932
Revenue,
2017
A,
Refunding,
5%,
3/01/47
...............................
20,000,000
21,037,538
Revenue,
2017
B,
Refunding,
5%,
3/01/47
...............................
10,000,000
10,661,946
Revenue,
2021
A,
Refunding,
5%,
3/01/32
...............................
2,000,000
2,237,036
Revenue,
2021
A,
Refunding,
5%,
3/01/33
...............................
2,000,000
2,231,791
Revenue,
2021
B,
Refunding,
5%,
3/01/29
...............................
500,000
562,725
Revenue,
2021
B,
Refunding,
5%,
3/01/30
...............................
600,000
679,560
Revenue,
2021
B,
Refunding,
5%,
3/01/31
...............................
1,000,000
1,142,830
Revenue,
2021
B,
Refunding,
5%,
3/01/32
...............................
2,000,000
2,279,209
Revenue,
2021
B,
Refunding,
5%,
3/01/33
...............................
1,400,000
1,584,841
Oceanside
Unified
School
District
,
GO,
2010
B,
AGMC
Insured,
Zero
Cpn.,
8/01/38
...........................
10,590,000
6,167,357
GO,
2010
B,
AGMC
Insured,
Zero
Cpn.,
8/01/39
...........................
7,860,000
4,393,175
GO,
2015,
Refunding,
5%,
8/01/48
.....................................
12,000,000
12,793,568
Ontario
International
Airport
Authority
,
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/28
...........................
300,000
329,385
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/29
...........................
830,000
919,720
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/30
...........................
1,315,000
1,466,579
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/31
...........................
1,000,000
1,119,147
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/32
...........................
2,000,000
2,224,407
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/33
...........................
1,000,000
1,109,588
Revenue,
2021
B,
AGMC
Insured,
5%,
5/15/34
...........................
1,000,000
1,107,121
Ontario
Montclair
School
District
,
GO
,
2017
A
,
5
%
,
8/01/46
....................
11,765,000
12,834,897
Orange
County
Sanitation
District
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
2/01/36
......
8,350,000
8,856,388
Orange
County
Transportation
Authority
,
Revenue,
2021,
4%,
10/15/24
........................................
44,055,000
46,041,625
Revenue,
2021,
5%,
10/15/24
........................................
20,945,000
22,391,587
Orange
County
Water
District
,
COP,
2003
B,
NATL
Insured,
ETM,
5%,
8/15/28
...........................
13,740,000
15,324,042
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Orange
County
Water
District,
(continued)
COP,
2003
B,
NATL
Insured,
ETM,
5%,
8/15/34
...........................
$
3,305,000
$
3,914,951
COP,
2003
B,
Pre-Refunded,
NATL
Insured,
5%,
8/15/34
....................
4,140,000
5,031,838
Oxnard
School
District
,
GO
,
C
,
Pre-Refunded
,
BAM
Insured
,
4
%
,
8/01/44
.........
10,755,000
11,229,848
Palo
Alto
Unified
School
District
,
GO
,
2022
,
5
%
,
8/01/25
......................
10,975,000
11,989,870
Palomar
Community
College
District
,
GO,
2010
B,
Zero
Cpn.,
8/01/39
.......................................
69,410,000
77,106,618
GO,
C,
Pre-Refunded,
5%,
8/01/44
....................................
35,120,000
38,367,589
Palomar
Health
,
GO,
2009
A,
AGMC
Insured,
7%,
8/01/38
................................
36,000,000
43,281,126
GO,
2010
A,
6.75%,
8/01/40
..........................................
60,000,000
72,083,850
Palomar
Health
Obligated
Group,
Revenue,
2017,
Refunding,
AGMC
Insured,
5%,
11/01/47
.......................................................
35,000,000
37,400,090
Panoche
Financing
Authority
,
Panoche
Water
District,
Revenue,
2021
A,
4%,
9/01/43
.....................
1,120,000
1,127,619
Panoche
Water
District,
Revenue,
2021
A,
4%,
9/01/51
.....................
6,070,000
5,983,266
Panoche
Water
District,
Revenue,
2021
B,
0.932%,
9/01/22
..................
125,000
124,687
Panoche
Water
District,
Revenue,
2021
B,
1.182%,
9/01/23
..................
125,000
121,983
Panoche
Water
District,
Revenue,
2021
B,
1.408%,
9/01/24
..................
125,000
119,294
Panoche
Water
District,
Revenue,
2021
B,
1.553%,
9/01/25
..................
130,000
121,551
Panoche
Water
District,
Revenue,
2021
B,
2.006%,
9/01/27
..................
395,000
358,793
Panoche
Water
District,
Revenue,
2021
B,
2.456%,
9/01/29
..................
415,000
371,153
Panoche
Water
District,
Revenue,
2021
B,
2.756%,
9/01/31
..................
435,000
384,613
Panoche
Water
District,
Revenue,
2021
B,
3.106%,
9/01/35
..................
880,000
759,394
Panoche
Water
District,
Revenue,
2021
B,
3.571%,
9/01/40
..................
1,155,000
985,665
Paramount
Unified
School
District
,
GO,
2013,
Pre-Refunded,
BAM
Insured,
5%,
8/01/48
.......................
2,450,000
2,546,697
GO,
2013,
Pre-Refunded,
BAM
Insured,
Zero
Cpn.,
8/01/43
..................
32,000,000
8,158,448
GO,
2013,
Pre-Refunded,
BAM
Insured,
Zero
Cpn.,
8/01/48
..................
