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

27

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited),

May

31,

2023

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.6%

California

95.5%

ABAG

Finance

Authority

for

Nonprofit

Corp.

,

Eskaton

Properties,

Inc.

Obligated

Group

,

Revenue

,

2013

,

Refunding

,

5

%

,

11/15/35

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

$

10,000,000

$

9,475,466

Alameda

Corridor

Transportation

Authority

,

Revenue,

2022

C,

Refunding,

AGMC

Insured,

5%,

10/01/52

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

28,000,000

30,102,293

Revenue,

Sub.

Lien,

2004

A,

Refunding,

AMBAC

Insured,

Zero

Cpn.,

10/01/29

....

20,000,000

16,011,532

Revenue,

Sub.

Lien,

2004

A,

Refunding,

AMBAC

Insured,

Zero

Cpn.,

10/01/30

....

41,665,000

32,061,747

Alameda

Unified

School

District

,

GO

,

2015

A

,

5

%

,

8/01/39

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

18,000,000

18,676,723

Alhambra

City

Elementary

School

District

,

Alhambra

Unified

School

District

,

GO

,

2004

B

,

NATL

Insured

,

Zero

Cpn.,

9/01/27

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

3,035,000

2,615,194

Align

Capital

Trust

,

Revenue

,

2023-1

,

5.5

%

,

3/01/35

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

13,000,000

13,070,460

Alisal

Union

School

District

,

GO,

2009

B,

AGMC

Insured,

Zero

Cpn.,

8/01/32

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

3,355,000

2,423,456

GO,

2009

B,

AGMC

Insured,

Zero

Cpn.,

8/01/33

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

3,610,000

2,502,745

GO,

2009

B,

AGMC

Insured,

Zero

Cpn.,

2/01/34

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

3,345,000

2,290,137

Alta

Loma

School

District

,

GO

,

2019

B

,

5

%

,

8/01/44

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

7,375,000

7,824,769

Alvord

Unified

School

District

,

GO,

2011

B,

AGMC

Insured,

Zero

Cpn.,

8/01/36

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

15,000,000

8,440,841

GO,

2011

B,

AGMC

Insured,

Zero

Cpn.,

8/01/46

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

42,500,000

46,696,463

GO,

A,

Pre-Refunded,

AGMC

Insured,

5%,

8/01/42

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

60,000

60,162

Anaheim

Housing

&

Public

Improvements

Authority

,

City

of

Anaheim

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

10/01/52

.....

8,040,000

8,426,067

City

of

Anaheim

Water

System,

Revenue,

2022

A,

5%,

10/01/52

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

8,345,000

8,827,726

Anaheim

Public

Financing

Authority

,

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/24

.........

26,855,000

25,656,273

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/26

.........

29,430,000

26,238,475

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/27

.........

22,860,000

19,697,966

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/28

.........

14,425,000

12,007,508

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/29

.........

24,810,000

19,913,871

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/32

.........

13,665,000

9,668,041

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/33

.........

37,070,000

25,105,098

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

Zero

Cpn.,

9/01/34

.........

24,970,000

16,239,901

City

of

Anaheim,

Revenue,

1997

C,

AGMC

Insured,

ETM,

Zero

Cpn.,

3/01/37

.....

15,080,000

9,317,210

Anaheim

Union

High

School

District

,

GO

,

2002

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/26

8,570,000

7,695,911

Baldwin

Park

Unified

School

District

,

GO,

2013,

Pre-Refunded,

BAM

Insured,

5%,

8/01/43

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

5,000,000

5,013,124

GO,

2013,

Pre-Refunded,

BAM

Insured,

Zero

Cpn.,

8/01/48

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

25,000,000

4,314,008

GO,

2013,

Pre-Refunded,

BAM

Insured,

Zero

Cpn.,

8/01/53

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

60,000,000

7,044,822

Bay

Area

Toll

Authority

,

Revenue,

2014

F-1,

Pre-Refunded,

5%,

4/01/54

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

10,000,000

10,146,636

Revenue,

2017

S-7,

Refunding,

4%,

4/01/42

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

119,305,000

118,425,185

Revenue,

2017

S-7,

Refunding,

4%,

4/01/47

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

23,330,000

22,894,186

Revenue,

2017

S-7,

Refunding,

4%,

4/01/49

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

13,625,000

13,290,960

a

Revenue,

2021

A,

Refunding,

Mandatory

Put,

2%,

4/01/28

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

12,000,000

10,980,358

Beaumont

Public

Improvement

Authority

,

City

of

Beaumont

Wastewater

,

Revenue

,

2018

A

,

AGMC

Insured

,

5

%

,

9/01/49

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

10,000,000

10,553,643

Beaumont

Unified

School

District

,

GO

,

2011

C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/40

..

11,000,000

5,041,020

Cabrillo

Unified

School

District

,

GO

,

2018

A

,

5

%

,

8/01/45

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

4,245,000

4,419,933

California

Affordable

Housing

Agency

,

Butte

County

Housing

Authority,

Revenue,

2020

A,

4%,

10/01/40

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

1,580,000

1,555,782

Butte

County

Housing

Authority,

Revenue,

2020

A,

4%,

10/01/45

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

1,930,000

1,869,329

Butte

County

Housing

Authority,

Revenue,

2020

A,

4%,

10/01/50

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

1,855,000

1,764,164

a

California

Community

Choice

Financing

Authority

,

Revenue,

2022

A-1,

Mandatory

Put,

4%,

8/01/28

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

100,000,000

99,770,060

Revenue,

2023

B-1,

Mandatory

Put,

5%,

8/01/29

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

21,000,000

22,032,110

Revenue,

2023

C,

Mandatory

Put,

5.25%,

10/01/31

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

78,815,000

82,437,810

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)

California

Community

College

Financing

Authority

,

Revenue,

2001

A,

NATL

Insured,

5.125%,

4/01/31

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

$

880,000

$

884,660

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5.25%,

5/01/53

..........

8,150,000

8,212,726

b

California

Community

Housing

Agency

,

Aster

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

2/01/56

..........

5,235,000

4,330,732

Brio

Apartments

&

Next

on

Lex

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

2/01/56

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

35,015,000

28,966,680

Exchange

at

Bayfront

Apartments,

Revenue,

Senior

Lien,

144A,

201

A-1

T,

4.25%,

2/01/38

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

7,095,000

6,061,122

Exchange

at

Bayfront

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

2/01/57

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

59,855,000

39,446,450

Fountains

at

Emerald

Park,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

8/01/46

...

11,400,000

9,035,833

Fountains

at

Emerald

Park,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

8/01/56

..

46,440,000

30,750,153

K

Street

Flats,

Revenue,

144A,

2021

A-1,

3%,

2/01/57

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

47,500,000

30,161,322

Summit

at

Sausalito

Apartments,

Revenue,

144A,

2021

A-1,

3%,

2/01/57

........

16,260,000

10,735,055

Twin

Creek

Apartments,

Revenue,

144A,

2022

A-1,

4.5%,

8/01/52

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

29,275,000

24,306,412

Twin

Creek

Apartments,

Revenue,

Senior

Lien,

144A,

2022

A-2,

Zero

Cpn.,

8/01/65

79,990,000

4,450,764

Verdant

at

Green

Valley

Apartments,

Revenue,

144A,

2019

A,

5%,

8/01/49

.......

9,700,000

9,135,968

California

County

Tobacco

Securitization

Agency

,

Revenue,

2020

B-1,

Refunding,

5%,

6/01/49

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

785,000

789,674

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/49

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

3,525,000

3,236,232

Alameda

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2002,

5.875%,

6/01/35

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

3,640,000

3,700,117

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/40

1,120,000

1,094,609

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/49

2,000,000

1,836,160

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

B-1,

Refunding,

4%,

6/01/49

130,000

129,165

Kern

County

Tobacco

Funding

Corp.,

Revenue,

2014,

Refunding,

5%,

6/01/34

....

10,295,000

10,296,917

Kern

County

Tobacco

Funding

Corp.,

Revenue,

2014,

Refunding,

5%,

6/01/40

....

17,650,000

17,670,345

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/36

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

470,000

472,098

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/38

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

530,000

527,126

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/40

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

625,000

610,831

Merced

County

Tobacco

Funding

Corp.,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/42

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

100,000

95,828

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/35

..

350,000

353,780

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/36

..

600,000

602,679

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/37

..

530,000

529,100

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/38

..

790,000

785,715

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/39

..

620,000

613,270

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/40

..

830,000

811,183

Sonoma

County

Securitization

Corp.,

Revenue,

2020

A,

Refunding,

4%,

6/01/49

..

3,520,000

3,231,642

Sonoma

County

Securitization

Corp.,

Revenue,

2020

B-1,

Refunding,

5%,

6/01/49

.

970,000

975,285

Stanislaus

County

Tobacco

Funding

Corp.,

Revenue,

2002

A,

5.875%,

6/01/43

...

5,390,000

5,390,149

California

Educational

Facilities

Authority

,

Art

Center

College

of

Design,

Revenue,

2022

A,

4%,

12/01/40

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

1,295,000

1,157,099

Art

Center

College

of

Design,

Revenue,

2022

A,

4%,

12/01/41

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

1,345,000

1,190,068

Art

Center

College

of

Design,

Revenue,

2022

A,

4%,

12/01/42

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

1,400,000

1,225,400

Art

Center

College

of

Design,

Revenue,

2022

A,

4%,

12/01/46

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

3,000,000

2,542,201

Art

Center

College

of

Design,

Revenue,

2022

A,

4%,

12/01/50

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

2,675,000

2,206,044

Art

Center

College

of

Design,

Revenue,

2022

A,

3%,

12/01/51

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

650,000

422,843

Chapman

University,

Revenue,

2015,

5%,

4/01/40

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

5,000,000

5,086,761

Chapman

University,

Revenue,

2015,

5%,

4/01/45

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

5,000,000

5,070,508

Chapman

University,

Revenue,

2021

A,

Refunding,

5%,

4/01/27

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

475,000

511,067

Chapman

University,

Revenue,

2021

A,

Refunding,

5%,

4/01/28

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

395,000

432,331

Chapman

University,

Revenue,

2021

A,

Refunding,

5%,

4/01/29

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

400,000

444,422

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)

Chapman

University,

Revenue,

2021

A,

Refunding,

5%,

4/01/30

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

$

425,000

$

477,535

Chapman

University,

Revenue,

2021

A,

Refunding,

5%,

4/01/31

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

475,000

539,848

Leland

Stanford

Junior

University

(The),

Revenue,

T-1,

5%,

3/15/39

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

2,815,000

3,321,354

Leland

Stanford

Junior

University

(The),

Revenue,

U-1,

5.25%,

4/01/40

.........

5,000,000

6,031,325

Leland

Stanford

Junior

University

(The),

Revenue,

U-6,

5%,

5/01/45

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

7,000,000

8,197,367

Leland

Stanford

Junior

University

(The),

Revenue,

V-1,

5%,

5/01/49

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

20,850,000

24,456,664

Loma

Linda

University,

Revenue,

2017

A,

Refunding,

5%,

4/01/47

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

11,000,000

11,296,647

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn.,

10/01/26

7,620,000

6,789,847

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn.,

10/01/27

7,365,000

6,347,019

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn.,

10/01/28

4,120,000

3,431,920

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn.,

10/01/30

5,685,000

4,393,624

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn.,

10/01/31

7,615,000

5,644,234

Loyola

Marymount

University,

Revenue,

2001

A,

NATL

Insured,

Zero

Cpn.,

10/01/32

7,615,000

5,402,443

Santa

Clara

University,

Revenue,

1999,

AMBAC

Insured,

Zero

Cpn.,

9/01/26

.....

2,840,000

2,477,145

Santa

Clara

University,

Revenue,

2015,

Refunding,

5%,

4/01/45

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

15,495,000

15,856,312

University

of

Redlands,

Revenue,

2022

A,

5%,

10/01/44

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

3,835,000

3,817,253

University

of

Redlands,

Revenue,

2022

A,

5%,

10/01/52

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

18,790,000

18,264,776

University

of

San

Francisco,

Revenue,

2018

A,

5%,

10/01/53

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

20,000,000

20,622,110

California

Enterprise

Development

Authority

,

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/40

..

650,000

667,412

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/45

..

650,000

659,460

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/50

..

650,000

655,537

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/55

..

1,000,000

1,002,612

Provident

Group-SDSU

Properties

LLC,

Revenue,

First

Tier,

2020

A,

5%,

8/01/57

..

500,000

499,965

California

Health

Facilities

Financing

Authority

,

Casa

Milagro

LLC,

Revenue,

2011

A,

California

Mortgage

Insured,

6.25%,

2/01/26

.

2,730,000

2,737,177

Cedars-Sinai

Medical

Center

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

8/15/51

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

5,000,000

5,429,361

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/15/42

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

14,370,000

14,526,517

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/15/47

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

7,750,000

7,755,716

Children's

Hospital

of

Orange

County

Obligated

Group,

Revenue,

2021

B,

Refunding,

5%,

11/01/27

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

1,000,000

1,086,802

Children's

Hospital

of

Orange

County

Obligated

Group,

Revenue,

2021

B,

Refunding,

5%,

11/01/29

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

1,350,000

1,527,109

City

of

Hope

Obligated

Group,

Revenue,

2019,

5%,

11/15/49

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

27,000,000

27,504,724

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/36

.

15,770,000

15,611,138

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/37

.

3,000,000

2,945,570

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/38

.

7,075,000

6,920,250

CommonSpirit

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

3%,

4/01/44

.

4,340,000

3,297,655

El

Camino

Hospital,

Revenue,

2017,

4.125%,

2/01/47

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

11,000,000

10,622,815

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/47

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

12,500,000

12,776,662

Kaiser

Foundation

Hospitals,

Revenue,

2017

A-2,

4%,

11/01/38

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

25,000,000

25,100,580

Kaiser

Foundation

Hospitals,

Revenue,

2017

A-2,

4%,

11/01/44

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

411,225,000

402,797,190

Kaiser

Foundation

Hospitals,

Revenue,

2017

A-2,

5%,

11/01/47

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

12,500,000

13,878,082

Lucile

Salter

Packard

Children's

Hospital

at

Stanford

Obligated

Group,

Revenue,

2016

B,

5%,

8/15/55

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

19,000,000

19,370,658

Lucile

Salter

Packard

Children's

Hospital

at

Stanford

Obligated

Group,

Revenue,

2017

A,

5%,

11/15/56

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

15,300,000

15,692,814

Marshall

Medical

Center,

Revenue,

2020

A,

Refunding,

California

Mortgage

Insured,

4%,

11/01/40

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

3,750,000

3,755,508

Marshall

Medical

Center,

Revenue,

2020

A,

Refunding,

California

Mortgage

Insured,

5%,

11/01/50

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

25,065,000

26,635,555

On

Lok

Senior

Health

Services

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

8/01/40

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

800,000

825,982

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)

On

Lok

Senior

Health

Services

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

8/01/50

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

$

2,375,000

$

2,406,768

On

Lok

Senior

Health

Services

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

8/01/55

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

850,000

858,667

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2014

A,

5%,

10/01/38

..