28,000,000
4,798,788
Patterson
Joint
Unified
School
District
,
GO,
2001
A,
NATL
Insured,
Zero
Cpn.,
8/01/22
...........................
1,900,000
1,895,467
GO,
2001
A,
NATL
Insured,
Zero
Cpn.,
8/01/23
...........................
1,985,000
1,938,816
GO,
2001
A,
NATL
Insured,
Zero
Cpn.,
8/01/24
...........................
2,075,000
1,970,322
GO,
2001
A,
NATL
Insured,
Zero
Cpn.,
8/01/25
...........................
2,170,000
2,000,321
GO,
2001
A,
NATL
Insured,
Zero
Cpn.,
8/01/26
...........................
2,265,000
2,025,841
Perris
Joint
Powers
Authority
,
Community
Facilities
District
No.
2018-1,
Special
Tax,
2020,
4%,
9/01/50
........
1,125,000
1,062,782
Facilities
District
No.
2007-2,
Special
Tax,
2021,
4%,
9/01/43
.................
1,445,000
1,390,592
Facilities
District
No.
2007-2,
Special
Tax,
2021,
4%,
9/01/48
.................
1,250,000
1,177,054
Perris
Union
High
School
District
,
COP,
2019,
Refunding,
BAM
Insured,
5%,
10/01/48
........................
10,000,000
11,142,720
GO,
2013
A,
Pre-Refunded,
AGMC
Insured,
5%,
9/01/42
....................
5,000,000
5,209,579
GO,
2019
A,
AGMC
Insured,
4%,
9/01/43
................................
5,540,000
5,733,317
Pittsburg
Unified
School
District
,
GO
,
2016
,
Refunding
,
4
%
,
8/01/44
.............
11,000,000
11,118,641
Placentia-Yorba
Linda
Unified
School
District
,
GO,
2008
D,
Zero
Cpn.,
8/01/43
.......................................
27,955,000
12,213,763
GO,
2008
D,
Zero
Cpn.,
8/01/46
.......................................
89,200,000
32,806,440
GO,
2008
D,
Zero
Cpn.,
8/01/49
.......................................
85,000,000
27,340,513
Port
of
Los
Angeles
,
Revenue
,
2014
B
,
Refunding
,
5
%
,
8/01/44
.................
10,300,000
10,803,869
Poway
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation,
2015
A,
Refunding,
5%,
12/15/31
..........................
10,180,000
12,153,779
Tax
Allocation,
2015
A,
Refunding,
5%,
12/15/32
..........................
11,215,000
13,545,046
Tax
Allocation,
2015
A,
Refunding,
5%,
6/15/33
...........................
5,835,000
7,082,169
Poway
Unified
School
District
,
Community
Facilities
District
No.
16,
Special
Tax,
2020,
AGMC
Insured,
4%,
9/01/50
7,500,000
7,609,610
Facilities
Improvement
District
No.
2007-1,
GO,
B,
Zero
Cpn.,
8/01/46
..........
45,000,000
16,416,459
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Regents
of
the
University
of
California
,
Medical
Center,
Revenue,
2013
J,
5%,
5/15/48
............................
$
75,000,000
$
76,694,565
Medical
Center,
Revenue,
2016
L,
Refunding,
5%,
5/15/47
...................
49,575,000
52,873,889
Medical
Center,
Revenue,
2022
P,
4%,
5/15/53
...........................
45,000,000
46,051,578
Rialto
Unified
School
District
,
GO
,
2011
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/41
......
27,000,000
31,848,563
Rio
Hondo
Community
College
District
,
GO
,
2010
C
,
Zero
Cpn.,
8/01/35
..........
10,000,000
6,478,975
Ripon
Unified
School
District
,
GO,
2013
A,
Pre-Refunded,
BAM
Insured,
5%,
8/01/42
.....................
705,000
732,825
GO,
2013
A,
Refunding,
BAM
Insured,
5%,
8/01/42
........................
2,315,000
2,399,810
Riverside
County
Asset
Leasing
Corp.
,
County
of
Riverside,
Revenue,
1997
A,
NATL
Insured,
Zero
Cpn.,
6/01/23
.......
14,160,000
13,868,359
County
of
Riverside,
Revenue,
1997
A,
NATL
Insured,
Zero
Cpn.,
6/01/24
.......
13,005,000
12,373,546
Riverside
County
Transportation
Commission
,
Sales
Tax
,
Revenue
,
2013
A
,
Pre-
Refunded
,
5.25
%
,
6/01/39
...........................................
11,000,000
11,394,760
RNR
School
Financing
Authority
,
Community
Facilities
District
No.
92-1
,
Special
Tax
,
2015
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/36
............................
11,145,000
12,006,691
Rocklin
Unified
School
District
,
GO,
2003,
NATL
Insured,
Zero
Cpn.,
8/01/25
.............................
8,160,000
7,550,202
GO,
2003,
NATL
Insured,
Zero
Cpn.,
8/01/26
.............................
8,695,000
7,808,927
GO,
2003,
NATL
Insured,
Zero
Cpn.,
8/01/27
.............................
9,080,000
7,901,288
GO,
2003,
NATL
Insured,
Zero
Cpn.,
8/01/28
.............................
16,615,000
13,958,371
Community
Facilities
District
No.
3,
Special
Tax,
2019,
BAM
Insured,
4%,
9/15/49
..
9,095,000
9,268,479
Rohnert
Park
Community
Development
Commission
Successor
Agency
,
Tax
Allocation
,
2007
R
,
NATL
Insured
,
ETM,
5
%
,
8/01/37
...............................
1,380,000
1,448,389
Romoland
School
District
,
Community
Facilities
District
No.
91-1,
Special
Tax,
2022,
3.75%,
9/01/42
........
1,695,000
1,542,827
Community
Facilities
District
No.
91-1,
Special
Tax,
2022,
4%,
9/01/46
..........
5,085,000
4,819,148
Roseville
Natural
Gas
Financing
Authority
,
Revenue
,
2007
,
5
%
,
2/15/26
..........
5,000,000
5,353,052
Sacramento
City
Unified
School
District
,
GO
,
2017
E
,
4
%
,
5/01/47
...............
20,000,000
20,199,926
Sacramento
County
Sanitation
Districts
Financing
Authority
,
Revenue,
2014
A,
Refunding,
5%,
12/01/44
..............................
25,000,000
26,211,375
Sacramento
Regional
County
Sanitation
District,
Revenue,
2021,
Refunding,
5%,
12/01/29
.......................................................
4,100,000
4,813,090
Sacramento
County
Water
Financing
Authority
,
Sacramento
County
Water
Agency
,
Revenue
,
2022
A
,
4
%
,
11/01/25
.......................................
32,260,000
34,071,047
Sacramento
Municipal
Utility
District
,
Revenue,
2019
G,
5%,
8/15/39
.......................................
3,135,000
3,580,141
Revenue,
2019
G,
5%,
8/15/41
.......................................
2,500,000
2,837,003
Revenue,
2021
I,
Refunding,
5%,
8/15/25
................................
2,000,000
2,175,292
Revenue,
2021
I,
Refunding,
5%,
8/15/26
................................
6,500,000
7,212,621
Revenue,
2021
I,
Refunding,
5%,
8/15/28
................................
4,000,000
4,591,103
San
Bernardino
Community
College
District
,
GO
,
2009
B
,
Zero
Cpn.,
8/01/48
......
66,390,000
23,763,218
San
Buenaventura
Public
Facilities
Financing
Authority
,
Revenue,
2014
C,
Pre-Refunded,
5%,
1/01/39
............................
8,500,000
8,936,166
Revenue,
2014
C,
Pre-Refunded,
5%,
1/01/44
............................
19,395,000
20,390,227
San
Diego
Community
College
District
,
GO
,
2009
B
,
Pre-Refunded
,
6
%
,
8/01/33
....
26,880,000
31,924,685
San
Diego
County
Regional
Airport
Authority
,
Revenue,
2017
A,
Refunding,
5%,
7/01/47
...............................
5,000,000
5,359,603
Revenue,
2019
A,
Refunding,
5%,
7/01/44
...............................
9,000,000
9,794,612
Revenue,
2019
B,
Refunding,
4%,
7/01/44
...............................
3,000,000
3,007,827
Revenue,
2021
B,
5%,
7/01/29
........................................
2,150,000
2,396,474
Revenue,
2021
B,
5%,
7/01/30
........................................
2,260,000
2,539,905
Special
Facilities,
Revenue,
2014
A,
5%,
7/01/44
..........................
5,645,000
5,849,309
San
Diego
County
Regional
Transportation
Commission
,
Revenue,
2014
A,
Pre-Refunded,
5%,
4/01/44
............................
54,915,000
58,065,885
Revenue,
2014
A,
Pre-Refunded,
5%,
4/01/48
............................
20,000,000
21,147,550
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
18
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
San
Diego
County
Regional
Transportation
Commission,
(continued)
Revenue,
2016
A,
5%,
4/01/48
........................................
$
25,000,000
$
27,053,853
San
Diego
County
Water
Authority
,
Revenue,
2021
A,
Refunding,
5%,
5/01/29
...............................
2,335,000
2,721,630
Revenue,
Sub.
Lien,
2021
S-1,
Refunding,
5%,
5/01/28
.....................
44,020,000
50,382,052
San
Diego
Unified
School
District
,
GO,
1999
A,
NATL
Insured,
Zero
Cpn.,
7/01/22
...........................
8,440,000
8,430,597
GO,
1999
A,
NATL
Insured,
Zero
Cpn.,
7/01/23
...........................
11,120,000
10,885,133
GO,
2009-1,
Pre-Refunded,
6%,
7/01/33
................................
104,505,000
113,254,315
GO,
2010
C,
Zero
Cpn.,
7/01/48
.......................................
29,840,000
26,788,350
GO,
2012
E,
Zero
Cpn.,
7/01/47
.......................................
74,270,000
56,472,836
GO,
2019
L,
4%,
7/01/49
............................................
30,000
30,428
GO,
F,
5%,
7/01/40
................................................
56,510,000
60,472,441
GO,
F,
5%,
7/01/45
................................................
34,370,000
36,643,373
GO,
G,
5%,
7/01/40
................................................
13,000,000
13,911,551
GO,
R-2,
Refunding,
Zero
Cpn.,
7/01/40
.................................
79,760,000
74,269,960
San
Francisco
Bay
Area
Rapid
Transit
District
,
GO,
2020
C-1,
4%,
8/01/34
..........................................
1,560,000
1,672,874
GO,
2022
D-1,
3%,
8/01/41
..........................................
23,605,000
22,247,014
GO,
2022
D-1,
3%,
8/01/42
..........................................
20,000,000
18,593,112
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue,
2016
B,
5%,
5/01/46
........................................
81,185,000
85,053,270
Revenue,
2016
C,
5%,
5/01/46
........................................
10,000,000
10,664,263
Revenue,
2019
A,
Refunding,
5%,
5/01/39
...............................