5,110,000

5,182,639

Sequoia

Living,

Inc.,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

7/01/34

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

1,000,000

1,044,339

Sequoia

Living,

Inc.,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

7/01/39

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

1,450,000

1,497,772

Sequoia

Living,

Inc.,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

7/01/44

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

1,160,000

1,190,948

Sutter

Health

Obligated

Group,

Revenue,

2016

B,

5%,

11/15/46

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

42,105,000

43,115,891

Sutter

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

4%,

11/15/48

......

10,585,000

10,126,762

Sutter

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/48

......

21,690,000

22,307,033

Sutter

Health

Obligated

Group,

Revenue,

2018

A,

4%,

11/15/42

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

11,680,000

11,478,966

Sutter

Health

Obligated

Group,

Revenue,

2018

A,

5%,

11/15/48

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

24,500,000

25,196,971

California

Housing

Finance

Agency

,

Revenue,

2019-1,

A,

4.25%,

1/15/35

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

47,400,964

47,058,545

Revenue,

2019-2,

A,

4%,

3/20/33

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

14,395,658

13,905,936

Revenue,

2021-1,

A,

3.5%,

11/20/35

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

4,840,078

4,497,266

a,b

Shermanair

Apartments

Owner

LP,

Revenue,

144A,

2021

Q-1,

Mandatory

Put,

3%,

9/01/36

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

22,535,000

19,147,836

b

Shermanair

Apartments

Owner

LP,

Revenue,

144A,

2021

Q-2,

5%,

9/01/36

......

1,940,000

1,658,027

California

Infrastructure

&

Economic

Development

Bank

,

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

11/01/41

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

8,000,000

8,048,646

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

11/01/29

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

5,000,000

5,668,794

Broad

(The),

Revenue,

2021

A,

Refunding,

5%,

6/01/28

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

5,750,000

6,383,596

a

California

Academy

of

Sciences,

Revenue,

2018

B,

Refunding,

Mandatory

Put,

3.76%,

8/01/24

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

26,900,000

26,567,836

California

State

Teachers'

Retirement

System,

Revenue,

2019,

5%,

8/01/44

......

12,750,000

13,680,807

California

State

Teachers'

Retirement

System,

Revenue,

2019,

5%,

8/01/49

......

25,470,000

27,206,878

California

State

Water

Resources

Control

Board

Water

Pollution

Control

Revolving

Fund,

Revenue,

2018,

5%,

10/01/43

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

10,000,000

10,711,248

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

B,

4%,

11/01/45

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

850,000

772,635

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

B,

4%,

11/01/50

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

860,000

758,525

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2021

B,

4%,

11/01/56

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

1,000,000

855,817

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

B,

5%,

11/01/47

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

2,300,000

2,384,092

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

B,

4.125%,

11/01/52

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

3,100,000

2,769,272

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

B,

5%,

11/01/57

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

5,500,000

5,637,249

Los

Angeles

County

Museum

of

Natural

History

Foundation,

Revenue,

2020,

Refunding,

3%,

7/01/50

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

18,995,000

13,833,937

a

Museum

Associates,

Revenue,

2021

A,

Refunding,

Mandatory

Put,

1.2%,

6/01/28

.

15,000,000

12,958,218

California

Municipal

Finance

Authority

,

Revenue,

2022

A-1,

4.25%,

12/01/37

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

81,985,000

67,942,076

Revenue,

Senior

Lien,

2017

A,

Refunding,

4%,

8/15/52

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

27,350,000

23,791,552

1717

University

Associates

LLC,

Revenue,

2020

A,

4.5%,

6/01/52

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

11,413,000

9,738,897

1717

University

Associates

LLC,

Revenue,

2020

A-T,

5.25%,

6/01/52

...........

3,407,000

2,882,742

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)

Bethany

Home

Society

of

San

Joaquin

County,

Inc.,

Revenue,

2023,

California

Mortgage

Insured,

5%,

11/15/42

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

$

5,500,000

$

6,007,372

Bethany

Home

Society

of

San

Joaquin

County,

Inc.,

Revenue,

2023,

California

Mortgage

Insured,

5%,

11/15/52

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

21,465,000

23,024,952

California

Institute

of

the

Arts,

Revenue,

2021,

4%,

10/01/51

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

2,355,000

1,949,777

Carmel

Valley

Manor

Obligated

Group,

Revenue,

2022,

California

Mortgage

Insured,

5%,

5/15/52

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

17,775,000

19,010,046

b

Century

CityView

LP,

Revenue,

144A,

2021

A,

4%,

11/01/36

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

10,375,000

9,502,819

Channing

House,

Revenue,

2017

B,

California

Mortgage

Insured,

5%,

5/15/47

....

10,000,000

10,430,986

CHF-Davis

I

LLC,

Revenue,

2018,

5%,

5/15/51

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

10,000,000

10,109,043

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/24

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

500,000

505,348

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/25

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

400,000

409,400

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/26

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

400,000

415,102

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/27

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

500,000

526,001

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/28

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

400,000

426,563

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/29

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

600,000

647,780

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

5%,

5/15/30

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

700,000

762,809

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/42

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

8,750,000

8,955,243

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/01/47

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

17,500,000

17,857,609

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2021

A,

4%,

2/01/51

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

7,000,000

6,077,324

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/37

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

1,040,000

964,217

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/38

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

1,000,000

911,929

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/39

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

1,100,000

991,162

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/40

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

1,175,000

1,046,722

Concordia

University

Irvine,

Revenue,

2021,

4%,

1/01/41

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

1,280,000

1,128,855

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

4%,

11/15/42

....

450,000

349,650

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

4%,

11/15/52

....

1,000,000

703,887

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2022

A,

4%,

11/15/56

....

1,100,000

754,504

Eisenhower

Medical

Center,

Revenue,

2017

A,

Refunding,

5%,

7/01/47

.........

9,100,000

9,207,234

b

IH

Lakes

Concord

LLC,

Revenue,

144A,

2022

A,

4.375%,

12/01/32

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

22,510,000

19,909,041

Inland

Christian

Home,

Inc.,

Revenue,

2020,

California

Mortgage

Insured,

4%,

12/01/49

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

2,670,000

2,580,778

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/45

...

23,300,000

23,972,280

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/37

8,500,000

8,717,077

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/38

5,000,000

5,121,479

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/43

34,650,000

35,128,631

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/47

35,145,000

35,443,905

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

B,

5%,

6/01/48

11,750,000

11,811,442

b

NCCD-Claremont

Properties

LLC,

Revenue,

144A,

2023

A,

Refunding,

5.25%,

7/01/40

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

7,065,000

7,033,148

b

NCCD-Claremont

Properties

LLC,

Revenue,

144A,

2023

A,

Refunding,

5.5%,

7/01/50

21,145,000

21,055,400

b

NCCD-Claremont

Properties

LLC,

Revenue,

144A,

2023

A,

Refunding,

6%,

7/01/53

12,485,000

12,758,253

b

NCCD-Claremont

Properties

LLC,

Revenue,

144A,

2023

B,

Refunding,

6.5%,

7/01/32

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

2,470,000

2,443,216

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/41

..

5,500,000

5,392,556

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5%,

11/01/47

....

8,650,000

8,003,047

Northern

California

Retired

Officers

Community,

Revenue,

2019

A,

California

Mortgage

Insured,

5%,

1/01/43

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

10,000,000

10,551,838

Northern

California

Retired

Officers

Community,

Revenue,

2019

A,

California

Mortgage

Insured,

5%,

1/01/49

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

18,990,000

19,911,748

Palomar

Health

Obligated

Group,

COP,

2022

A,

Refunding,

AGMC

Insured,

5.25%,

11/01/52

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

43,040,000

45,778,601

Samuel

Merritt

University,

Revenue,

2022,

5.25%,

6/01/53

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

38,750,000

41,257,032

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)

California

Municipal

Finance

Authority,

(continued)

South

Central

Los

Angeles

Regional

Center

for

Developmentally

Disabled

Persons,

Revenue,

2013,

5.75%,

12/01/43

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

$

33,895,000

$

34,140,749

University

of

La

Verne,

Revenue,

2017

A,

Refunding,

4%,

6/01/47

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

10,500,000

9,958,427

California

Pollution

Control

Financing

Authority

,

b

Poseidon

Resources

Channelside

LP,

Revenue,

144A,

2019,

Refunding,

5%,

7/01/39

7,250,000

7,434,066

b

Poseidon

Resources

Channelside

LP,

Revenue,

144A,

2019,

Refunding,

5%,

11/21/45

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

3,065,000

3,103,555

b

Poseidon

Resources

Channelside

LP,

Revenue,

144A,

2023,

5%,

7/01/30

.......

5,200,000

5,564,049

b

Poseidon

Resources

Channelside

LP,

Revenue,

144A,

2023,

5%,

7/01/31

.......

3,000,000

3,224,601

b

Poseidon

Resources

Channelside

LP,

Revenue,

144A,

2023,

5%,

7/01/32

.......

5,500,000

5,932,545

b

Poseidon

Resources

Channelside

LP,

Revenue,

144A,

2023,

5%,

7/01/33

.......

6,000,000

6,488,382

b

Poseidon

Resources

Channelside

LP,

Revenue,

144A,

2023,

5%,

7/01/34

.......

3,250,000

3,486,653

b

Poseidon

Resources

Channelside

LP,

Revenue,

144A,

2023,

5%,

7/01/35

.......

3,250,000

3,453,540

b

Poseidon

Resources

Channelside

LP,

Revenue,

144A,

2023,

5%,

7/01/36

.......

2,650,000

2,795,916

b

Poseidon

Resources

Channelside

LP,

Revenue,

144A,

2023,

5%,

7/01/37

.......

2,300,000

2,417,042

b

Poseidon

Resources

Channelside

LP,

Revenue,

144A,

2023,

5%,

7/01/38

.......

2,000,000

2,093,466

b

Poseidon

Resources

Channelside

LP,

Revenue,

144A,

2023,

5%,

11/21/45

......

2,200,000

2,245,335

San

Jose

Water

Co.,

Revenue,

2016,

4.75%,

11/01/46

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

15,000,000

15,195,521

California

Public

School

District

Financing

Authority

,

Southern

Kern

Unified

School

District

,

Revenue

,

1996

B

,

AGMC

Insured

,

ETM,

5.9

%

,

9/01/26

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

820,000

853,840

b

California

School

Finance

Authority

,

Revenue,

144A,

2022

A,

Refunding,

5%,

10/01/42

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

1,325,000

1,352,708

Revenue,

144A,

2022

A,

Refunding,

5%,

10/01/52

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

2,265,000

2,238,715

Revenue,

144A,

2022

A,

Refunding,

5%,

10/01/61

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

3,905,000

3,795,206

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

2.125%,

8/01/31

.

500,000

414,734

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

8/01/36

....

325,000

298,856

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

8/01/41

....

525,000

453,810

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

8/01/51

....

800,000

636,618

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2022

A,

5%,

8/01/42

....

1,000,000

986,654

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2022

A,

5%,

8/01/52

....

1,875,000

1,782,208

Camino

Nuevo

Charter

Academy

Obligated

Group,

Revenue,

144A,

2023

A,

Refunding,

5%,

6/01/43

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

1,000,000

972,859

Camino

Nuevo

Charter

Academy

Obligated

Group,

Revenue,

144A,

2023

A,

Refunding,

5.25%,

6/01/53

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

1,550,000

1,515,911

Granada

Hills

Charter

High

School

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/01/29

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

300,000

296,625

Granada

Hills

Charter

High

School

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/01/38

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

465,000

420,770

Granada

Hills

Charter

High

School

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/01/48

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

675,000

559,652

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2022

A,

Refunding,

5.75%,

8/01/52

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

1,500,000

1,563,188

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

4%,

7/01/40

800,000

733,451

STEM

Preparatory

Schools

-

Obligated

Group,

Revenue,

144A,

2023

A,

5.125%,

6/01/53

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

1,000,000

971,101

STEM

Preparatory

Schools

-

Obligated

Group,

Revenue,

144A,

2023

A,

5.375%,

5/01/63

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

1,000,000

983,188

California

State

Public

Works

Board

,

Revenue,

2013

I,

5%,

11/01/38

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

40,000,000

40,210,280

Revenue,

2021

A,

Refunding,

5%,

2/01/24

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

5,440,000

5,507,589

State

of

California

Department

of

Corrections

&

Rehabilitation,

Revenue,

2019

C,

5%,

11/01/44

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

5,000,000

5,396,060

State

of

California

Department

of

General

Services,

Revenue,

2021

D,

4%,

11/01/35

1,210,000

1,255,747

California

State

University

,

Revenue,

2015

A,

Refunding,

5%,

11/01/43

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

11,000,000

11,411,951

a

Revenue,

2016

B-2,

Refunding,

Mandatory

Put,

0.55%,

11/01/26

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

12,000,000

10,575,857

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)

California

State

University,

(continued)

Revenue,

2017

A,

Refunding,

5%,

11/01/42

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

$

42,535,000

$

44,961,043

Revenue,

2017

A,

Refunding,

5%,

11/01/47

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

29,345,000

30,866,092

Revenue,

2018

A,

Refunding,

5%,

11/01/39

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

19,920,000

21,610,385

Revenue,

2018

A,

Refunding,

5%,

11/01/43

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

3,330,000

3,582,767

Revenue,

2018

A,

Refunding,

5%,

11/01/48

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

29,780,000

31,827,277

Revenue,

2019

A,

5%,

11/01/44

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

23,765,000

25,718,186

Revenue,

2019

A,

5%,

11/01/49

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

77,595,000

83,261,026

California

Statewide

Communities

Development

Authority

,

Revenue,

2004

A,

AGMC

Insured,

5.25%,

10/01/24

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

115,000

115,205

Special

Tax,

2023

A,

5.25%,

9/01/51

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

3,305,000

3,311,925

Adventist

Health

System/West

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

3/01/35

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

9,250,000

9,527,933

Adventist

Health

System/West

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

3/01/48

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

67,585,000

68,431,651

Cedars-Sinai

Medical

Center

Obligated

Group,

Revenue,

2018,

5%,

7/01/48

.....

7,980,000

8,358,009

Community

Facilities

District

No.

2020-02

Improvement

Area

No.

2,

Special

Tax,

2022,

5.25%,

9/01/52

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

1,650,000

1,650,335

Community

Facilities

District

No.

2022-03,

Special

Tax,

2023,

5%,

9/01/38

.......

1,715,000

1,705,965

Community

Facilities

District

No.

2022-03,

Special

Tax,

2023,

5%,

9/01/43

.......

380,000

370,975

Community

Facilities

District

No.

2022-03,

Special

Tax,

2023,

5%,

9/01/53

.......

1,250,000

1,192,086

Enloe

Medical

Center

Obligated

Group,

Revenue,

2022

A,

AGMC

Insured,

5%,

8/15/42

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

600,000

631,631

Enloe

Medical

Center

Obligated

Group,

Revenue,

2022

A,

AGMC

Insured,

5.125%,

8/15/47

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

880,000

932,009

Enloe

Medical

Center

Obligated

Group,

Revenue,

2022

A,

AGMC

Insured,

5.25%,

8/15/52

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

11,215,000

11,897,853

Enloe

Medical

Center

Obligated

Group,

Revenue,

2022

A,

AGMC

Insured,

5.375%,

8/15/57

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

17,930,000

19,115,817

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5.25%,

10/01/43

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

3,000,000

3,086,595

Marin

General

Hospital

Obligated

Group,

Revenue,

2018

A,

5%,

8/01/34

........