14,500,000
15,826,685
Revenue,
2019
A,
Refunding,
5%,
5/01/49
...............................
17,000,000
18,317,184
Revenue,
Second
Series,
2014
B,
5%,
5/01/44
............................
31,000,000
32,116,533
Revenue,
Second
Series,
2017
A,
5%,
5/01/42
............................
20,910,000
22,247,525
Revenue,
Second
Series,
2017
A,
5%,
5/01/47
............................
81,855,000
85,641,440
Revenue,
Second
Series,
2017
B,
5%,
5/01/47
............................
60,420,000
65,343,910
Revenue,
Second
Series,
2018,
5.25%,
5/01/48
...........................
120,000,000
129,756,456
Revenue,
Second
Series,
2018
D,
5%,
5/01/48
...........................
32,000,000
34,180,397
Revenue,
Second
Series,
2018
E,
5%,
5/01/48
............................
54,955,000
59,763,876
Revenue,
Second
Series,
2021
A,
Refunding,
5%,
5/01/36
...................
5,000,000
5,599,592
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation,
Third
Lien
,
2017
B
,
AGMC
Insured
,
5
%
,
8/01/46
..................
10,000,000
10,844,752
San
Francisco
Unified
School
District
,
GO
,
2022
C
,
5
%
,
6/15/35
................
6,640,000
7,652,481
San
Gabriel
Unified
School
District
,
GO,
2002
A,
AGMC
Insured,
Zero
Cpn.,
8/01/26
...........................
3,530,000
3,158,568
GO,
2002
A,
AGMC
Insured,
Zero
Cpn.,
2/01/27
...........................
1,850,000
1,628,710
San
Jacinto
Unified
School
District
,
Community
Facilities
District
No.
2003-1
,
Special
Tax
,
2022
,
4
%
,
9/01/50
.............................................
875,000
819,839
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue,
1997
A,
Refunding,
5.9%,
1/15/38
..............................
106,465,000
134,161,593
Revenue,
1997
A,
Refunding,
5.95%,
1/15/40
.............................
142,645,000
183,039,696
Revenue,
1997
A,
Refunding,
6%,
1/15/43
...............................
161,250,000
211,062,947
Revenue,
1997
A,
Refunding,
6%,
1/15/45
...............................
143,336,000
188,944,928
Revenue,
1997
A,
Refunding,
6%,
1/15/46
...............................
143,336,000
189,493,044
Revenue,
1997
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
1/15/26
...............
13,155,000
11,795,823
Revenue,
Senior
Lien,
1993,
ETM,
Zero
Cpn.,
1/01/25
......................
5,700,000
5,408,634
Revenue,
Senior
Lien,
1993,
ETM,
Zero
Cpn.,
1/01/28
......................
33,545,000
29,237,171
Revenue,
Senior
Lien,
1993,
ETM,
Zero
Cpn.,
1/01/29
......................
37,050,000
31,431,434
Revenue,
Senior
Lien,
2014
A,
Pre-Refunded,
5%,
1/15/50
...................
230,000,000
247,435,127
Revenue,
Senior
Lien,
2021
A,
Refunding,
AGMC
Insured,
4%,
1/15/44
.........
50,000,000
51,093,495
Revenue,
Senior
Lien,
2021
A,
Refunding,
4%,
1/15/44
.....................
73,148,000
73,570,035
Revenue,
Senior
Lien,
2021
A,
Refunding,
AGMC
Insured,
4%,
1/15/50
.........
50,000,000
50,671,550
Revenue,
Senior
Lien,
2021
A,
Refunding,
4%,
1/15/50
.....................
149,373,000
148,592,481
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
San
Jose
Unified
School
District
,
COP,
2002,
AGMC
Insured,
ETM,
Zero
Cpn.,
1/01/27
.......................
$
7,105,000
$
6,362,310
COP,
2002,
AGMC
Insured,
ETM,
Zero
Cpn.,
1/01/29
.......................
7,105,000
5,969,088
San
Juan
Unified
School
District
,
GO,
2003
B,
NATL
Insured,
Zero
Cpn.,
8/01/26
...........................
15,825,000
13,611,723
GO,
2003
B,
NATL
Insured,
Zero
Cpn.,
8/01/27
...........................
18,605,000
16,289,122
GO,
2003
B,
NATL
Insured,
Zero
Cpn.,
8/01/28
...........................
19,470,000
16,476,636
San
Luis
Obispo
County
Financing
Authority
,
Revenue
,
2015
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/37
...............................................
10,000,000
10,776,408
San
Marcos
Public
Financing
Authority
,
Revenue
,
1994
A
,
ETM,
6.25
%
,
9/02/22
....
15,000,000
15,186,477
San
Marino
Unified
School
District
,
GO
,
2000
A
,
NATL
Insured
,
Zero
Cpn.,
7/01/25
..
6,080,000
5,615,718
San
Mateo
Foster
City
Public
Financing
Authority
,
City
of
San
Mateo
Sewer,
Revenue,
2019,
5%,
8/01/49
.....................
20,000,000
22,330,682
Estero
Municipal
Improvement
District,
Revenue,
2021
A,
5%,
8/01/25
..........
14,485,000
15,777,878
San
Mateo
Union
High
School
District
,
COP,
2007,
Pre-Refunded,
AMBAC
Insured,
5%,
12/15/43
...................
11,535,000
12,373,387
GO,
2002
B,
NATL
Insured,
Zero
Cpn.,
9/01/22
...........................
5,000,000
4,986,410
San
Rafael
City
High
School
District
,
GO
,
2018
B
,
4
%
,
8/01/47
.................
17,060,000
17,344,574
Sanger
Public
Financing
Authority
,
Revenue,
2013,
Pre-Refunded,
AGMC
Insured,
5%,
6/15/35
.................
2,360,000
2,439,440
Revenue,
2013,
Pre-Refunded,
AGMC
Insured,
5%,
6/15/43
.................
6,155,000
6,362,183
Sanger
Unified
School
District
,
GO
,
A
,
BAM
Insured
,
4
%
,
8/01/41
...............
10,000,000
10,200,193
Santa
Ana
Unified
School
District
,
COP
,
1999
,
AGMC
Insured
,
Zero
Cpn.,
4/01/24
...
5,450,000
5,121,612
Santa
Cruz
County
Redevelopment
Successor
Agency
,
Tax
Allocation
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/35
.................................
20,000,000
21,513,238
Santa
Maria
Joint
Union
High
School
District
,
GO
,
2014
,
Pre-Refunded
,
4
%
,
8/01/37
.
14,230,000
14,873,717
Santa
Paula
Utility
Authority
,
Revenue,
2015
A,
Pre-Refunded,
5%,
2/01/45
............................
16,495,000
17,801,051
Revenue,
2015
A,
Pre-Refunded,
5%,
2/01/50
............................
21,050,000
22,716,710
Santaluz
Community
Facilities
District
No.
2
,
City
of
San
Diego
Community
Facilities
District
No.
2,
Special
Tax,
2021,
Refunding,
4%,
9/01/28
....................................................
880,000
941,553
City
of
San
Diego
Community
Facilities
District
No.
2,
Special
Tax,
2021,
Refunding,
4%,
9/01/29
....................................................
690,000
737,406
City
of
San
Diego
Community
Facilities
District
No.
2,
Special
Tax,
2021,
Refunding,
4%,
9/01/30
....................................................
430,000
459,448
School
Facilities
Financing
Authority
,
Twin
Rivers
Unified
School
District
,
Revenue
,
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/42
....................................
49,000,000
21,534,647
Semitropic
Improvement
District
of
the
Semitropic
Water
Storage
District
,
Revenue,
Second
Lien
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/45
...............
10,000,000
10,742,270
Southern
California
Public
Power
Authority
,
Revenue
,
2007
A
,
5
%
,
11/01/33
.......
17,500,000
19,630,300
Southern
Mono
Health
Care
District
,
GO,
A,
NATL
Insured,
Zero
Cpn.,
8/01/28
................................
2,340,000
1,908,240
GO,
A,
NATL
Insured,
Zero
Cpn.,
8/01/29
................................
2,440,000
1,911,822
GO,
A,
NATL
Insured,
Zero
Cpn.,
8/01/30
................................
2,550,000
1,916,447
GO,
A,
NATL
Insured,
Zero
Cpn.,
8/01/31
................................
2,660,000
1,912,965
Southwestern
Community
College
District
,
GO
,
D
,
Pre-Refunded
,
5
%
,
8/01/44
.....
10,000,000
10,924,712
State
of
California
,
GO,
5%,
10/01/22
.................................................
18,500,000
18,735,566
GO,
Refunding,
5%,
9/01/23
.........................................
15,000,000
15,640,156
GO,
Refunding,
4%,
10/01/23
.........................................
31,000,000
31,992,527
GO,
Refunding,
5%,
12/01/23
.........................................
5,000,000
5,249,516
GO,
6%,
5/01/24
..................................................
1,280,000
1,305,807
GO,
NATL
Insured,
6%,
8/01/24
.......................................
745,000
750,057
GO,
5.625%,
9/01/24
...............................................
255,000
257,345
GO,
Refunding,
4%,
10/01/24
.........................................
17,340,000
18,127,337
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
20
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
State
of
California,
(continued)
GO,
5%,
10/01/24
.................................................
$
3,500,000
$
3,745,668
GO,
4%,
12/01/24
.................................................
3,500,000
3,668,442
GO,
5%,
3/01/25
..................................................
10,000,000
10,805,427
GO,
AMBAC
Insured,
5.9%,
3/01/25
....................................
110,000
111,080
GO,
Refunding,
5%,
12/01/25
.........................................
23,000,000
25,295,803
GO,
Refunding,
5%,
9/01/26
.........................................
8,500,000
9,495,101
GO,
Refunding,
5%,
10/01/27
.........................................
10,000,000
11,395,498
GO,
Refunding,
5%,
10/01/28
.........................................
4,000,000
4,630,730
GO,
Refunding,
5%,
11/01/28
.........................................
10,000,000
11,592,565
GO,
Refunding,
5%,
12/01/28
.........................................
25,945,000
30,117,615
GO,
Refunding,
5%,
9/01/29
.........................................
4,000,000
4,690,812
GO,
Refunding,
5%,
11/01/29
.........................................
11,055,000
12,995,363
GO,
Refunding,
5%,
12/01/29
.........................................
3,015,000
3,548,415
GO,
Refunding,
5%,
11/01/30
.........................................
4,125,000
4,915,859
GO,
5%,
4/01/33
..................................................
5,000,000
5,771,583
GO,
Refunding,
5%,
3/01/35
.........................................
50,000,000
58,001,825
GO,
Refunding,
5%,
9/01/35
.........................................
9,000,000
9,910,200
GO,
Refunding,
4%,
10/01/37
.........................................
10,000,000
10,634,495
GO,
5%,
10/01/39
.................................................