1,225,000

1,281,308

Methodist

Hospital

of

Southern

California

Obligated

Group,

Revenue,

2018,

Refunding,

4%,

1/01/34

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

3,485,000

3,428,502

Poway

RHF

Housing,

Inc.,

Revenue,

2013

A,

Pre-Refunded,

California

Mortgage

Insured,

5.25%,

11/15/35

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

2,000,000

2,018,639

Carlsbad

Unified

School

District

,

GO,

2009

B,

Refunding,

6%,

5/01/34

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

14,000,000

14,328,361

GO,

2011

C,

Zero

Cpn.,

8/01/35

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

33,000,000

35,562,503

GO,

B,

2%,

8/01/23

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

1,000,000

997,066

GO,

B,

2%,

8/01/24

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

1,000,000

982,604

Centinela

Valley

Union

High

School

District

,

GO

,

2004

A

,

Refunding

,

NATL

Insured

,

5.5

%

,

8/01/33

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

15,630,000

17,618,775

Cerritos

Community

College

District

,

GO

,

2014

A

,

4

%

,

8/01/44

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

10,000,000

9,865,793

Chabot-Las

Positas

Community

College

District

,

GO,

B,

5%,

8/01/23

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

14,400,000

14,438,516

GO,

B,

5%,

8/01/24

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

5,500,000

5,614,329

Chaffey

Joint

Union

High

School

District

,

GO

,

B

,

5

%

,

8/01/44

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

27,500,000

28,175,477

Chino

Community

Facilities

District

,

City

of

Chino

Community

Facilities

District

No.

2003-3,

Special

Tax,

2021,

4%,

9/01/41

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

1,710,000

1,541,252

City

of

Chino

Community

Facilities

District

No.

2003-3,

Special

Tax,

2021,

4%,

9/01/46

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

1,000,000

867,803

City

of

Chino

Community

Facilities

District

No.

2003-3,

Special

Tax,

2021,

4%,

9/01/51

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

1,250,000

1,053,178

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

5%,

9/01/37

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

2,740,000

2,827,838

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)

Chino

Community

Facilities

District,

(continued)

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

5.25%,

9/01/42

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

$

2,000,000

$

2,064,995

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

5.375%,

9/01/47

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

2,000,000

2,065,543

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

9,

Special

Tax,

2022,

5.375%,

9/01/52

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

2,695,000

2,765,660

Chino

Valley

Unified

School

District

,

GO,

2020

B,

3.375%,

8/01/50

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

20,500,000

17,057,814

GO,

2020

B,

5%,

8/01/55

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

12,500,000

13,368,615

City

&

County

of

San

Francisco

,

GO

,

2022

,

Refunding

,

5

%

,

6/15/26

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

5,000,000

5,316,766

City

of

Beaumont

,

Community

Facilities

District

No.

2016-3,

Special

Tax,

2023,

5%,

9/01/38

........

500,000

518,678

Community

Facilities

District

No.

2016-3,

Special

Tax,

2023,

5%,

9/01/43

........

625,000

638,011

Community

Facilities

District

No.

2016-3,

Special

Tax,

2023,

5%,

9/01/48

........

745,000

747,268

Community

Facilities

District

No.

2016-3,

Special

Tax,

2023,

5%,

9/01/53

........

950,000

950,014

City

of

Corona

,

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

1,

Special

Tax,

2020,

4%,

9/01/45

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

650,000

562,495

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

1,

Special

Tax,

2020,

4%,

9/01/50

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

1,500,000

1,271,526

City

of

Dublin

,

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

4,

Special

Tax,

2022,

5.25%,

9/01/42

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

2,005,000

2,049,122

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

4,

Special

Tax,

2022,

5.5%,

9/01/47

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

2,630,000

2,712,761

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

4,

Special

Tax,

2022,

5.5%,

9/01/51

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

3,040,000

3,121,229

City

of

Fillmore

,

Community

Facilities

District

No.

5

Improvement

Area

B,

Special

Tax,

2023,

5%,

9/01/38

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

1,000,000

1,031,561

Community

Facilities

District

No.

5

Improvement

Area

B,

Special

Tax,

2023,

5%,

9/01/43

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

1,100,000

1,121,109

Community

Facilities

District

No.

5

Improvement

Area

B,

Special

Tax,

2023,

5%,

9/01/48

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

2,375,000

2,378,447

Community

Facilities

District

No.

5

Improvement

Area

B,

Special

Tax,

2023,

5%,

9/01/53

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

3,740,000

3,728,808

City

of

Fontana

,

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/45

...........

850,000

749,278

Community

Facilities

District

No.

85,

Special

Tax,

2020,

4%,

9/01/50

...........

900,000

769,647

Community

Facilities

District

No.

88,

Special

Tax,

2020,

4%,

9/01/45

...........

1,100,000

964,220

Community

Facilities

District

No.

88,

Special

Tax,

2020,

4%,

9/01/51

...........

1,545,000

1,305,830

Community

Facilities

District

No.

89,

Special

Tax,

2020,

4%,

9/01/40

...........

750,000

683,878

Community

Facilities

District

No.

89,

Special

Tax,

2020,

4%,

9/01/51

...........

1,500,000

1,265,803

Community

Facilities

District

No.

90,

Special

Tax,

2021,

4%,

9/01/41

...........

530,000

480,697

Community

Facilities

District

No.

90,

Special

Tax,

2021,

4%,

9/01/46

...........

475,000

413,391

Community

Facilities

District

No.

90,

Special

Tax,

2021,

4%,

9/01/51

...........

1,825,000

1,542,485

Community

Facilities

District

No.

99,

Special

Tax,

2023,

5%,

9/01/45

...........

600,000

608,010

Community

Facilities

District

No.

99,

Special

Tax,

2023,

5%,

9/01/53

...........

500,000

501,842

City

of

Irvine

,

Assessment

District

No.

21-1,

1915

Act,

Special

Assessment,

Refunding,

4%,

9/02/23

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

1,630,000

1,630,697

Assessment

District

No.

21-1,

1915

Act,

Special

Assessment,

Refunding,

4%,

9/02/26

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

1,245,000

1,262,593

Assessment

District

No.

21-1,

1915

Act,

Special

Assessment,

Refunding,

4%,

9/02/27

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

1,500,000

1,533,086

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

Lake

Elsinore

,

Community

Facilities

District

No.

2006-6

,

Special

Tax

,

2022

,

4.75

%

,

9/01/52

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

$

1,000,000

$

950,523

City

of

Lincoln

,

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/39

290,000

269,718

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/40

160,000

147,135

Community

Facilities

District

No.

2006-1,

Special

Tax,

2021,

Refunding,

4%,

9/01/43

320,000

288,975

Community

Facilities

District

No.

2019-1,

Special

Tax,

2019-1,

5%,

9/01/42

......

2,015,000

2,012,508

Community

Facilities

District

No.

2019-1,

Special

Tax,

2019-1,

5%,

9/01/47

......

3,430,000

3,364,362

Community

Facilities

District

No.

2019-1,

Special

Tax,

2019-1,

5%,

9/01/52

......

2,090,000

2,025,518

City

of

Long

Beach

,

Harbor,

Revenue,

2017

C,

Refunding,

5%,

5/15/47

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

15,660,000

16,461,754

Harbor,

Revenue,

2019

A,

5%,

5/15/44

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

15,045,000

16,176,726

Harbor,

Revenue,

2019

A,

5%,

5/15/49

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

8,705,000

9,314,266

City

of

Los

Angeles

,

Department

of

Airports,

Revenue,

2015

D,

5%,

5/15/33

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

11,420,000

11,663,646

Department

of

Airports,

Revenue,

2015

D,

5%,

5/15/41

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

17,000,000

17,141,457

Department

of

Airports,

Revenue,

2017

A,

5%,

5/15/42

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

13,680,000

14,014,678

Department

of

Airports,

Revenue,

2017

A,

5%,

5/15/47

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

51,110,000

52,027,844

Department

of

Airports,

Revenue,

2017

B,

5%,

5/15/42

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

4,000,000

4,206,130

Department

of

Airports,

Revenue,

2018

A,

5%,

5/15/44

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

47,710,000

49,023,652

Department

of

Airports,

Revenue,

2018

A,

5.25%,

5/15/48

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

10,000,000

10,369,502

Department

of

Airports,

Revenue,

2018

C,

5%,

5/15/37

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

9,550,000

9,920,599

Department

of

Airports,

Revenue,

2018

C,

5%,

5/15/44

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

39,945,000

41,041,702

Department

of

Airports,

Revenue,

2018

E,

Refunding,

5%,

5/15/43

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

16,995,000

18,287,403

Department

of

Airports,

Revenue,

2018

E,

Refunding,

5%,

5/15/48

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

33,145,000

35,280,489

Department

of

Airports,

Revenue,

2019

A,

Refunding,

5%,

5/15/49

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

10,000,000

10,311,182

Department

of

Airports,

Revenue,

2019

C,

5%,

5/15/39

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

2,305,000

2,510,479

Department

of

Airports,

Revenue,

2019

E,

5%,

5/15/44

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

19,485,000

20,819,241

Department

of

Airports,

Revenue,

2019

E,

5%,

5/15/49

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

45,200,000

47,894,241

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/35

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

16,005,000

18,089,254

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/37

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

5,000,000

5,545,947

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/38

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

15,925,000

17,633,716

Department

of

Airports,

Revenue,

2020

A,

Refunding,

5%,

5/15/40

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

22,485,000

24,752,675

Department

of

Airports,

Revenue,

2021

A,

Refunding,

5%,

5/15/36

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

3,665,000

3,959,959

Department

of

Airports,

Revenue,

2021

A,

Refunding,

5%,

5/15/38

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

4,920,000

5,249,048

Department

of

Airports,

Revenue,

2021

A,

Refunding,

5%,

5/15/41

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

7,005,000

7,395,658

Department

of

Airports,

Revenue,

2021

A,

Refunding,

5%,

5/15/46

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

25,965,000

27,152,076

Department

of

Airports,

Revenue,

2021

A,

Refunding,

5%,

5/15/51

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

26,450,000

27,482,605

Department

of

Airports,

Revenue,

2021

D,

5%,

5/15/31

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

5,245,000

5,776,465

Department

of

Airports,

Revenue,

2021

D,

5%,

5/15/34

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

2,500,000

2,759,254

Department

of

Airports,

Revenue,

2021

D,

Pre-Refunded,

5%,

5/15/34

..........

140,000

157,058

Department

of

Airports,

Revenue,

2022

C,

Refunding,

5%,

5/15/45

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

8,000,000

8,419,381

Department

of

Airports,

Revenue,

Senior

Lien,

2015

A,

5%,

5/15/40

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

3,000,000

3,027,434

Department

of

Airports,

Revenue,

Senior

Lien,

2020

C,

5%,

5/15/37

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

6,595,000

7,033,561

Department

of

Airports,

Revenue,

Senior

Lien,

2022

G,

4%,

5/15/42

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

16,575,000

15,914,965

Department

of

Airports,

Revenue,

Senior

Lien,

2022

G,

4%,

5/15/47

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

11,325,000

10,581,241

Department

of

Airports,

Revenue,

Senior

Lien,

2022

H,

5%,

5/15/42

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

1,415,000

1,496,937

Department

of

Airports,

Revenue,

Senior

Lien,

2022

H,

5%,

5/15/47

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

25,000,000

26,195,588

Department

of

Airports,

Revenue,

Senior

Lien,

2022

H,

5.25%,

5/15/47

.........

1,200,000

1,279,320

Department

of

Airports,

Revenue,

Senior

Lien,

2022

H,

5.5%,

5/15/47

..........

23,000,000

25,128,420

Department

of

Airports,

Revenue,

Senior

Lien,

2022

I,

5%,

5/15/41

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

1,350,000

1,512,927

Department

of

Airports,

Revenue,

Senior

Lien,

2022

I,

5%,

5/15/42

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

1,360,000

1,518,734

Department

of

Airports,

Revenue,

Senior

Lien,

2022

I,

4%,

5/15/48

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

2,000,000

1,944,283

Department

of

Airports,

Revenue,

Senior

Lien,

2022

I,

5%,

5/15/48

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

6,265,000

6,870,140

Wastewater

System,

Revenue,

2015

A,

5%,

6/01/44

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

18,500,000

19,007,366

Wastewater

System,

Revenue,

2015

C,

Refunding,

5%,

6/01/45

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

15,190,000

15,599,712

Wastewater

System,

Revenue,

2018

A,

5%,

6/01/43

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

10,000,000

10,686,833

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)

City

of

Los

Angeles,

(continued)

Wastewater

System,

Revenue,

2018

A,

5%,

6/01/48

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

$

1,275,000

$

1,354,128

City

of

Menifee

,

Community

Facilities

District

No.

2019-1

Meadow

Run,

Special

Tax,

2022,

4%,

9/01/37

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

320,000

301,674

Community

Facilities

District

No.

2019-1

Meadow

Run,

Special

Tax,

2022,

3%,

9/01/43

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

135,000

98,211

Community

Facilities

District

No.

2019-1

Meadow

Run,

Special

Tax,

2022,

4%,

9/01/51

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

565,000

480,557

City

of

Newport

Beach

,

Assessment

District

No.

113

,

1915

Act,

Special

Assessment

,

2021

A

,

2.25

%

,

9/02/41

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

1,290,000

845,767

City

of

Ontario

,

Community

Facilities

District

No.

13,

Special

Tax,

2021,

Refunding,

4%,

9/01/38

...

400,000

368,541

Community

Facilities

District

No.

45,

Special

Tax,

2020,

4%,

9/01/43

...........

410,000

360,702

Community

Facilities

District

No.

45,

Special

Tax,

2020,

4%,

9/01/51

...........

1,565,000

1,311,057

Community

Facilities

District

No.

53,

Special

Tax,

2021,

4%,

9/01/36

...........

525,000

504,435

Community

Facilities

District

No.

53,

Special

Tax,

2021,

4%,

9/01/42

...........

650,000

586,665

Community

Facilities

District

No.

55,

Special

Tax,

2022,

5%,

9/01/42

...........

750,000

766,130

Community

Facilities

District

No.

55,

Special

Tax,

2022,

5%,

9/01/47

...........

800,000

809,490

Community

Facilities

District

No.

55,

Special

Tax,

2022,

5%,

9/01/53

...........

845,000

849,359

Community

Facilities

District

No.

57,

Special

Tax,

2022,

4.25%,

9/01/37

.........

415,000

397,817

Community

Facilities

District

No.

57,

Special

Tax,

2022,

4.625%,

9/01/42

........

650,000

635,812

Community

Facilities

District

No.

57,

Special

Tax,

2022,

4.75%,

9/01/47

.........

840,000

817,717

Community

Facilities

District

No.

57,

Special

Tax,

2022,

4.75%,

9/01/52

.........

825,000

785,387

City

of

Orange

,

Community

Facilities

District

No.