15,000,000
16,270,774
GO,
5%,
4/01/43
..................................................
44,745,000
45,841,208
GO,
5%,
10/01/44
.................................................
25,000,000
26,390,810
GO,
5%,
8/01/45
..................................................
22,500,000
24,016,106
GO,
5%,
8/01/46
..................................................
20,000,000
21,594,050
GO,
5%,
10/01/47
.................................................
81,000,000
86,896,120
GO,
5%,
4/01/49
..................................................
5,000,000
5,574,610
GO,
1996,
FGIC
Insured,
5.375%,
6/01/26
...............................
1,335,000
1,360,108
GO,
1997,
NATL,
FGIC
Insured,
5.625%,
10/01/26
.........................
5,005,000
5,065,205
GO,
2004,
5.125%,
4/01/24
..........................................
5,000
5,016
GO,
2004,
5.2%,
4/01/26
............................................
20,000
20,054
GO,
2017,
Refunding,
5%,
11/01/25
....................................
6,500,000
7,134,832
GO,
2017,
5%,
11/01/47
.............................................
10,000,000
10,943,041
GO,
2022,
Refunding,
5%,
4/01/35
.....................................
12,985,000
14,713,170
Department
of
Water
Resources,
Revenue,
BD,
5%,
12/01/26
................
3,250,000
3,655,492
Department
of
Water
Resources,
Revenue,
BD,
5%,
12/01/27
................
8,240,000
9,442,845
Department
of
Water
Resources,
Revenue,
BD,
5%,
12/01/28
................
4,650,000
5,416,128
Sulphur
Springs
Union
School
District
,
COP,
2010,
AGMC
Insured,
6.5%,
12/01/37
..............................
6,175,000
7,004,114
COP,
2010,
AGMC
Insured,
ETM,
6.5%,
12/01/37
..........................
1,275,000
1,348,823
COP,
2010,
Pre-Refunded,
AGMC
Insured,
6.5%,
12/01/37
..................
5,215,000
5,981,234
Temescal
Valley
Water
District
,
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/36
................................................
930,000
931,864
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/41
................................................
785,000
769,333
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/46
................................................
1,040,000
994,645
Community
Facilities
District
No.
4
Terramor
Improvement
Area
No.
2,
Special
Tax,
2021,
4%,
9/01/51
................................................
930,000
875,812
Temple
City
Unified
School
District
,
GO
,
A
,
Pre-Refunded
,
5
%
,
8/01/43
...........
10,000,000
10,394,680
Three
Rivers
Levee
Improvement
Authority
,
Special
Tax,
2021
A,
Refunding,
3%,
9/01/22
.............................
105,000
105,220
Special
Tax,
2021
A,
Refunding,
3%,
9/01/23
.............................
220,000
220,959
Special
Tax,
2021
A,
Refunding,
3%,
9/01/24
.............................
245,000
244,539
Special
Tax,
2021
A,
Refunding,
4%,
9/01/25
.............................
280,000
288,113
Special
Tax,
2021
A,
Refunding,
4%,
9/01/36
.............................
1,080,000
1,081,334
Special
Tax,
2021
A,
Refunding,
4%,
9/01/41
.............................
2,840,000
2,764,941
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Three
Rivers
Levee
Improvement
Authority,
(continued)
Special
Tax,
2021
A,
Refunding,
4%,
9/01/46
.............................
$
2,700,000
$
2,558,839
Special
Tax,
2021
A,
Refunding,
4%,
9/01/51
.............................
5,065,000
4,730,159
Tobacco
Securitization
Authority
of
Northern
California
,
Sacramento
County
Tobacco
Securitization
Corp.,
Revenue,
Senior
Lien,
2021
A,
1,
Refunding,
5%,
6/01/29
............................................
1,500,000
1,653,910
Sacramento
County
Tobacco
Securitization
Corp.,
Revenue,
Senior
Lien,
2021
A,
1,
Refunding,
4%,
6/01/49
............................................
8,000,000
7,818,949
Town
of
Tiburon
,
Assessment
District
No.
2017-1,
1915
Act,
Special
Assessment,
2021
A,
2.375%,
9/02/41
........................................................
550,000
404,849
Assessment
District
No.
2017-1,
1915
Act,
Special
Assessment,
2021
A,
2.5%,
9/02/51
........................................................
1,250,000
859,202
Tracy
Community
Facilities
District
,
City
of
Tracy
Community
Facilities
District
No.
2016-02,
Special
Tax,
2021,
3%,
9/01/24
........................................................
100,000
99,919
City
of
Tracy
Community
Facilities
District
No.
2016-02,
Special
Tax,
2021,
4%,
9/01/25
........................................................
115,000
118,117
City
of
Tracy
Community
Facilities
District
No.
2016-02,
Special
Tax,
2021,
4%,
9/01/28
........................................................
120,000
123,252
City
of
Tracy
Community
Facilities
District
No.
2016-02,
Special
Tax,
2021,
4%,
9/01/30
........................................................
110,000
111,588
City
of
Tracy
Community
Facilities
District
No.
2016-02,
Special
Tax,
2021,
4%,
9/01/36
........................................................
430,000
430,862
City
of
Tracy
Community
Facilities
District
No.
2016-02,
Special
Tax,
2021,
4%,
9/01/41
........................................................
665,000
646,568
City
of
Tracy
Community
Facilities
District
No.
2016-02,
Special
Tax,
2021,
4%,
9/01/46
........................................................
885,000
838,731
City
of
Tracy
Community
Facilities
District
No.
2016-02,
Special
Tax,
2021,
4%,
9/01/51
........................................................
2,210,000
2,057,024
Transbay
Joint
Powers
Authority
,
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/45
...........................
10,315,000
11,362,716
Transbay
Redevelopment
Project
Tax
Increment
Re-Development
Project,
Tax
Allocation,
Senior
Lien,
2020
A,
5%,
10/01/49
...........................
8,080,000
8,875,463
Tulare
County
Board
of
Education
,
COP,
Pre-Refunded,
BAM
Insured,
5.375%,
5/01/33
........................
3,185,000
3,295,725
COP,
Pre-Refunded,
BAM
Insured,
5.5%,
5/01/38
.........................
8,305,000
8,603,101
COP,
Pre-Refunded,
BAM
Insured,
5.5%,
5/01/43
.........................
10,855,000
11,244,631
Turlock
Irrigation
District
,
Revenue,
2019,
Refunding,
5%,
1/01/44
.................................
9,060,000
10,229,815
Revenue,
2020,
Refunding,
5%,
1/01/37
.................................
2,090,000
2,391,630
Revenue,
2020,
Refunding,
5%,
1/01/38
.................................
940,000
1,071,878
Revenue,
2020,
Refunding,
5%,
1/01/39
.................................
2,250,000
2,561,515
Revenue,
2020,
Refunding,
5%,
1/01/41
.................................
3,500,000
3,973,631
Union
Elementary
School
District
,
GO,
1999
A,
NATL
Insured,
Zero
Cpn.,
9/01/24
...........................
2,000,000
1,894,506
GO,
2001
B,
NATL
Insured,
Zero
Cpn.,
9/01/25
...........................
5,500,000
5,056,693
GO,
2001
B,
NATL
Insured,
Zero
Cpn.,
9/01/26
...........................
5,850,000
5,217,266
University
of
California
,
Revenue,
2015
I,
Refunding,
5%,
5/15/40
................................
22,990,000
24,524,033
Revenue,
2015
I,
Refunding,
5%,
5/15/50
................................
25,420,000
26,937,775
Revenue,
2016
AR,
Refunding,
5%,
5/15/41
..............................
13,760,000
14,922,031
Revenue,
2016
K,
4%,
5/15/46
........................................
19,850,000
20,197,889
Revenue,
2017
M,
5%,
5/15/37
.......................................
15,410,000
16,984,119
Revenue,
2018
AZ,
Refunding,
5%,
5/15/48
..............................
72,325,000
79,758,867
Revenue,
2018
O,
Refunding,
5%,
5/15/39
...............................
14,400,000
16,068,744
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
22
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
University
of
California,
(continued)
Revenue,
2018
O,
Refunding,
5%,
5/15/43
...............................
$
30,120,000
$
33,414,158
Revenue,
2018
O,
Refunding,
5%,
5/15/48
...............................
20,000,000
22,010,008
Revenue,
2018
O,
Refunding,
5%,
5/15/58
...............................
10,000,000
10,964,600
Revenue,
2020
BE,
Refunding,
5%,
5/15/42
..............................
5,000,000
5,741,459
Upland
Community
Facilities
District
,
City
of
Upland
Community
Facilities
District
No.
2016-1,
Special
Tax,
2021
A,
4%,
9/01/40
........................................................
260,000
255,339
City
of
Upland
Community
Facilities
District
No.
2016-1,
Special
Tax,
2021
A,
4%,
9/01/45
........................................................
165,000
158,588
City
of
Upland
Community
Facilities
District
No.
2016-1,
Special
Tax,
2021
A,
4%,
9/01/51
........................................................
260,000
244,441
Upland
Unified
School
District
,
GO
,
2011
C
,
Zero
Cpn.,
8/01/45
.................
62,900,000
25,102,654
Val
Verde
Unified
School
District
,
GO,
2010
B,
AGMC
Insured,
Zero
Cpn.,
8/01/34
...........................
1,000,000
1,228,905
GO,
2015
B,
Pre-Refunded,
BAM
Insured,
5%,
8/01/44
.....................
15,000,000
16,362,936
GO,
2020
A,
BAM
Insured,
4%,
8/01/46
.................................
1,450,000
1,470,463
Community
Facilities
District
No.
2018-1,
Special
Tax,
2022,
4%,
9/01/52
........
7,000,000
6,504,263
Vallejo
Public
Financing
Authority
,
Vallejo
CA-Hiddenbrooke
Improvement
District
No.
1
,
Revenue
,
2004
A
,
5.8
%
,
9/01/31
....................................
3,370,000
3,387,791
Vista
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2015
B-1
,
Refunding
,
AGMC
Insured
,
5
%
,
9/01/37
..........................................
3,020,000
3,257,113
Vista
Unified
School
District
,
GO,
2002
A,
AGMC
Insured,
Zero
Cpn.,
8/01/26
...........................
7,150,000
6,402,926
GO,
2002
A,
AGMC
Insured,
Zero
Cpn.,
2/01/27
...........................
4,795,000
4,219,497
Washington
Township
Health
Care
District
,
GO
,
2015
B
,
5
%
,
8/01/45
.............
15,000,000
15,624,345
West
Basin
Municipal
Water
District
,
Revenue,
2021
A,
Refunding,
5%,
8/01/23
...............................
2,170,000
2,254,876
Revenue,
2021
A,
Refunding,
5%,
8/01/24
...............................
1,100,000
1,169,840
Revenue,
2021
A,
Refunding,
5%,
8/01/25
...............................