06-1

,

Special

Tax

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/40

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

7,500,000

7,762,208

City

of

Pasadena

,

Electric

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

6/01/46

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

22,625,000

22,083,652

City

of

Perris

,

Revenue

,

1988

A

,

GNMA

Insured

,

ETM,

Zero

Cpn.,

6/01/23

.........

19,095,000

19,095,000

City

of

Riverside

,

Electric,

Revenue,

2013

A,

Refunding,

5%,

10/01/43

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

11,535,000

11,585,665

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/40

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

25,000,000

25,856,018

City

of

Roseville

,

Electric

System

,

COP

,

2004

,

AGMC

Insured

,

5

%

,

2/01/34

........

5,000

5,007

City

of

Sacramento

,

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/43

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

13,555,000

14,138,352

Transient

Occupancy

Tax,

Revenue,

2018

A,

5%,

6/01/48

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

12,000,000

12,444,684

Transient

Occupancy

Tax,

Revenue,

2018

C,

5%,

6/01/48

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

9,415,000

9,742,426

City

of

San

Diego

,

Community

Facilities

District

No.

2,

Special

Tax,

2021,

Refunding,

4%,

9/01/28

....

880,000

908,835

Community

Facilities

District

No.

2,

Special

Tax,

2021,

Refunding,

4%,

9/01/29

....

690,000

716,470

Community

Facilities

District

No.

2,

Special

Tax,

2021,

Refunding,

4%,

9/01/30

....

425,000

443,112

City

of

Santa

Paula

,

Harvest

Community

Facilities

District

No.

1

Improvement

Area

A,

Special

Tax,

2022,

4%,

9/01/42

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

575,000

517,631

Harvest

Community

Facilities

District

No.

1

Improvement

Area

A,

Special

Tax,

2022,

4%,

9/01/47

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

1,460,000

1,267,492

Harvest

Community

Facilities

District

No.

1

Improvement

Area

A,

Special

Tax,

2022,

4%,

9/01/52

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

3,530,000

2,973,131

City

of

Santa

Rosa

,

Wastewater

,

Revenue

,

2020

A

,

5

%

,

9/01/35

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

600,000

678,949

City

of

Upland

,

San

Antonio

Regional

Hospital

Obligated

Group

,

COP

,

Refunding

,

5

%

,

1/01/47

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

14,400,000

14,665,658

City

of

Vernon

,

Electric

System,

Revenue,

2021

A,

5%,

10/01/24

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

2,500,000

2,528,155

Electric

System,

Revenue,

2021

A,

5%,

4/01/28

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

2,000,000

2,092,421

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/34

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

1,350,000

1,463,327

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/39

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

425,000

440,914

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/40

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

365,000

377,886

Electric

System,

Revenue,

2022

A,

Refunding,

5%,

8/01/41

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

420,000

434,372

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)

b

CMFA

Special

Finance

Agency

,

Latitude33,

Revenue,

144A,

2021

A-1,

3%,

12/01/56

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

$

9,000,000

$

5,948,038

Solana

at

Grand,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

8/01/56

..........

54,800,000

45,277,722

b

CMFA

Special

Finance

Agency

Enclave

,

Revenue,

Senior

Lien

,

144A,

2022

A-1

,

4

%

,

8/01/58

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

26,500,000

20,243,451

b

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

A-1

,

3

%

,

8/01/56

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

94,250,000

62,407,449

b

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

3

%

,

8/01/56

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

34,750,000

22,765,979

b

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue,

Senior

Lien

,

144A,

2022

A-1

,

3.25

%

,

2/01/57

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

27,500,000

18,657,870

Coachella

Valley

Unified

School

District

,

GO,

C,

AGMC

Insured,

Zero

Cpn.,

8/01/36

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

8,000,000

4,773,869

GO,

C,

AGMC

Insured,

Zero

Cpn.,

8/01/37

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

8,000,000

4,503,656

GO,

C,

AGMC

Insured,

Zero

Cpn.,

8/01/40

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

7,500,000

3,578,398

GO,

C,

AGMC

Insured,

Zero

Cpn.,

8/01/43

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

10,000,000

4,003,197

Coalinga-Huron

Joint

Unified

School

District

,

GO

,

B

,

BAM

Insured

,

5

%

,

8/01/48

.....

7,135,000

7,469,692

Colton

Joint

Unified

School

District

,

GO

,

2010

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/42

.

16,365,000

6,877,421

Contra

Costa

Community

College

District

,

GO

,

2020

C

,

4

%

,

8/01/32

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

1,200,000

1,292,452

Contra

Costa

Water

District

,

Revenue

,

V

,

Refunding

,

5

%

,

10/01/49

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

7,500,000

8,120,366

Corona-Norco

Unified

School

District

,

GO,

1998

B,

AGMC

Insured,

Zero

Cpn.,

9/01/23

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

2,320,000

2,299,346

GO,

1998

B,

AGMC

Insured,

Zero

Cpn.,

9/01/24

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

2,620,000

2,505,505

GO,

1998

B,

AGMC

Insured,

Zero

Cpn.,

3/01/25

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

1,400,000

1,316,320

GO,

1998

C,

NATL

Insured,

Zero

Cpn.,

9/01/25

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

4,655,000

4,301,624

GO,

1998

C,

NATL

Insured,

Zero

Cpn.,

9/01/26

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

6,080,000

5,432,778

County

of

Orange

,

Community

Facilities

District

No.

2021-1,

Special

Tax,

2022

A,

5%,

8/15/37

......

1,300,000

1,354,696

Community

Facilities

District

No.

2021-1,

Special

Tax,

2022

A,

5%,

8/15/42

......

850,000

869,487

Community

Facilities

District

No.

2021-1,

Special

Tax,

2022

A,

5%,

8/15/47

......

4,650,000

4,711,859

Community

Facilities

District

No.

2021-1,

Special

Tax,

2022

A,

5%,

8/15/52

......

4,200,000

4,234,835

County

of

Placer

,

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

2,

Special

Tax,

2017

1,

5%,

9/01/43

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

900,000

896,495

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

2,

Special

Tax,

2017

1,

5%,

9/01/48

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

1,360,000

1,314,332

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

2,

Special

Tax,

2017

1,

5%,

9/01/53

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

1,000,000

953,669

County

of

Riverside

,

Revenue,

1988

B,

GNMA

Insured,

ETM,

Zero

Cpn.,

6/01/23

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

26,160,000

26,160,000

Community

Facilities

District

No.

07-2,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/45

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

2,730,000

2,673,329

County

of

Sacramento

,

Airport

System,

Revenue,

2016

B,

Refunding,

5%,

7/01/41

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

9,000,000

9,311,281

Airport

System,

Revenue,

Senior

Lien,

2016

A,

Refunding,

5%,

7/01/41

.........

10,000,000

10,360,591

Community

Facilities

District

No.

2014-2,

Special

Tax,

2021,

4%,

9/01/41

........

325,000

294,767

Community

Facilities

District

No.

2014-2,

Special

Tax,

2021,

4%,

9/01/46

........

325,000

285,299

b

CSCDA

Community

Improvement

Authority

,

1818

Platinum

Triangle-Anaheim,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3.35%,

4/01/47

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

10,000,000

7,705,105

777

Place-Pomona,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3.6%,

5/01/47

.......

10,000,000

7,824,243

777

Place-Pomona,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3.25%,

5/01/57

......

12,500,000

8,562,006

Acacia

on

Santa

Rosa

Creek,

Revenue,

Senior

Lien,

144A,

2021

A,

4%,

10/01/56

.

13,000,000

10,664,997

Cameo/Garrison

Apartments,

Revenue,

144A,

2021

B,

4%,

3/01/57

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

7,000,000

4,937,264

Cameo/Garrison

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

2.8%,

3/01/47

21,800,000

16,534,408

Cameo/Garrison

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3%,

3/01/57

.

7,430,000

4,902,976

Crescent

(The),

Revenue,

Senior

Lien,

144A,

2022

A-1,

3.25%,

7/01/43

.........

6,530,000

5,029,620

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)

b

CSCDA

Community

Improvement

Authority,

(continued)

Crescent

(The),

Revenue,

Senior

Lien,

144A,

2022

A-2,

4.3%,

7/01/59

..........

$

18,250,000

$

15,125,261

Dublin,

Revenue,

144A,

2021

B,

4%,

2/01/57

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

16,110,000

11,261,755

Dublin,

Revenue,

Senior

Lien,

144A,

2021

A-1,

2.45%,

2/01/47

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

40,500,000

31,531,243

Dublin,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3%,

2/01/57

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

45,500,000

30,039,669

Escondido

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

6/01/48

........

10,000,000

6,739,108

Jefferson

Platinum

Triangle

Apartments,

Revenue,

144A,

2021

A-1,

2.875%,

8/01/41

19,710,000

17,191,326

Jefferson

Platinum

Triangle

Apartments,

Revenue,

144A,

2021

A-2,

3.125%,

8/01/56

54,465,000

37,143,540

Monterey

Station

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

7/01/43

.

8,000,000

6,003,605

Park

Crossing

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A,

3.25%,

12/01/58

.

18,750,000

12,541,751

Parrallel-Anaheim,

Revenue,

144A,

2021

A,

4%,

8/01/56

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

17,840,000

13,112,933

Pasadena

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-1,

2.65%,

12/01/46

.....

1,425,000

1,095,529

Pasadena

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3%,

12/01/56

.......

39,820,000

26,316,763

Renaissance

at

City

Center,

Revenue,

144A,

2020

A,

5%,

7/01/51

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

15,825,000

14,348,450

Theo

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3.5%,

5/01/47

........

5,000,000

3,960,307

Towne

at

Glendale

Apartments,

Revenue,

144A,

2022

A,

Zero

Cpn.,

9/01/62

.....

53,000,000

25,625,002

Vineyard

Garden

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A,

3.25%,

10/01/58

14,000,000

9,406,347

Waterscape

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A,

3%,

9/01/56

......

5,000,000

3,291,477

Westgate

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

6/01/47

......

14,500,000

10,521,967

Wood

Creek

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

12/01/49

...

30,000,000

19,884,090

Wood

Creek

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-2,

4%,

12/01/58

...

25,000,000

18,527,557

Daly

City

Housing

Development

Finance

Agency

,

Franciscan

Park

LLC

,

Revenue

,

2007

A

,

Refunding

,

5

%

,

12/15/47

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

17,870,000

17,873,499

Day

Creek

Square

Public

Facilities

,

Community

Facilities

District

No.

2018-1,

Special

Tax,

2020,

4%,

9/01/40

........

625,000

551,875

Community

Facilities

District

No.

2018-1,

Special

Tax,

2020,

4%,

9/01/45

........

700,000

594,436

Delano

Joint

Union

High

School

District

,

GO

,

2003

A

,

Refunding

,

NATL

Insured

,

5.15

%

,

2/01/32

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

8,520,000

9,399,166

East

Bay

Municipal

Utility

District

,

Water

System,

Revenue,

2014

A,

Refunding,

5%,

6/01/35

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

10,000,000

10,148,789

Water

System,

Revenue,

2014

B,

Refunding,

5%,

6/01/24

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

4,140,000

4,215,468

Water

System,

Revenue,

2014

C,

5%,

6/01/44

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

14,000,000

14,128,834

Water

System,

Revenue,

2015

A,

Refunding,

5%,

6/01/36

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

7,355,000

7,623,294

Water

System,

Revenue,

2015

C,

4%,

6/01/45

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

9,070,000

8,954,406

Water

System,

Revenue,

2017

A,

Refunding,

5%,

6/01/45

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

4,240,000

4,483,693

Water

System,

Revenue,

2019

A,

5%,

6/01/44

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

4,000,000

4,334,401

Eastern

Municipal

Water

District

,

Revenue,

2021

A,

Refunding,

4%,

7/01/28

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

2,480,000

2,636,122

a

Revenue,

2021

B,

Refunding,

Mandatory

Put,

3.51%,

7/01/24

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

7,500,000

7,454,364

Community

Facilities

District

No.

2017-79,

Special

Tax,

2021,

4%,

9/01/46

.......

2,815,000

2,464,017

Community

Facilities

District

No.

2017-79,

Special

Tax,

2021,

4%,

9/01/51

.......

3,405,000

2,896,100

Community

Facilities

District

No.

2019-83,

Special

Tax,

2022,

4%,

9/01/51

.......

2,790,000

2,373,016

Eastern

Municipal

Water

District

Financing

Authority

,

Revenue

,

2015

B

,

5

%

,

7/01/46

.

30,705,000

31,686,424

Elk

Grove

Finance

Authority

,

Special

Tax

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/38

1,500,000

1,559,373

Fairfax

School

District

,

GO

,

2010

,

AGMC

Insured

,

Zero

Cpn.,

11/01/48

...........

10,380,000

2,996,958

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

Revenue

,

2019-ML06

,

ACA

,

Revenue

,

2.493

%

,

7/25/35

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

1,027,425

888,607

Folsom

Cordova

Unified

School

District

School

Facilities

Improvement

Dist

No.

5

,

GO

,

C

,

4

%

,

10/01/43

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

17,500,000

17,339,397

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

AGMC

Insured,

5%,

1/15/42

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

10,000,000

10,056,509

Revenue,

2013

A,

Pre-Refunded,

6%,

1/15/49

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

305,000,000

310,255,455

Revenue,

2013

A,

Pre-Refunded,

6%,

1/15/53

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

190,000,000

193,273,890

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/31

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

35,000,000

39,672,741

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/32

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

37,260,000

42,360,805

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/37

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

41,250,000

23,776,298

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/38

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

77,650,000

42,261,106

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)

Foothill-Eastern

Transportation

Corridor

Agency,

(continued)

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/39

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

$

56,100,000

$

28,894,698

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/42

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

130,000,000

54,148,484

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/42

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

98,000,000

113,904,400

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn.,

1/01/25

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

20,660,000

19,594,572

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn.,

1/01/26

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

23,475,000

21,598,115

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn.,

1/01/27

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

15,000,000

13,403,266

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn.,

1/01/28

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

2,000,000

1,739,971

Revenue,

Senior

Lien,

1995

A,

ETM,

Zero

Cpn.,

1/01/29

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

35,310,000

29,917,633

Revenue,

Senior

Lien,

2021

A,

Refunding,

4%,

1/15/46

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

17,500,000

16,588,394

Fowler

Unified

School

District

,

GO,

2010

C,

AGMC

Insured,

Zero

Cpn.,

8/01/41

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

3,095,000

1,460,678

GO,

2010

C,

AGMC

Insured,

Zero

Cpn.,

8/01/42

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

3,005,000

1,357,014

Franklin-Mckinley

School

District

,

GO

,

C

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

8/01/44

.

5,000,000

5,013,540

Fresno

Unified

School

District

,

GO,

2020

B,

5%,

8/01/46

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

2,635,000

2,835,929

GO,

2020

B,

4%,

8/01/48

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

3,205,000

3,108,113

GO,

2020

B,

4%,

8/01/52

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

6,585,000

6,347,433

GO,

2020

B,

4%,

8/01/55

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

4,000,000

3,848,281

Fullerton

School

District

,

GO

,

2002

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/23

..........

3,030,000

3,012,015

Glendale

Community

College

District

,

GO

,

2003

C

,

NATL

Insured

,

Zero

Cpn.,

8/01/28

12,860,000

10,284,480

Glendora

Public

Finance

Authority

,

Glendora

Community

Redevelopment

Agency

,

Tax

Allocation

,

2003

A

,

NATL

Insured

,

5

%

,

9/01/24

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

1,945,000

1,947,277

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2022

A-1

,

Refunding

,

5

%

,

6/01/51

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

19,000,000

19,800,390

Golden

Valley

Unified

School

District

Financing

Authority

,

Community

Facilities

District

No.

2017-1,

Revenue,

2021

A,

4%,

9/01/46

........

250,000

215,094

Community

Facilities

District

No.

2017-1,

Revenue,

2021

A,

4%,

9/01/51

........

500,000

416,020

Community

Facilities

District

No.

2017-1,

Revenue,

2021

A,

4%,

9/01/56

........

745,000

609,392

Grossmont

Union

High

School

District

,

GO

,

2004

,

AGMC

Insured

,

Zero

Cpn.,

8/01/24

5,110,000

4,903,767

Grossmont-Cuyamaca

Community

College

District

,

GO

,

2018

B

,

4

%

,

8/01/47

......

10,000,000

9,712,232

Hacienda

La

Puente

Unified

School

District

,

GO

,

2017

A

,

4

%

,

8/01/47

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

655,000

636,151

Hartnell

Community

College

District

,

GO

,

2009

C

,

6.125

%

,

8/01/33

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

20,000,000

25,000,616

Hawthorne

School

District

,

GO

,

2008

C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/48

.......

37,665,000

11,585,095

Huntington

Beach

City

School

District

,

GO

,

2003

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/28

10,005,000

8,194,975

Independent

Cities

Finance

Authority

,

Augusta

Communities

LLC,

Revenue,

2022

A,

Refunding,

5.25%,

5/15/56

.......

4,000,000

4,147,673

b

City

of

Compton

Sales

Tax,

Revenue,

144A,

2021,

AGMC

Insured,

4%,

6/01/36

...

700,000

706,443

b

City

of

Compton

Sales

Tax,

Revenue,

144A,

2021,

AGMC

Insured,

4%,

6/01/41

...

900,000

897,427

b

City

of

Compton

Sales

Tax,

Revenue,

144A,

2021,

AGMC

Insured,

4%,

6/01/46

...

925,000

902,867

b

City

of

Compton

Sales

Tax,

Revenue,

144A,

2021,

AGMC

Insured,

4%,

6/01/51

...

1,250,000

1,201,524

Millennium

Housing

LLC,

Revenue,

2021

A,

Refunding,

3%,

9/15/46

...........

1,000,000

765,071

Millennium

Housing

LLC,

Revenue,

2021

A,

Refunding,

3%,

9/15/56

...........

2,000,000

1,389,566

Millennium

Housing

LLC,

Revenue,

2022,

Refunding,

4%,

9/15/42

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

2,000,000

1,899,249

Millennium

Housing

LLC,

Revenue,

2022,

Refunding,

4.25%,

9/15/50

...........

2,000,000

1,907,782

Millennium

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/15/50

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

2,000,000

2,091,122

Irvine

Unified

School

District

,

Special

Tax,

2020

A,

4%,

9/01/40

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

2,945,000

2,701,648

Special

Tax,

2020

A,

4%,

9/01/44

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

6,215,000

5,515,020

Special

Tax,

2020

A,

BAM

Insured,

4%,

9/01/50

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

7,960,000

7,669,239

Community

Facilities

District

No.

01-1,

Special

Tax,

2015,

Refunding,

BAM

Insured,

5%,

9/01/38

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

7,000,000

7,184,568

Community

Facilities

District

No.

09-1,

Special

Tax,

2017

D,

5%,

3/01/57

........

10,940,000

10,997,807

Jefferson

Union

High

School

District

,

GO,

2000

A,

Refunding,

NATL

Insured,

6.45%,

8/01/25

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

1,445,000

1,497,534

GO,

2000

A,

Refunding,

NATL

Insured,

6.45%,

8/01/29

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

3,075,000

3,470,157

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)

Jurupa

Community

Services

District

,

Community

Facilities

District

No.

52,

Special

Tax,

2021

A,

4%,

9/01/39

..........

$

135,000

$

124,105

Community

Facilities

District

No.

52,

Special

Tax,

2021

A,

4%,

9/01/40

..........

140,000

127,042

Community

Facilities

District

No.

52,

Special

Tax,

2021

A,

4%,

9/01/50

..........

1,000,000

847,243

Community

Facilities

District

No.

54,

Special

Tax,

2021

A,

4%,

9/01/46

..........

900,000

779,903

Community

Facilities

District

No.

54,

Special

Tax,

2021

A,

4%,

9/01/51

..........

875,000

736,067

Jurupa

Public

Financing

Authority

,

Special

Tax,

2013

A,

AGMC

Insured,

5.125%,

9/01/37

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

4,000,000

4,015,090

Special

Tax,

2013

A,

AGMC

Insured,

5.25%,

9/01/42

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

3,250,000

3,264,626

La

Mirada

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2010

A

,

Refunding

,

AGMC

Insured

,

5

%

,

8/15/28

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

1,855,000

1,858,791

Lake

Elsinore

Unified

School

District

,

Community

Facilities

District

No.

2006-3,

Special

Tax,

2022,

5%,

9/01/47

........

350,000

350,529

Community

Facilities

District

No.

2006-3,

Special

Tax,

2022,

5%,

9/01/52

........

500,000

494,953

Lakeside

Union

School

District

,

GO

,

2010

B

,

Zero

Cpn.,

8/01/45

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

11,540,000

4,255,725

Lammersville

Joint

Unified

School

District

,

GO

,

2016

A

,

4

%

,

8/01/46

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

41,340,000

40,319,642

Lancaster

School

District

,

GO,

1999,

NATL

Insured,

Zero

Cpn.,

8/01/25

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

5,495,000

5,068,402

GO,

1999,

NATL

Insured,

Zero

Cpn.,

7/01/26

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

5,965,000

5,321,180

Lassen

Municipal

Utility

District

,

COP

,

2021

,

4

%

,

5/01/51

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

3,000,000

2,721,937

Lawndale

Redevelopment

Agency

,

Tax

Allocation,

2009,

AGMC

Insured,

5.5%,

8/01/39

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

10,280,000

10,297,661

Tax

Allocation,

2009,

AGMC

Insured,

5.5%,

8/01/44

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

6,085,000

6,095,103

Lee

Lake

Water

District

Financing

Corp.

,

Community

Facilities

District

No.

4

Terramor

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/36

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

930,000

890,863

Community

Facilities

District

No.

4

Terramor

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/41

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

785,000

713,763

Community

Facilities

District

No.

4

Terramor

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/46

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

1,040,000

900,952

Community

Facilities

District

No.

4

Terramor

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/51

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

930,000

784,450

Lemon

Grove

School

District

,

GO

,

2010

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/50

.....

20,990,000

5,998,480

Lodi

Unified

School

District

,

GO

,

2017

,

4

%

,

8/01/41

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

15,000,000

14,958,666

Long

Beach

Bond

Finance

Authority

,

Revenue,

2007

A,

5.5%,

11/15/28

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

8,000,000

8,485,804

Revenue,

2007

A,

5%,

11/15/29

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

17,465,000

18,243,922

Revenue,

2007

A,

5.5%,

11/15/30

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

5,000,000

5,402,252

Revenue,

2007

A,

5%,

11/15/35

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

69,855,000

73,127,064

Revenue,

2007

A,

5.5%,

11/15/37

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

35,000,000

37,783,148

Los

Angeles

Community

College

District

,

GO,

2015

A,

Pre-Refunded,

5%,

8/01/26

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

14,000,000

14,310,397

GO,

2015

A,

Pre-Refunded,

5%,

8/01/27

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

24,895,000

25,446,952

GO,

2015

A,

Pre-Refunded,

4%,

8/01/32

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

90,600,000

91,581,107

GO,

2015

A,

Pre-Refunded,

4%,

8/01/33

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

19,350,000

19,559,541

GO,

2015

C,

Refunding,

5%,

8/01/25

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

5,890,000

6,138,806

GO,

2016,

Refunding,

5%,

8/01/38

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

10,000,000

10,586,822

Los

Angeles

County

Metropolitan

Transportation

Authority

,

Revenue,

2021

A,

5%,

6/01/26

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

4,000,000

4,245,061

Sales

Tax,

Revenue,

2016

A,

Refunding,

5%,

6/01/35

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

17,655,000

18,776,437

Sales

Tax,

Revenue,

2016

A,

Refunding,

5%,

6/01/37

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

10,970,000

11,561,009

Sales

Tax,

Revenue,

2016

A,

Refunding,

5%,

6/01/38

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

2,705,000

2,843,955

Sales

Tax,

Revenue,

2016

A,

Refunding,

5%,

6/01/39

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

10,000,000

10,488,324

Sales

Tax,

Revenue,

2017

A,

5%,

7/01/38

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

10,455,000

11,194,407

Sales

Tax,

Revenue,

2017

A,

5%,

7/01/39

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

7,860,000

8,398,198

Sales

Tax,

Revenue,

2017

A,

5%,

7/01/41

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

12,350,000

13,145,777

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)

Los

Angeles

County

Metropolitan

Transportation

Authority,

(continued)

Sales

Tax,

Revenue,

2017

A,

5%,

7/01/42

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

$

26,910,000

$

28,590,166

Sales

Tax,

Revenue,

2020

A,

Refunding,

5%,

6/01/32

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

6,700,000

7,712,065

Sales

Tax,

Revenue,

2020

A,

Refunding,

5%,

6/01/35

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

18,960,000

21,650,018

Sales

Tax,

Revenue,

2020

A,

Refunding,

5%,

6/01/36

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

7,035,000

7,963,470

Sales

Tax,

Revenue,

2020

A,

Refunding,

5%,

6/01/37

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

11,455,000

12,873,127

Sales

Tax,

Revenue,

2021

A,

5%,

6/01/23

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

7,000,000

7,000,000

Sales

Tax,

Revenue,

2021

A,

5%,

6/01/24

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

5,500,000

5,599,173

Sales

Tax,

Revenue,

2021

A,

5%,

6/01/32

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

4,000,000

4,685,066

Sales

Tax,

Revenue,

Senior

Lien,

2021

A,

5%,

7/01/28

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

3,830,000

4,255,794

Sales

Tax,

Revenue,

Senior

Lien,

2021

A,

5%,

7/01/36

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

2,500,000

2,898,678

Los

Angeles

County

Sanitation

Districts

Financing

Authority

,

Revenue,

2022

A,

5%,

10/01/25

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

6,830,000

7,143,942

Los

Angeles

County

Sanitation

District

No.

20,

Revenue,

2016

A,

Refunding,

4%,

10/01/42

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

16,430,000

16,014,857

Los

Angeles

Department

of

Water

,

Water

System

,

Revenue

,

2020

C

,

Refunding

,

5

%

,

7/01/41

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

6,455,000

7,079,224

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2014

B,

5%,

7/01/43

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

62,000,000

62,456,109

Power

System,

Revenue,

2014

D,

5%,

7/01/44

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

51,940,000

52,638,380

Power

System,

Revenue,

2015

A,

Refunding,

5%,

7/01/35

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

15,105,000

15,570,634

Power

System,

Revenue,

2015

A,

Refunding,

5%,

7/01/36

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

17,795,000

18,308,713

Power

System,

Revenue,

2016

B,

5%,

7/01/35

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

11,995,000

12,596,197

Power

System,

Revenue,

2017

A,

5%,

7/01/47

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

5,000,000

5,250,482

Power

System,

Revenue,

2017

C,

5%,

7/01/47

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

99,525,000

105,159,488

Power

System,

Revenue,

2018

D,

Refunding,

5%,

7/01/38

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

8,960,000

9,697,730

Power

System,

Revenue,

2018

D,

Refunding,

5%,

7/01/39

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

8,215,000

8,868,650

Power

System,

Revenue,

2019

A,

5%,

7/01/45

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

9,535,000

10,234,891

Power

System,

Revenue,

2019

A,

5.25%,

7/01/49

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

12,555,000

13,573,956

Power

System,

Revenue,

2019

D,

Refunding,

5%,

7/01/44

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

17,555,000

18,970,453

Power

System,

Revenue,

2020

A,

Refunding,

5%,

7/01/28

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

10,000,000

11,116,762

Power

System,

Revenue,

2020

B,

Refunding,

5%,

7/01/39

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

1,005,000

1,105,000

Power

System,

Revenue,

2020

B,

Refunding,

5%,

7/01/45

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

8,500,000

9,205,443

Power

System,

Revenue,

2021

B,

Refunding,

5%,

7/01/48

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

20,800,000

22,571,488

Power

System,

Revenue,

2021

C,

5%,

7/01/40

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

8,020,000

8,899,288

Power

System,

Revenue,

2021

C,

5%,

7/01/45

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

14,455,000

15,800,675

Power

System,

Revenue,

2022

C,

Refunding,

5%,

7/01/40

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

6,000,000

6,692,891

Power

System,

Revenue,

2022

C,

Refunding,

5%,

7/01/41

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

5,000,000

5,556,101

Power

System,

Revenue,

2022

C,

Refunding,

5%,

7/01/42

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

6,250,000

6,920,257

Power

System,

Revenue,

2022

C,

Refunding,

5%,

7/01/43

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

5,000,000

5,524,202

Water

System,

Revenue,

2014

A,

5%,

7/01/44

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

84,000,000

85,165,114

Water

System,

Revenue,

2016

A,

Refunding,

5%,

7/01/41

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

29,820,000

30,996,995

Water

System,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

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

32,840,000

33,991,558

Water

System,

Revenue,

2017

A,

Refunding,

5%,

7/01/41

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

24,210,000

25,581,375

Water

System,

Revenue,

2017

A,

Refunding,

5%,

7/01/44

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

35,365,000

37,238,033

Water

System,

Revenue,

2018,

Refunding,

5%,

7/01/43

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

8,380,000

8,976,202

Water

System,

Revenue,

2018

A,

5%,

7/01/43

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

5,425,000

5,775,881

Water

System,

Revenue,

2018

A,

5%,

7/01/48

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

22,375,000

23,685,540

Water

System,

Revenue,

2022

C,

Refunding,

5%,

7/01/41

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

2,970,000

3,326,537

Los

Angeles

Unified

School

District

,

GO,

2017

A,

Refunding,

5%,

7/01/25

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

18,750,000

19,527,169

GO,

2020

C,

4%,

7/01/33

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

7,000,000

7,490,124

GO,

2020

C,

4%,

7/01/36

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

8,975,000

9,295,934

GO,

2020

RYQ,

4%,

7/01/44

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

10,730,000

10,669,468

Los

Gatos-Saratoga

Joint

High

School

District

,

GO,

A,

4%,

8/01/39

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

10,635,000

10,614,309

GO,

A,

4%,

8/01/44

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

6,090,000

6,016,767

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)

Los

Rios

Community

College

District

,

GO

,

E

,

3

%

,

8/01/23

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

$

10,560,000

$

10,551,119

Marin

Municipal

Water

District

,

Revenue

,

2022

,

Refunding

,

4

%

,

6/15/52

..........