1,365,000
1,484,209
Revenue,
2021
A,
Refunding,
5%,
8/01/26
...............................
1,000,000
1,111,303
West
Sacramento
Area
Flood
Control
Agency
,
Special
Assessment,
2015,
AGMC
Insured,
5%,
9/01/40
.....................
3,000,000
3,221,268
Special
Assessment,
2015,
AGMC
Insured,
5%,
9/01/45
.....................
7,500,000
8,019,339
West
Sacramento
Financing
Authority
,
Special
Tax
,
A
,
AGMC
Insured
,
5
%
,
9/01/34
..
4,940,000
5,595,502
14,272,608,198
Wisconsin
0.7%
b
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
30,400,000
25,344,988
Affordable
Housing
Corp.
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
83,000,000
82,466,044
107,811,032
U.S.
Territories
1.0%
Guam
0.2%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue,
2021
A,
Refunding,
2.499%,
10/01/25
...........................
1,480,000
1,402,436
Revenue,
2021
A,
Refunding,
2.699%,
10/01/26
...........................
2,445,000
2,287,245
Revenue,
2021
A,
Refunding,
2.899%,
10/01/27
...........................
1,325,000
1,223,625
Revenue,
2021
A,
Refunding,
3.099%,
10/01/28
...........................
2,375,000
2,168,489
Revenue,
2021
A,
Refunding,
3.189%,
10/01/29
...........................
3,560,000
3,215,179
Revenue,
2021
A,
Refunding,
3.339%,
10/01/30
...........................
2,400,000
2,159,026
Revenue,
2021
A,
Refunding,
3.489%,
10/01/31
...........................
2,155,000
1,936,093
Revenue,
2021
A,
Refunding,
3.839%,
10/01/36
...........................
9,650,000
8,616,963
Revenue,
2021
A,
Refunding,
4.46%,
10/01/43
............................
2,400,000
2,117,527
25,126,583
Franklin
California
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
23
See
Abbreviations
on
page
25
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
0.8%
Children's
Trust
Fund
,
Revenue,
5.5%,
5/15/39
.............................................
$
6,210,000
$
6,308,919
Revenue,
2002,
5.625%,
5/15/43
......................................
16,000,000
16,291,902
d
Puerto
Rico
Electric
Power
Authority
,
Revenue,
2012
A
RSA-1
2012
A,
5%,
7/01/29
.............................
20,000,000
18,600,000
Revenue,
2012
A
RSA-1
2013
A,
7%,
7/01/33
.............................
50,000,000
48,499,980
Revenue,
WW-RSA-1,
5%,
7/01/28
....................................
12,030,000
11,187,900
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
AES
Puerto
Rico
LP
,
Revenue
,
2000
A
,
6.625
%
,
6/01/26
.....
5,800,000
6,011,204
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
15,000,000
15,288,234
122,188,139
Total
U.S.
Territories
....................................................................
147,314,722
Total
Municipal
Bonds
(Cost
$13,743,388,737)
..................................
14,527,733,952
a
a
a
a
Short
Term
Investments
0.9%
Municipal
Bonds
0.9%
California
0.9%
e
Irvine
Ranch
Water
District
,
Special
Assessment
,
2009
B
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
0.52
%
,
10/01/41
..................................
44,000,000
44,000,000
e
Southern
California
Public
Power
Authority
,
Revenue
,
2020-3
,
Refunding
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
0.62
%
,
7/01/36
...........................
14,500,000
14,500,000
e
University
of
California
,
Revenue,
2013
AL-2,
Refunding,
Daily
VRDN
and
Put,
0.52%,
5/15/48
..........
35,100,000
35,100,000
Revenue,
2013
AL-4,
Refunding,
Daily
VRDN
and
Put,
0.5%,
5/15/48
...........
44,000,000
44,000,000
137,600,000
Total
Municipal
Bonds
(Cost
$137,600,000)
.....................................
137,600,000
Total
Short
Term
Investments
(Cost
$137,600,000
)
...............................
137,600,000
a
Total
Investments
(Cost
$13,880,988,737)
99.2%
................................
$14,665,333,952
Other
Assets,
less
Liabilities
0.8%
.............................................
108,904,287
Net
Assets
100.0%
...........................................................
$14,774,238,239
a
The
maturity
date
shown
represents
the
mandatory
put
date.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2022,
the
aggregate
value
of
these
securities
was
$987,375,993,
representing
6.7%
of
net
assets.
c
Security
purchased
on
a
when-issued
basis.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
California
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
24
Quarterly
Schedule
of
Investments
1.
Organization
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,
consisting
of
one
fund,
Franklin
California
Tax-Free
Income
Fund
(Fund)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP). 
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier. Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Fund’s
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Debt
securities
generally
trade
in
the
over-the-counter
market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
3. Fair
Value
Measurements 
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
•
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
•
Level 2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
•
Level 3
–
significant
unobservable
inputs
(including
the
Fund's own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
At May
31,
2022,
all
of
the
Fund's investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level
2
inputs. 
Franklin
California
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
25
Quarterly
Schedule
of
Investments
Abbreviations
Selected
Portfolio
1915
Act
Improvement
Bond
Act
of
1915
ABAG
Association
of
Bay
Area
Governments
AGMC
Assured
Guaranty
Municipal
Corp.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
COP
Certificate
of
Participation
ETM
Escrowed
to
Maturity
FGIC
Financial
Guaranty
Insurance
Co.
FHA
Federal
Housing
Administration
FHLMC
Federal
Home
Loan
Mortgage
Corp.
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.