27,295,000

26,231,838

Marina

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation,

2023

A,

5%,

9/01/43

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

1,000,000

1,022,198

Tax

Allocation,

2023

B,

5%,

9/01/43

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

2,100,000

2,126,175

McFarland

Public

Financing

Authority

,

Revenue

,

2010

A

,

AGMC

Insured

,

5

%

,

10/01/40

5,115,000

5,121,593

Menifee

Union

School

District

,

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/26

........

75,000

74,736

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/27

........

140,000

139,683

Community

Facilities

District

No.

2011-1,

Special

Tax,

2021,

4%,

9/01/28

........

105,000

104,921

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

5,

Special

Tax,

2021,

4%,

9/01/45

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

875,000

770,232

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

5,

Special

Tax,

2021,

4%,

9/01/51

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

1,825,000

1,547,353

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

7,

Special

Tax,

2022,

5%,

9/01/42

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

1,000,000

1,014,761

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

7,

Special

Tax,

2022,

5.125%,

9/01/47

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

2,000,000

2,030,257

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

7,

Special

Tax,

2022,

5.25%,

9/01/52

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

2,000,000

2,037,089

Community

Facilities

District

No.

2019-2,

Special

Tax,

2021,

4%,

9/01/35

........

200,000

194,360

Community

Facilities

District

No.

2019-2,

Special

Tax,

2021,

4%,

9/01/44

........

565,000

501,365

Community

Facilities

District

No.

2019-2,

Special

Tax,

2021,

4%,

9/01/51

........

675,000

574,117

Metropolitan

Water

District

of

Southern

California

,

a

Revenue,

2017

C,

Mandatory

Put,

3.55%,

5/21/24

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

13,000,000

12,960,123

a

Revenue,

2017

D,

Refunding,

Mandatory

Put,

3.55%,

5/21/24

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

10,000,000

9,969,325

a

Revenue,

2017

E,

Refunding,

Mandatory

Put,

3.55%,

5/21/24

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

13,000,000

12,960,122

Revenue,

2019

A,

Refunding,

5%,

7/01/25

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

6,000,000

6,241,293

Revenue,

2020

A,

5%,

10/01/49

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

16,665,000

18,053,286

Revenue,

2021

B,

Refunding,

4%,

10/01/25

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

2,000,000

2,043,587

Revenue,

2022

B,

Refunding,

3%,

7/01/28

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

20,000,000

20,257,622

Middle

Fork

Project

Finance

Authority

,

Revenue,

2020,

Refunding,

5%,

4/01/27

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

3,000,000

3,123,730

Revenue,

2020,

Refunding,

5%,

4/01/31

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

3,895,000

4,210,663

Revenue,

2020,

Refunding,

5%,

4/01/36

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

7,330,000

7,817,497

Midpeninsula

Regional

Open

Space

District

,

Field

Employees

Corp.

,

GO

,

2018

,

4

%

,

9/01/48

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

11,220,000

11,060,020

Milpitas

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

1997

,

NATL

Insured

,

ETM,

5.5

%

,

1/15/24

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

1,965,000

1,990,824

Modesto

High

School

District

,

GO,

2002

A,

NATL

Insured,

Zero

Cpn.,

8/01/23

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

10,815,000

10,749,932

GO,

2002

A,

NATL

Insured,

Zero

Cpn.,

5/01/27

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

12,770,000

11,202,924

Monterey

Peninsula

Unified

School

District

,

GO

,

2016

C

,

Refunding

,

5

%

,

8/01/41

...

11,190,000

11,715,904

Moorpark

Unified

School

District

,

GO

,

2009

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/32

...

5,870,000

4,168,266

Moreno

Valley

Unified

School

District

,

GO,

2004

A,

AGMC

Insured,

ETM,

Zero

Cpn.,

8/01/27

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

6,315,000

5,554,506

GO,

2004

A,

AGMC

Insured,

ETM,

Zero

Cpn.,

8/01/28

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

6,625,000

5,677,666

GO,

2018

B,

AGMC

Insured,

5%,

8/01/47

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

6,075,000

6,431,603

Mount

Diablo

Unified

School

District

,

GO,

2022

B,

Refunding,

4%,

8/01/25

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

3,100,000

3,163,797

GO,

B,

4%,

8/01/24

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

1,425,000

1,437,953

Mount

San

Antonio

Community

College

District

,

GO

,

2013

A

,

Zero

Cpn.,

8/01/43

....

55,000,000

49,896,237

M-S-R

Energy

Authority

,

Revenue

,

2009

B

,

6.5

%

,

11/01/39

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

25,000,000

29,053,345

Murrieta

Valley

Unified

School

District

,

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/24

........

60,000

59,737

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/44

........

500,000

439,636

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)

Murrieta

Valley

Unified

School

District,

(continued)

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/51

........

$

1,000,000

$

844,945

Newport

Mesa

Unified

School

District

,

GO

,

2011

,

6.3

%

,

8/01/42

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

20,000,000

24,215,328

Norman

Y

Mineta

San

Jose

International

Airport

SJC

,

Revenue,

2017

A,

Refunding,

5%,

3/01/36

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

4,590,000

4,760,793

Revenue,

2017

A,

Refunding,

5%,

3/01/37

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

4,475,000

4,622,190

Revenue,

2017

A,

Refunding,

5%,

3/01/41

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

12,685,000

12,989,099

Revenue,

2017

A,

Refunding,

5%,

3/01/47

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

8,250,000

8,430,644

Revenue,

2017

B,

Refunding,

5%,

3/01/47

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

10,000,000

10,348,286

Revenue,

2021

A,

Refunding,

5%,

3/01/32

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

1,800,000

1,969,076

Revenue,

2021

B,

Refunding,

5%,

3/01/29

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

500,000

560,251

Revenue,

2021

B,

Refunding,

5%,

3/01/30

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

600,000

685,088

Revenue,

2021

B,

Refunding,

5%,

3/01/31

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

1,000,000

1,161,414

Revenue,

2021

B,

Refunding,

5%,

3/01/32

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

2,000,000

2,324,248

Revenue,

2021

B,

Refunding,

5%,

3/01/33

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

1,400,000

1,622,437

Oceanside

Unified

School

District

,

GO,

2010

B,

AGMC

Insured,

Zero

Cpn.,

8/01/38

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

10,590,000

5,541,677

GO,

2010

B,

AGMC

Insured,

Zero

Cpn.,

8/01/39

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

7,860,000

3,890,954

GO,

2015,

Refunding,

5%,

8/01/48

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

12,000,000

12,351,003

GO,

2022,

Refunding,

5%,

8/01/39

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

1,005,000

1,109,240

GO,

G,

5%,

8/01/40

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

1,020,000

1,122,135

GO,

G,

5%,

8/01/43

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

1,000,000

1,097,461

Ontario

International

Airport

Authority

,

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/28

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

300,000

319,361

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/31

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

1,000,000

1,106,442

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/33

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

1,000,000

1,104,479

Revenue,

2021

B,

AGMC

Insured,

5%,

5/15/34

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

1,000,000

1,101,300

Orange

County

Sanitation

District

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

2/01/36

......

8,350,000

8,485,210

Orange

County

Transportation

Authority

,

Revenue

,

2021

,

ETM,

4

%

,

10/15/24

......

13,055,000

13,207,977

Orange

County

Water

District

,

COP,

2003

B,

NATL

Insured,

ETM,

5%,

8/15/28

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

13,740,000

14,608,016

COP,

2003

B,

NATL

Insured,

ETM,

5%,

8/15/34

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

3,305,000

3,795,840

COP,

2003

B,

Pre-Refunded,

NATL

Insured,

5%,

8/15/34

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

4,140,000

4,913,045

Orange

Unified

School

District

,

GO

,

2022

,

5

%

,

8/01/41

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

3,380,000

3,786,045

Palomar

Community

College

District

,

GO

,

2010

B

,

Zero

Cpn.,

8/01/39

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

69,410,000

76,535,200

Palomar

Health

,

Obligated

Group,

GO,

2009

A,

AGMC

Insured,

7%,

8/01/38

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

36,000,000

41,233,914

Obligated

Group,

GO,

2010

A,

6.75%,

8/01/40

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

60,000,000

69,279,210

Palomar

Health

Obligated

Group,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

11/01/47

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

35,000,000

35,863,362

Panoche

Financing

Authority

,

Panoche

Water

District,

Revenue,

2021

A,

4%,

9/01/43

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

1,120,000

1,044,586

Panoche

Water

District,

Revenue,

2021

A,

4%,

9/01/51

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

6,070,000

5,338,090

Panoche

Water

District,

Revenue,

2021

B,

1.182%,

9/01/23

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

125,000

123,597

Panoche

Water

District,

Revenue,

2021

B,

1.408%,

9/01/24

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

125,000

118,734

Panoche

Water

District,

Revenue,

2021

B,

1.553%,

9/01/25

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

130,000

120,210

Panoche

Water

District,

Revenue,

2021

B,

2.006%,

9/01/27

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

395,000

350,587

Panoche

Water

District,

Revenue,

2021

B,

2.456%,

9/01/29

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

415,000

357,432

Panoche

Water

District,

Revenue,

2021

B,

2.756%,

9/01/31

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

435,000

363,373

Panoche

Water

District,

Revenue,

2021

B,

3.106%,

9/01/35

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

880,000

704,842

Panoche

Water

District,

Revenue,

2021

B,

3.571%,

9/01/40

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

1,155,000

885,066

Paramount

Unified

School

District

,

GO,

2013,

Pre-Refunded,

BAM

Insured,

5%,

8/01/48

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

2,450,000

2,456,634

GO,

2013,

Pre-Refunded,

BAM

Insured,

Zero

Cpn.,

8/01/43

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

32,000,000

8,272,064

GO,

2013,

Pre-Refunded,

BAM

Insured,

Zero

Cpn.,

8/01/48

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

28,000,000

4,865,619

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)

Patterson

Joint

Unified

School

District

,

GO,

2001

A,

NATL

Insured,

Zero

Cpn.,

8/01/23

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

$

1,985,000

$

1,972,511

GO,

2001

A,

NATL

Insured,

Zero

Cpn.,

8/01/24

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

2,075,000

1,984,668

GO,

2001

A,

NATL

Insured,

Zero

Cpn.,

8/01/25

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

2,170,000

2,001,960

GO,

2001

A,

NATL

Insured,

Zero

Cpn.,

8/01/26

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

2,265,000

2,016,984

Perris

Joint

Powers

Authority

,

Community

Facilities

District

No.

2018-1,

Special

Tax,

2020,

4%,

9/01/50

........

1,125,000

948,804

Facilities

District

No.

2007-2,

Special

Tax,

2021,

4%,

9/01/43

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

1,445,000

1,287,595

Facilities

District

No.

2007-2,

Special

Tax,

2021,

4%,

9/01/48

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

1,250,000

1,078,086

Perris

Union

High

School

District

,

COP,

2019,

Refunding,

BAM

Insured,

5%,

10/01/48

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

10,000,000

10,720,939

GO,

2019

A,

AGMC

Insured,

4%,

9/01/43

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

5,540,000

5,468,636

Pittsburg

Unified

School

District

,

GO

,

2016

,

Refunding

,

4

%

,

8/01/44

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

11,000,000

10,688,616

Placentia-Yorba

Linda

Unified

School

District

,

GO,

2008

D,

Zero

Cpn.,

8/01/43

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

27,955,000

11,704,054

GO,

2008

D,

Zero

Cpn.,

8/01/46

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

89,200,000

31,155,357

GO,

2008

D,

Zero

Cpn.,

8/01/49

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

85,000,000

25,521,700

Port

of

Los

Angeles

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

8/01/44

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

10,300,000

10,397,303

Poway

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation,

2015

A,

Refunding,

5%,

12/15/31

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

10,180,000

11,715,717

Tax

Allocation,

2015

A,

Refunding,

5%,

12/15/32

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

11,215,000

13,071,298

Tax

Allocation,

2015

A,

Refunding,

5%,

6/15/33

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

5,835,000

6,874,903

Poway

Unified

School

District

,

Community

Facilities

District

No.

16,

Special

Tax,

2020,

AGMC

Insured,

4%,

9/01/50

7,500,000

7,203,100

Facilities

Improvement

District

No.

2007-1,

GO,

B,

Zero

Cpn.,

8/01/46

..........

45,000,000

15,326,874

Rancho

Mirage

Community

Facilities

District

,

City

of

Rancho

Mirage

Community

Facilities

District

No.

4C,

Special

Tax,

2022,

5%,

9/01/42

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

300,000

307,128

City

of

Rancho

Mirage

Community

Facilities

District

No.

4C,

Special

Tax,

2022,

5%,

9/01/47

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

500,000

508,830

City

of

Rancho

Mirage

Community

Facilities

District

No.

4C,

Special

Tax,

2022,

5%,

9/01/53

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

1,000,000

1,007,854

Regents

of

the

University

of

California

,

Medical

Center,

Revenue,

2016

L,

Refunding,

5%,

5/15/47

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

39,575,000

40,935,485

Medical

Center,

Revenue,

2022

P,

5%,

5/15/47

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

10,000,000

10,904,581

Medical

Center,

Revenue,

2022

P,

4%,

5/15/53

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

84,305,000

76,904,370

Regents

of

the

University

of

California

Medical

Center

,

Medical

Center

,

Revenue

,

2016

L

,

Refunding

,

5

%

,

5/15/41

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

10,000,000

10,431,843

Rialto

Unified

School

District

,

GO

,

2011

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/41

......

27,000,000

30,509,409

Rio

Hondo

Community

College

District

,

GO

,

2010

C

,

Zero

Cpn.,

8/01/35

..........

10,000,000

6,384,657

Ripon

Unified

School

District

,

GO

,

2013

A

,

Refunding

,

BAM

Insured

,

5

%

,

8/01/42

...

2,315,000

2,320,884

River

Islands

Public

Financing

Authority

,

Community

Facilities

District

No

2003-1

Improvement

Area

No.

1,

Special

Tax,

2022

A-1,

Refunding,

AGMC

Insured,

5%,

9/01/42

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

4,000,000

4,418,652

Community

Facilities

District

No

2003-1

Improvement

Area

No.

1,

Special

Tax,

2022

A-1,

Refunding,

AGMC

Insured,

4.25%,

9/01/47

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

6,000,000

6,026,354

Community

Facilities

District

No

2003-1

Improvement

Area

No.

1,

Special

Tax,

2022

A-1,

Refunding,

AGMC

Insured,

5.25%,

9/01/52

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

11,000,000

12,194,572

Riverside

County

Asset

Leasing

Corp.

,

County

of

Riverside,

Revenue,

1997

A,

NATL

Insured,

Zero

Cpn.,

6/01/23

.......

14,160,000

14,160,000

County

of

Riverside,

Revenue,

1997

A,

NATL

Insured,

Zero

Cpn.,

6/01/24

.......

13,005,000

12,524,252

Riverside

Unified

School

District

,

Community

Facilities

District

No.

37,

Special

Tax,

2023

A,

5%,

9/01/47

..........

1,150,000

1,161,933

Community

Facilities

District

No.

37,

Special

Tax,

2023

A,

5%,

9/01/52

..........

2,135,000

2,149,610

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)

b

RMA

Capital

Series

Trust

,

Revenue

,

144A,

2022-1

,

A

,

5.67

%

,

8/01/58

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

$

15,491,000

$

15,578,679

RNR

School

Financing

Authority

,

Community

Facilities

District

No.

92-1

,

Special

Tax

,

2015

A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/36

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

11,145,000

11,494,726

Rocklin

Unified

School

District

,

GO,

2003,

NATL

Insured,

Zero

Cpn.,

8/01/25

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

8,160,000

7,569,821

GO,

2003,

NATL

Insured,

Zero

Cpn.,

8/01/26

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

8,695,000

7,805,734

GO,

2003,

NATL

Insured,

Zero

Cpn.,

8/01/27

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

9,080,000

7,881,869

GO,

2003,

NATL

Insured,

Zero

Cpn.,

8/01/28

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

16,615,000

13,956,349

Rohnert

Park

Community

Development

Commission

Successor

Agency

,

Tax

Allocation

,

2007

R

,

NATL

Insured

,

ETM,

5

%

,

8/01/37

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

1,380,000

1,445,633

Romoland

School

District

,

c

Community

Facilities

District

No.

2016-1,

Special

Tax,

2023,

5%,

9/01/43

........

750,000

767,401

c

Community

Facilities

District

No.

2016-1,

Special

Tax,

2023,

5%,

9/01/48

........

1,000,000

1,006,225

c

Community

Facilities

District

No.

2016-1,

Special

Tax,

2023,

5%,

9/01/53

........

1,500,000

1,503,596

Community

Facilities

District

No.

2016-2,

Special

Tax,

2022,

4.5%,

9/01/42

.......

360,000

348,729

Community

Facilities

District

No.

2016-2,

Special

Tax,

2022,

4.625%,

9/01/47

.....

750,000

722,070

Community

Facilities

District

No.

2016-2,

Special

Tax,

2022,

4.75%,

9/01/52

......

1,000,000

966,788

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

1,

Special

Tax,

2022,

5%,

9/01/42

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

750,000

766,130

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

1,

Special

Tax,

2022,

5.125%,

9/01/47

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

1,200,000

1,223,517

Community

Facilities

District

No.

2017-1

Improvement

Area

No.

1,

Special

Tax,

2022,

5.25%,

9/01/53

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

2,500,000

2,549,551

Community

Facilities

District

No.

91-1,

Special

Tax,

2022,

3.75%,

9/01/42

........

1,695,000

1,425,798

Community

Facilities

District

No.

91-1,

Special

Tax,

2022,

4%,

9/01/46

..........

5,085,000

4,470,258

Roseville

Natural

Gas

Financing

Authority

,

Revenue

,

2007

,

5

%

,

2/15/26

..........

5,000,000

5,068,201

Sacramento

City

Unified

School

District

,

GO

,

2017

E

,

4

%

,

5/01/47

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

20,000,000

18,807,110

Sacramento

County

Sanitation

Districts

Financing

Authority

,

Sacramento

Regional

County

Sanitation

District,

Revenue,

2014

A,

Refunding,

5%,

12/01/44

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

25,000,000

25,210,580

Sacramento

Regional

County

Sanitation

District,

Revenue,

2020

A,

Refunding,

5%,

12/01/27

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

2,960,000

3,250,152

Sacramento

County

Water

Financing

Authority

,

Sacramento

County

Water

Agency,

Revenue,

2019,

Refunding,

5%,

6/01/27

.....

2,000,000

2,173,015

Sacramento

County

Water

Agency,

Revenue,

2022

A,

4%,

11/01/25

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

32,260,000

32,902,564

Sacramento

Municipal

Utility

District

,

Revenue,

2019

G,

5%,

8/15/41

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

2,500,000

2,729,393

Revenue,

2021

I,

Refunding,

5%,

8/15/25

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

5,500,000

5,735,885

Revenue,

2022

J,

Refunding,

5%,

8/15/26

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

2,615,000

2,788,315

San

Bernardino

Community

College

District

,

GO,

2009

B,

Zero

Cpn.,

8/01/44

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

7,750,000

2,995,819

GO,

2009

B,

Zero

Cpn.,

8/01/48

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

66,390,000

21,477,915

San

Diego

Community

College

District

,

GO

,

2009

B

,

Pre-Refunded

,

6

%

,

8/01/33

....

26,880,000

30,332,607

San

Diego

County

Regional

Airport

Authority

,

Revenue,

2017

A,

Refunding,

5%,

7/01/47

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

5,000,000

5,188,589

Revenue,

2019

A,

Refunding,

5%,

7/01/44

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

4,000,000

4,248,234

Revenue,

2019

A,

Refunding,

5%,

7/01/49

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

5,000,000

5,259,179

Revenue,

2019

B,

Refunding,

4%,

7/01/44

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

5,000,000

4,645,540

Revenue,

2021

A,

5%,

7/01/56

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

7,500,000

7,965,983

Revenue,

2021

B,

5%,

7/01/26

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

3,225,000

3,338,920

Revenue,

2021

B,

5%,

7/01/30

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

2,260,000

2,452,965

Revenue,

2021

B,

4%,

7/01/36

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

3,610,000

3,576,388

Special

Facilities,

Revenue,

2014

A,

5%,

7/01/44

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

5,645,000

5,694,695

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)

San

Diego

County

Regional

Transportation

Commission

,

Revenue

,

2016

A

,

5

%

,

4/01/48

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

$

25,000,000

$

26,027,915

San

Diego

County

Water

Authority

,

Revenue,

Sub.

Lien

,

2021

S-1

,

Refunding

,

5

%

,

5/01/28

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

2,335,000

2,573,354

San

Diego

Unified

School

District

,

GO,

1999

A,

NATL

Insured,

Zero

Cpn.,

7/01/23

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

11,120,000

11,082,475

GO,

2009-1,

Pre-Refunded,

6%,

7/01/33

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

104,505,000

107,668,659

GO,

2010

C,

Zero

Cpn.,

7/01/48

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

29,840,000

26,136,686

GO,

2012

E,

Zero

Cpn.,

7/01/47

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

74,270,000

54,130,197

GO,

2019

L,

4%,

7/01/49

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

30,000

29,146

GO,

F,

5%,

7/01/40

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

56,510,000

58,247,479

GO,

F,

5%,

7/01/45

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

34,370,000

35,298,567

GO,

G,

5%,

7/01/40

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

13,000,000

13,399,703

GO,

R-2,

Refunding,

Zero

Cpn.,

7/01/40

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

79,760,000

73,889,337

San

Francisco

Bay

Area

Rapid

Transit

District

,

GO,

2017

A-1,

5%,

8/01/47

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

10,000,000

10,608,560

GO,

2020

C-1,

4%,

8/01/33

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

1,560,000

1,665,052

GO,

2022

D-1,

3%,

8/01/41

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

23,605,000

20,692,879

GO,

2022

D-1,

3%,

8/01/42

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

20,000,000

17,268,510

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue,

2016

B,

5%,

5/01/41

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

65,645,000

66,945,126

Revenue,

2016

B,

5%,

5/01/46

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

40,540,000

41,059,244

Revenue,

2016

C,

5%,

5/01/46

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

44,000,000

45,301,876

Revenue,

2019

A,

Refunding,

5%,

5/01/39

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

14,500,000

15,173,934

Revenue,

2019

A,

Refunding,

5%,

5/01/44

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

13,705,000

14,189,838

Revenue,

2019

A,

Refunding,

5%,

5/01/49

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

17,000,000

17,490,045

Revenue,

Second

Series,

2014

B,

5%,

5/01/44

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

31,000,000

31,314,675

Revenue,

Second

Series,

2017

A,

5%,

5/01/42

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

48,155,000

49,321,709

Revenue,

Second

Series,

2017

A,

5%,

5/01/47

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

10,910,000

11,084,418

Revenue,

Second

Series,

2017

B,

5%,

5/01/47

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

24,080,000

25,042,393

Revenue,

Second

Series,

2018,

5.25%,

5/01/48

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

40,145,000

41,438,275

Revenue,

Second

Series,

2018

D,

5%,

5/01/43

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

118,950,000

122,384,788

Revenue,

Second

Series,

2018

D,

5%,

5/01/48

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

33,700,000

34,328,866

Revenue,

Second

Series,

2018

E,

5%,

5/01/48

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

52,245,000

54,884,146

Revenue,

Second

Series,

2019

B,

5%,

5/01/49

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

10,700,000

11,304,551

Revenue,

Second

Series,

2019

E,

5%,

5/01/45

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

21,035,000

21,742,228

Revenue,

Second

Series,

2021

A,

Refunding,

5%,

5/01/34

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

5,000,000

5,476,061

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation,

Third

Lien

,

2017

B

,

AGMC

Insured

,

5

%

,

8/01/46

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

10,000,000

10,546,528

San

Francisco

Unified

School

District

,

GO

,

2022

C

,

5

%

,

6/15/35

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

6,640,000

7,607,207

San

Gabriel

Unified

School

District

,

GO,

2002

A,

AGMC

Insured,

Zero

Cpn.,

8/01/26

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

3,530,000

3,149,332

GO,

2002

A,

AGMC

Insured,

Zero

Cpn.,

2/01/27

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

1,850,000

1,621,433

San

Jacinto

Unified

School

District

,

Community

Facilities

District

No.

2003-1

,

Special

Tax

,

2022

,

4

%

,

9/01/50

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

875,000

737,906

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue,

1997

A,

Refunding,

5.9%,

1/15/38

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

106,465,000

129,227,121

Revenue,

1997

A,

Refunding,

5.95%,

1/15/40

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

142,645,000

174,714,306

Revenue,

1997

A,

Refunding,

6%,

1/15/43

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

161,250,000

200,261,503

Revenue,

1997

A,

Refunding,

6%,

1/15/45

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

143,336,000

178,609,914

Revenue,

1997

A,

Refunding,

6%,

1/15/46

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

143,336,000

178,962,464

Revenue,

1997

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

1/15/26

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

13,155,000

11,864,967

Revenue,

Senior

Lien,

1993,

ETM,

Zero

Cpn.,

1/01/25

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

5,700,000

5,422,050

Revenue,

Senior

Lien,

1993,

ETM,

Zero

Cpn.,

1/01/28

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

33,545,000

29,435,016

Revenue,

Senior

Lien,

1993,

ETM,

Zero

Cpn.,

1/01/29

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

37,050,000

31,721,725

Revenue,

Senior

Lien,

2014

A,

Pre-Refunded,

5%,

1/15/50

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

45,000,000

46,397,772

Revenue,

Senior

Lien,

2021

A,

Refunding,

AGMC

Insured,

4%,

1/15/44

.........

130,746,000

127,596,577

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)

San

Joaquin

Hills

Transportation

Corridor

Agency,

(continued)

Revenue,

Senior

Lien,

2021

A,

Refunding,

AGMC

Insured,

4%,

1/15/50

.........

$

191,775,000

$

184,576,860

San

Jose

Unified

School

District

,

COP,

2002,

AGMC

Insured,

ETM,

Zero

Cpn.,

1/01/27

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

7,105,000

6,348,681

COP,

2002,

AGMC

Insured,

ETM,

Zero

Cpn.,

1/01/29

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

7,105,000

6,003,434

San

Juan

Unified

School

District

,

GO,

2003

B,

NATL

Insured,

Zero

Cpn.,

8/01/26

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

13,575,000

11,852,551

GO,

2003

B,

NATL

Insured,

Zero

Cpn.,

8/01/27

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

18,605,000

16,097,225

GO,

2003

B,

NATL

Insured,

Zero

Cpn.,

8/01/28

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

19,470,000

16,279,957

San

Luis

Obispo

County

Financing

Authority

,

Revenue

,

2015

A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/37

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

10,000,000

10,377,985

San

Marino

Unified

School

District

,

GO

,

2000

A

,

NATL

Insured

,

Zero

Cpn.,

7/01/25

..

6,080,000

5,676,821

San

Mateo

Foster

City

Public

Financing

Authority

,

Estero

Municipal

Improvement

District

,

Revenue

,

2021

A

,

5

%

,

8/01/25

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

14,485,000

15,093,781

San

Rafael

City

High

School

District

,

GO

,

2018

B

,

4

%

,

8/01/47

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

17,060,000

16,569,068

Sanger

Public

Financing

Authority

,

Revenue,

2013,

Pre-Refunded,

AGMC

Insured,

5%,

6/15/35

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

2,360,000

2,361,211

Revenue,

2013,

Pre-Refunded,

AGMC

Insured,

5%,

6/15/43

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

6,155,000

6,158,158

Sanger

Unified

School

District

,

GO

,

A

,

BAM

Insured

,

4

%

,

8/01/41

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

10,000,000

9,972,444

Santa

Ana

Unified

School

District

,

COP

,

1999

,

AGMC

Insured

,

Zero

Cpn.,

4/01/24

...

2,685,000

2,602,282

Santa

Cruz

County

Redevelopment

Successor

Agency

,

Tax

Allocation

,

2015

A

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/35

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

20,000,000

20,739,272

School

Facilities

Financing

Authority

,

Twin

Rivers

Unified

School

District

,

Revenue

,

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/42

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

49,000,000

20,901,763

Semitropic

Improvement

District

of

the

Semitropic

Water

Storage

District

,

Revenue,

Second

Lien

,

2015

A

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/45

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

10,000,000

10,412,012

Southern

California

Public

Power

Authority

,

Revenue

,

2007

A

,

5

%

,

11/01/33

.......

17,500,000

18,787,456

Southern

Mono

Health

Care

District

,

GO,

A,

NATL

Insured,

Zero

Cpn.,

8/01/28

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

2,340,000

1,931,951

GO,

A,

NATL

Insured,

Zero

Cpn.,

8/01/29

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

2,440,000

1,935,263

GO,

A,

NATL

Insured,

Zero

Cpn.,

8/01/30

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

2,550,000

1,944,032

GO,

A,

NATL

Insured,

Zero

Cpn.,

8/01/31

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

2,660,000

1,948,056

State

of

California

,

GO,

Refunding,

5%,

9/01/23

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

15,000,000

15,068,864

GO,

Refunding,

4%,

10/01/23

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

31,000,000

31,090,737

GO,

Refunding,

5%,

12/01/23

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

5,000,000

5,047,499

GO,

6%,

5/01/24

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

640,000

647,653

GO,

NATL

Insured,

6%,

8/01/24

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

500,000

502,369

GO,

5.625%,

9/01/24

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

175,000

176,105

GO,

Refunding,

4%,

10/01/24

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

5,685,000

5,758,642

GO,

Refunding,

4%,

11/01/24

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

11,655,000

11,817,500

GO,

5%,

11/01/24

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

5,000,000

5,138,409

GO,

4%,

12/01/24

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

3,500,000

3,552,354

GO,

5%,

3/01/25

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

10,000,000

10,330,235

GO,

AMBAC

Insured,

5.9%,

3/01/25

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

75,000

75,538

GO,

Refunding,

5%,

4/01/25

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

5,000,000

5,174,891

GO,

Refunding,

5%,

11/01/25

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

39,975,000

41,755,363

GO,

Refunding,

5%,

12/01/25

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

23,000,000

24,066,087

GO,

Refunding,

5%,

9/01/26

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

8,500,000

9,036,758

GO,

5%,

3/01/27

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

5,000,000

5,169,637

GO,

5%,

4/01/27

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

4,000,000

4,317,291

GO,

Refunding,

5%,

4/01/28

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

2,930,000

3,226,354

GO,

Refunding,

5%,

11/01/30

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

5,320,000

6,140,904

GO,

Refunding,

5%,

10/01/32

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

4,125,000

4,656,417

GO,

5%,

4/01/33

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

5,000,000

5,592,695

GO,

Refunding,

5%,

3/01/35

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

56,185,000

63,679,118

GO,

Refunding,

5%,

9/01/35

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

9,000,000

9,507,399

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

23

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

State

of

California,

(continued)

GO,

Refunding,

4%,

3/01/37

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

$

10,000,000

$

10,316,920

GO,

Refunding,

5%,

8/01/37

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

2,900,000

3,150,176

GO,

5%,

10/01/39

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

15,000,000

15,655,749

GO,

5%,

10/01/44

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

25,000,000

25,391,830

GO,

5%,

3/01/45

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

17,500,000

17,949,685

GO,

5%,

8/01/45

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

22,085,000

22,783,288

GO,

5%,

9/01/45

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

5,000,000

5,237,709

GO,

5%,

8/01/46

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

45,200,000

47,260,935

GO,

5%,

9/01/46

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

8,930,000

9,347,263

GO,

5%,

10/01/47

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

1,000,000

1,040,361

GO,

5%,

10/01/48

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

5,000,000

5,358,889

GO,

1996,

FGIC

Insured,

5.375%,

6/01/26

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

1,065,000

1,075,072

GO,

1997,

NATL,

FGIC

Insured,

5.625%,

10/01/26

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

5,005,000

5,041,627

GO,

2004,

5.125%,

4/01/24

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

5,000

5,008

GO,

2004,

5.2%,

4/01/26

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

20,000

20,043

GO,

2017,

5%,

11/01/27

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

2,380,000

2,594,835

GO,

2017,

5%,

11/01/47

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

33,370,000

35,346,028

GO,

2022,

Refunding,

5%,

4/01/35

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

12,985,000

14,325,361

GO,

2022,

Refunding,

5%,

4/01/35

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

38,600,000

45,117,741

Department

of

Water

Resources,

Revenue,

BD,

5%,

12/01/26

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

3,250,000

3,488,029

Department

of

Water

Resources,

Revenue,

BD,

5%,

12/01/27

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

8,240,000

9,066,069

Department

of

Water

Resources,

Revenue,

BD,

5%,

12/01/28

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

1,650,000

1,856,354

Sulphur

Springs

Union

School

District

,

COP,

2010,

AGMC

Insured,

ETM,

6.5%,

12/01/37

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

790,000

808,641

COP,

2010,

AGMC

Insured,

6.5%,

12/01/37

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

1,695,000

1,825,411

COP,

2010,

Pre-Refunded,

AGMC

Insured,

6.5%,

12/01/37

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

4,480,000

4,830,116

COP,

2010,

Pre-Refunded,

AGMC

Insured,

6.5%,

12/01/37

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

5,215,000

5,642,118

Three

Rivers

Levee

Improvement

Authority

,

Special

Tax,

2021

A,

Refunding,

3%,

9/01/23

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

220,000

218,782

Special

Tax,

2021

A,

Refunding,

3%,

9/01/24

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

245,000

238,144

Special

Tax,

2021

A,

Refunding,

4%,

9/01/25

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

280,000

278,467

Special

Tax,

2021

A,

Refunding,

4%,

9/01/36

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

1,080,000

1,011,836

Special

Tax,

2021

A,

Refunding,

4%,

9/01/41

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

2,840,000

2,469,025

Special

Tax,

2021

A,

Refunding,

4%,

9/01/46

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

2,700,000

2,219,920

Special

Tax,

2021

A,

Refunding,

4%,

9/01/51

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

5,065,000

4,066,549

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

1,651,433

Sacramento

County

Tobacco

Securitization

Corp.,

Revenue,

Senior

Lien,

2021

A,

1,

Refunding,

4%,

6/01/49

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

8,000,000

7,253,798

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2019

B-1

,

2

,

Refunding

,

5

%

,

6/01/48

.......

15,160,000

15,408,272

Town

of

Tiburon

,

Assessment

District

No.

2017-1,

1915

Act,

Special

Assessment,

2021

A,

2.375%,

9/02/41

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

550,000

364,399

Assessment

District

No.

2017-1,

1915

Act,

Special

Assessment,

2021

A,

2.5%,

9/02/51

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

1,250,000

757,322

Tracy

Community

Facilities

District

,

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

2,

Special

Tax,

2021,

3%,

9/01/24

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

100,000

98,243

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/25

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

115,000

114,249

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/28

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

120,000

119,405

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/30

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

110,000

109,510

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

24

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Tracy

Community

Facilities

District,

(continued)

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/36

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

$

430,000

$

415,254

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/41

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

665,000

608,458

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/46

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

885,000

784,777

City

of

Tracy

Community

Facilities

District

No.

2016-02

Improvement

Area

No.

2,

Special

Tax,

2021,

4%,

9/01/51

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

2,210,000

1,906,676

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/45

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

13,420,000

13,771,592

Transbay

Redevelopment

Project

Tax

Increment

Re-Development

Project,

Tax

Allocation,

Senior

Lien,

2020

A,

5%,

10/01/49

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

6,400,000

6,507,045

Truckee-Donner

Public

Utility

District

,

Water

System

,

Revenue

,

2022

A

,

5

%

,

11/15/47

3,230,000

3,565,476

Turlock

Irrigation

District

,

Revenue,

2019,

Refunding,

5%,

1/01/44

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

9,060,000

9,832,902

Revenue,

2020,

Refunding,

5%,

1/01/37

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

2,090,000

2,321,651

Revenue,

2020,

Refunding,

5%,

1/01/38

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

940,000

1,035,604

Revenue,

2020,

Refunding,

5%,

1/01/39

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

2,250,000

2,469,497

Union

Elementary

School

District

,

GO,

1999

A,

NATL

Insured,

Zero

Cpn.,

9/01/24

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

2,000,000

1,916,588

GO,

2001

B,

NATL

Insured,

Zero

Cpn.,

9/01/25

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

5,500,000

5,104,984

GO,

2001

B,

NATL

Insured,

Zero

Cpn.,

9/01/26

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

5,850,000

5,260,750

University

of

California

,

Revenue,

2015

I,

Refunding,

5%,

5/15/40

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

22,990,000

23,646,321

Revenue,

2015

I,

Refunding,

5%,

5/15/50

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

25,420,000

26,081,828

Revenue,

2016

AR,

Refunding,

5%,

5/15/41

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

13,760,000

14,417,293

Revenue,

2016

K,

4%,

5/15/46

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

19,850,000

19,378,448

Revenue,

2017

AV,

5.25%,

5/15/47

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

6,775,000

7,204,291

Revenue,

2017

M,

5%,

5/15/37

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

15,410,000

16,492,007

Revenue,

2017

M,

5%,

5/15/47

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

12,750,000

13,421,984

Revenue,

2018

AZ,

Refunding,

5%,

5/15/43

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

28,000,000

30,065,070

Revenue,

2018

AZ,

Refunding,

5%,

5/15/48

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

70,790,000

75,543,173

Revenue,

2018

O,

Refunding,

5%,

5/15/39

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

14,400,000

15,553,539

Revenue,

2018

O,

Refunding,

5%,

5/15/48

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

17,250,000

18,375,947

Revenue,

2020

BE,

Refunding,

5%,

5/15/42

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

5,000,000

5,469,085

Revenue,

2021

Q,

Refunding,

4%,

5/15/37

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

1,500,000

1,541,475

Revenue,

2022

BK,

5%,

5/15/52

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

250,000,000

273,653,925

Upland

Community

Facilities

District

,

City

of

Upland

Community

Facilities

District

No.

2016-1,

Special

Tax,

2021

A,

4%,

9/01/40

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

260,000

237,939

City

of

Upland

Community

Facilities

District

No.

2016-1,

Special

Tax,

2021

A,

4%,

9/01/45

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

165,000

144,152

City

of

Upland

Community

Facilities

District

No.

2016-1,

Special

Tax,

2021

A,

4%,

9/01/51

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

260,000

219,686

Upland

Unified

School

District

,

GO

,

2011

C

,

Zero

Cpn.,

8/01/45

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

62,900,000

22,274,167

Val

Verde

Unified

School

District

,

GO,

2010

B,

AGMC

Insured,

6.125%,

8/01/34

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

1,000,000

1,227,916

GO,

2020

A,

BAM

Insured,

4%,

8/01/46

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

1,450,000

1,429,057

Community

Facilities

District

No.

2018-1,

Special

Tax,

2022,

4%,

9/01/52

........

7,000,000

5,905,162

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

1,

Special

Tax,

2018

2,

5%,

9/01/43

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

1,230,000

1,253,605

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

1,

Special

Tax,

2018

2,

5%,

9/01/48

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

1,755,000

1,770,291

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

1,

Special

Tax,

2018

2,

5%,

9/01/53

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

2,445,000

2,457,612

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

25

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Vallejo

Public

Financing

Authority

,

City

of

Vallejo

Hiddenbrooke

Improvement

District

No.

1

,

Revenue

,

2004

A

,

5.8

%

,

9/01/31

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

$

3,225,000

$

3,240,751

Vista

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2015

B-1

,

Refunding

,

AGMC

Insured

,

5

%

,

9/01/37

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

3,020,000

3,134,151

Vista

Unified

School

District

,

GO,

2002

A,

AGMC

Insured,

Zero

Cpn.,

8/01/26

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

7,150,000

6,382,926

GO,

2002

A,

AGMC

Insured,

Zero

Cpn.,

2/01/27

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

4,795,000

4,201,066

Washington

Township

Health

Care

District

,

GO

,

2015

B

,

5

%

,

8/01/45

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

15,000,000

15,177,265

West

Basin

Municipal

Water

District

,

Revenue,

2021

A,

Refunding,

5%,

8/01/23

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

2,170,000

2,175,624

Revenue,

2021

A,

Refunding,

5%,

8/01/25

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

1,365,000

1,419,456

Revenue,

2021

A,

Refunding,

5%,

8/01/26

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

1,000,000

1,061,941

West

Sacramento

Area

Flood

Control

Agency

,

Special

Assessment,

2015,

AGMC

Insured,

5%,

9/01/40

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

3,000,000

3,114,440

Special

Assessment,

2015,

AGMC

Insured,

5%,

9/01/45

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

7,500,000

7,777,166

West

Sacramento

Financing

Authority

,

Special

Tax

,

A

,

AGMC

Insured

,

5

%

,

9/01/34

..

4,940,000

5,598,459

13,026,735,457

Oregon

0.0%

†

b

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

II-2

,

6.75

%

,

12/01/25

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

2,525,000

2,504,120

Wisconsin

0.8%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

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

30,400,000

23,963,250

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

83,000,000

82,882,484

106,845,734

U.S.

Territories

2.3%

Guam

0.2%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue,

2021

A,

Refunding,

2.499%,

10/01/25

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

2,660,000

2,466,838

Revenue,

2021

A,

Refunding,

2.899%,

10/01/27

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

2,150,000

1,915,815

Revenue,

2021

A,

Refunding,

3.099%,

10/01/28

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

3,140,000

2,754,041

Revenue,

2021

A,

Refunding,

3.189%,

10/01/29

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

3,560,000

3,059,261

Revenue,

2021

A,

Refunding,

3.339%,

10/01/30

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

2,400,000

2,029,859

Revenue,

2021

A,

Refunding,

3.489%,

10/01/31

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

2,155,000

1,798,325

Revenue,

2021

A,

Refunding,

3.839%,

10/01/36

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

9,650,000

7,745,832

Revenue,

2021

A,

Refunding,

4.46%,

10/01/43

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

2,400,000

1,819,447

23,589,418

Puerto

Rico

2.1%

Children's

Trust

Fund

,

Revenue,

2002,

5.5%,

5/15/39

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

5,455,000

5,455,227

Revenue,

2002,

5.625%,

5/15/43

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

16,000,000

16,090,802

d

Puerto

Rico

Electric

Power

Authority

,

Revenue,

2012

A,

5%,

7/01/29

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

20,000,000

14,350,000

Revenue,

2013

A,

7%,

7/01/33

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

50,000,000

36,375,000

Revenue,

WW,

5%,

7/01/28

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

12,030,000

8,631,525

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

AES

Puerto

Rico

LP

,

Revenue

,

2000

A

,

6.625

%

,

6/01/26

.....

5,200,000

5,281,156

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

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

29,500,000

27,354,158

Franklin

California

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

26

See

Abbreviations

on

page

28

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.,

(continued)

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

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

$

184,264,000

$

176,515,257

290,053,125

Total

U.S.

Territories

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

313,642,543

Total

Municipal

Bonds

(Cost

$13,108,205,967)

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

13,449,727,854

a

a

a

a

Short

Term

Investments

0.5%

Municipal

Bonds

0.5%

California

0.5%

e

Irvine

Ranch

Water

District

,

Special

Assessment

,

2009

A

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.05

%

,

10/01/41

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

9,655,000

9,655,000

e

University

of

California

,

Revenue,

2013

AL-2,

Refunding,

Daily

VRDN

and

Put,

2.95%,

5/15/48

..........

14,000,000

14,000,000

Revenue,

2013

AL-4,

Refunding,

Daily

VRDN

and

Put,

2.8%,

5/15/48

...........

51,000,000

51,000,000

74,655,000

Total

Municipal

Bonds

(Cost

$74,655,000)

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

74,655,000

Total

Short

Term

Investments

(Cost

$74,655,000

)

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

74,655,000

a

Total

Investments

(Cost

$13,182,860,967)

99.1%

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

$13,524,382,854

Other

Assets,

less

Liabilities

0.9%

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

109,606,546

Net

Assets

100.0%

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

$13,633,989,400

†

Rounds

to

less

than

0.1%

of

net

assets.

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,

2023,

the

aggregate

value

of

these

securities

was

$1,042,869,237,

representing

7.6%

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

27

Quarterly

Schedule

of

Investments

Notes

to

Schedule

of

Investments

(unaudited)

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.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

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

Fund’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund’s

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund’s

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

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,

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.

Franklin

California

Tax-Free

Income

Fund

Notes

to

Schedule

of

Investments

(unaudited)

28

Quarterly

Schedule

of

Investments

At May

31,

2023,

all

of

the

Fund's investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level

2

inputs. 

Abbreviations

Selected

Portfolio

1915

Act

Improvement

Bond

Act

of

1915

ABAG

Association

of

Bay

Area

Governments

AGMC

Assured

Guaranty

Municipal

Corp.

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

COP

Certificate

of

Participation

ETM

Escrowed

to

Maturity

FGIC

Financial

Guaranty

Insurance

Co.

FHLMC

Federal

Home

Loan

Mortgage

Corp.

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

3. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.